1. LEgal Close - Tips & Lessons Learned
YEAR-END LEGAL TRAINING
APRIL 2017
LEgal Close - Tips & Lessons Learned
Michelle Korte
Director, Financial Accounting & Reporting, CSU Chico

2. Chico Legal Close – What’s important
APRIL 2017
YEAR-END LEGAL TRAINING
Chico Legal Close – What’s important
Communication, Communication, Communication
Lessons Learned
Timeline
Understand Key Dependencies
Front-load Work Prior to June
Most Valuable Asset: Staff
Lessons of Legal/GAAP Efficiencies

3. YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Communication
Yearend planning session within Financial Services at the manager level begins in February-Early March
Yearend Fiscal Close Schedule sent to Departments in March (includes calendar format or filterable excel)
Yearend touchpoint meetings with key stakeholders begin in April (Capital Planning, Facilities Management, Housing, Primary Service Centers)

4. YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Communication (cont.)
In late May a compilation of Auxiliary Organization (component unit) deadlines is coordinated with the component unit GAAP coordinators.
This includes cutoff dates applicable between entities
GAAP deadlines
FIRMS deadlines

5. YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Communication (cont.)
In mid-June we have planning session for all relevant Financial Svcs staff/managers in A/P, Procurement, Accounting, Budget, and Student Financials. This is an opportunity to discuss the overall timeline to close, known issues and concerns and to clarify touchpoints, handoffs and cutoffs.
Last week of June, this becomes a brief daily status meeting through the day that we close. Participants drop off as their involvement concludes.

6. Lessons Learned - Timeline
YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Lessons Learned - Timeline
The deadline to submit is not really July 15th. Set the campus timelines to submit two weekdays prior to the deadline.
This allows for submission approvals. Build one day of reviews/validations/corrections into the schedule. (In other words, you should really be done with journals three workdays before the due date.)

7. Lessons Learned – Understand Key Dependencies
YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Lessons Learned – Understand Key Dependencies
Posting of Payroll/LCD
Recording Obligations– both GL015 and Manual Obligations (Accruals)
Deferred Revenue for Fall and Summer

8. Lessons Learned – Front-load Work Prior to June
YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Lessons Learned – Front-load Work Prior to June
Capitalize completed projects in Asset Management in April/May/Early June
Test CFS Closing Rules in Non-prod by early June
Address and resolve FIRMS errors before June 30
Monitor and resolve abnormal balances by CSU fund and FOC throughout the year; if an abnormal balance will still exist at 6/30 prepare the explanation in advance
Set up new year chartfields in April/May effective date 7/1

9. Lessons Learned – Most Valuable Asset: Staff
YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Lessons Learned – Most Valuable Asset: Staff
Chico has Accounting staff who participate heavily in both legal and GAAP. We now plan “will not work weekends” into the schedule.
Staff expressed they wanted a weekday night during busy season when they KNEW they would not work. That is now part of the schedule– for example, on Tuesdays everyone leaves on time. We just plan around it. That is a day they know they can make plans with family and friends no matter what. Hear what is important to staff and adjust the schedule accordingly. We want our experienced staff to stay for the long-run.

10. Lessons Learned – Most valuable Asset: Staff
YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Lessons Learned – Most valuable Asset: Staff
In recent years Chico has used alternative work schedules for most Accounting staff for the week of June 30. For example, rather than working Monday-Friday, they could be provided notice that their schedule for week of June 30 will be Tuesday-Saturday. This is popular with staff as it gives them a long weekend just before peak work time.

11. Lessons of Legal/GAAP Efficiencies
YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Lessons of Legal/GAAP Efficiencies
Record Prepaids in legal– we log them all year in Excel, then upload JE to CFS on June 30.
Summer revenue split is based on a query utilizing the number of days the course is in each Fiscal year. We post this in legal as of June 30.

12. Lessons of Legal/GAAP Efficiencies (cont.)
YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2017
Lessons of Legal/GAAP Efficiencies (cont.)
A detail of AP by voucher-vendor, accrual JE, or GL015 detail is compiled in Excel. Using queries and Vlookup formulas we populate the GAAP chartfields into spreadsheet. It is worth the few hours to build as it saves time throughout GAAP, agrees to the GAAP AP balance and is used in many different ways for GAAP – including FN 14, FN 17, subsequent disbursement review.

13. YEAR-END LEGAL TRAINING
APRIL 2017
YEAR-END LEGAL TRAINING
APRIL 2016
Questions and Answers
Michelle Korte Director, Financial Accounting & Reporting Melissa Taylor Manager, Accounts Payable & Acctg. Applications Jeni Kitchell Director, University Budget Office