California State University Common Management Systems Dave Foreman, CSU Chico A brief overview of closing rules

Legal Close Rules & Process: May 23, California State University Common Management Systems  Year End Close Rules  Why?  What?  How?  When? Year End Close Rules Why do we have close rules? What tools do we need? How are the detailed procedures performed? When is a good time?

Legal Close Rules & Process: May 23, California State University Common Management Systems Why? WWhy do we have close rules? R F P Reverting Funds Fund Equity Accounts Project to Date Funds

Legal Close Rules & Process: May 23, California State University Common Management Systems Why?  Reverting Funds  Reverting Funds must be identified and cleared to zero.  Fund Equity Accounts  Legal closing requirements specify that revenues and expenses close to different Fund Equity Accounts (3050XX) based on SCO Fund.  Project to Date Funds  Continuing appropriation funds.  Capital Project funds that need to have revenue and expense rolled forward (period 0).

Legal Close Rules & Process: May 23, California State University Common Management Systems What?  What tools do we need?  Chartfields - Need understanding of revenue, expense, and fund equity accounts in order to create chartfield value sets  Trees - Used in defining chartfield value sets  Chartfield Value Sets - Combination of chartfields and trees used in closing process  Queries - Use queries to identify fund and account attributes  Spreadsheets - Store and reorganize data

Legal Close Rules & Process: May 23, California State University Common Management Systems What?  Examples-Queries

Legal Close Rules & Process: May 23, California State University Common Management Systems What?  Example of Chartfield Value Set

Legal Close Rules & Process: May 23, California State University Common Management Systems What?  Example-Trees

Legal Close Rules & Process: May 23, California State University Common Management Systems What?  Example-Spreadsheets Multiple Retained Earnings Equity Accounts for State Funds

Legal Close Rules & Process: May 23, California State University Common Management Systems Put it all together Fund Trees Road to Close Chartfield Value Sets Closing Rules Closing Request “PTD” “MRE”

Legal Close Rules & Process: May 23, California State University Common Management Systems How?  How are the detailed procedures performed?  Additional sources

Legal Close Rules & Process: May 23, California State University Common Management Systems When?  When is a good time? Test early, test often in non-production. Practice, Verify, & Validate

Legal Close Rules & Process: May 23, California State University Common Management Systems Wrap up  Questions, Comments, Suggestions, Ideas, or Concerns… ? ? ? ? ? Contact: