Year-End Milestones Why, What, When and Resources for Year-End

Why and What One of the most frequently asked questions: Why isn’t this written down anywhere? Milestones represent year-end tasks that are, in theory, standard across campuses May not fit perfectly for non-Peoplesoft Dates represent task to be complete by

What this list is not… This is not a list of all tasks to be completed Given the wide variations in policies and procedures between campuses, it is impossible at this point Following this list to the letter is not a requirement Represents a framework for those who may be struggling to put together a successful close strategy

How was the list compiled? Year-End closing schedules for several campuses reviewed While the lists were much more campus specific, in general they were very similar in what activities were occurring on particular timelines

Late May – Hopefully already done… Finalize year-end schedule and distribute to staff Load SAM99 Accrual Reversal Tape SAM99 should be run with Accrual Reversal checkbox marked from this point forward Analyze data dependencies for month and year-end entries Meet with departments or contact third-party providers to determine dates information will be ready or potential cut-off of activity to meet deadlines

Late May – Hopefully already done…continued Collect data and analyze capital leases, capital projects & other potential complex transactions Develop strategy for booking to ledger Review reverting funds Clear any remaining assets and liabilities Current year revenues and expenses will close to fund balance clearing Review closing rules and trees Update for reverting/reverted funds

Early June Close and reconcile May data Notify Auxiliaries of Year-End Deadlines FIRMS/GAAP/IPEDS Request Contingent Liabilities list June 16 th SCO MUST have final 2005/06 Claims/PFA/Transfer Requests in Hand for guaranteed processing Consider if enough General Fund balance available to meet June 30 payroll

No later than June 23rd Final Escheat Checks Remitted Review and Adjust A/R Reserves Clear all SAM99 reconciliation issues identified in May month-end or June mid-month review Clear all known FIRMS error messages

No later than June 29th Record all chargebacks All Requisitions must be sourced to a Purchase Order or cancelled Final Student System feeds to A/P completed, prep for final fiscal year check run

June 30 Post/Reconcile Payroll Post Final ProCard from June statement Receiving Completed Close Purchasing Close Cash Receipts Final Check Run/Claims Close Accounts Payable

Week of July 3 – 7th Fixed Assets and Retention Entries Complete Run and Post GL 15 process Manually liquidate Reimbursed Activities remaining Encumbrance Balance Complete Payroll Accruals and Manual Obligations Final Reimbursed Activities Billing Completed/Confirm RA in Balance by CSU Fund Reconciliation of all subsystems to ledger complete: ARBI, Student, etc.

Week of July 3 – 7 th Continued Complete routine month-end journal entries Load Bank Recon/Paid Claims (CD102)/SAM99 Files Revolving Fund Reconciled – Closing Entries Completed Bank Reconciliation Completed – Negative Cash Balances Resolved SAM99 Reconciliation Completed – All SAM99 Reconciling Items Cleared

Interdependent Tasks Tasks listed for the last week of June and first week of July are largely interdependent Planning and performance is critical to meeting close deadline

Interdependent Tasks Example:Reimbursed Activities Payroll Payables Purchasing Invoice ExpenseExpense Revenue High level manual Enc. liquidation 0 100

July 10 through the morning of the 12th All entries at this point under the supervision of Campus Budget Office Clear any remaining FIRMS errors Final review of program/ledger balances Clear any remaining deficits Final preliminary Data Quality Review Book Final Accrual – Encumbrance Close xxCMP Business Unit to prevent further entries

Afternoon of July 12th Generate Final SAM99 file Final FIRMS derivation Prepare Manual Reporting Packages for Management Review

July 13 th & July 14th July 13: Management Review/Approval July 14: FIRMS submission to CO’s SFSR group 24 hour review may still be in effect

July 17th FIRMS Submission Completed Pre- and Post- Close Files Transmit Final SAM99 file to SCO

What if FIRMS file doesn’t pass review? Depending on the Error – Program code vs. Object/Fund Reclassification Re-open xxCMP – Make Object/Fund reclassification Repeat steps from Afternoon of July 12 th until FIRMS file is accepted

Critical Dates Documents in SCO hands: June 16 th Chancellor’s Office cut-off: May 31 st Invoices, PFA’s and Allocation Orders Exception: Campus Request Chancellor’s Office AR/AP: June 30 th Chancellor’s Office FBC: July 5 th FIRMS Validation tables set: July 5th

Resources CO FBC, AR/AP and Allocations FIRMS u1.shtml u1.shtml FUG Presentations CMS 8.4 Business Process Papers

Resources Continued Systemwide AD NOATS coded.shtml coded.shtml Systemwide Financial Standards & Reporting