1. Finance Client Meeting Year End & FID June 10, 2016 Boyd Arthur’s Auditorium 9:30 am – 12:00 pm
THE WAYNE COUNTY REGIONAL EDUCATIONAL SERVICE AGENCY
Board of Education • James S. Beri • Kenneth E. Berlinn • Mary E. Blackmon • Lynda S. Jackson • James Petrie • Randy A. Liepa, Superintendent

2. Welcome Business Service Consultants:
Sharon Bourland Karen Keliher
Mikki Boury Peggy Liepa
Jewell Clair Angela Schulz
Brett Forgach
Manager, Business Service Systems:
Bob Gerrity

3. Agenda Closing Out the Year-Module By Module Audit Considerations FID
New Stuff

4. Module Processing at year-end

5. Vendor & Ledger
Accounts and Vendors being added after 7/1/2016 are added to but are available in if selected
Accounts & Vendors can be deleted before close; Vendors will not be carried forward, accounts go away as deleted (no history goes away)
Delete using mass capability or run reports in Logi and delete individually

6. LOGI Reports Under Shared Reports / Fiscal Year End Folder
Vendor YTD and Prior YTD Zero
Accounts Without Activity 2 Years
Check Listing for Auditor
Cash Receipts for Auditor

7. Requisitions June 30th 2016
All Requisitions should be approved and turned into a Purchase Order for year by June 30, 2016
Requisitions cannot be used after June 30th but can be cloned and year changed to
Receipts can be keyed for requisitions in until the year is closed
Check Requests can be entered into and

8. Open Purchase Report SMART Transaction Analysis
Select By Purchase Order
Select Status Open
Press the List Button
Sort by P.O. Number

9. July 1st 2016 Only 2016-2017 Year is Available to Use
Next fiscal year uses the forecast (proposed) budget if you are doing budget checking.

10. PO MAINTENANCE You can Close a Purchase Order in PO Maintenance for…
This Year’s PO’s
NFY PO’s

11. Purchase Order to Accounts Payable Logic
Check Requests come over to AP in the year they are keyed in the PO System
PO Receipts come over to the batch in the year in which the receipt is dated

12. Transaction Analysis
is visible in TA When PO System is opened or on 7/1/2016
When the books are closed, the files are taped and the Fund Balance is calculated. No other updates occur.
Proposed Budget in is the Forecast Budget from 15-16
JE Download and Activity Download comes from TA

13. Journal Processing in Both Years
Payroll entries will post to the appropriate year
Payroll Accrual-Hourly and Contract and Benefits Accrual for Teachers; Use Payroll Encumbrance and Hourly Accrual Report (see documentation)
Do Accruals in and Reversals in 16-17

14. Journal Processing Fiscal Year Before July 1, 2016
July before close
After Close of Fiscal
(transition)
Post Close Actual
Not Available
Post Close Budget
Actual
Budget
Encumbrance
Cash Receipt
Payroll

15. Prepaid Checks & AP Processing
After 7/1/16 Only Check Processing and Prepaids for 16-17
To Void Checks go to after 7/1/2016
Batches of AP can be posted for both years; Use pull down to select the year

16. Accounts Receivable Batches can be Entered for 15-16 and 16-17
Post to correct year for Billing And Cash Receipts by selecting the correct year from the dropdown

17. Budget Until Close you are still in 15-16
Update Forecast if working on 16-17
Roll over to Original after close

18. Fixed Assets Handout takes you step-by-step through process
Journals go to journal module in SMART to be posted as JE
JE will go to Prior Year if Closed
If redone it overwrites JE if it has not been posted
Adjustments go as soon as you hit Post
Don’t close FA until after audit

19. Fixed Asset Maintenance
Do Not make assets out of items that are Not in Service – CIP
Only Journal Entry to the books is required
DR CIP, CR Contra Expense
Asset Split and Asset Value Adjustment
Call Consultant with any problems when entering Fixed Assets

20. Close When Convenient
Make sure Fringes, Payrolls, Cash Receipts, AP, and Original Budget are Correct
14-15 Journals must be done by July 1, 2016
Everything else can be done as a Prior Year Journal Entry

21. Close Processing-Before Close
Let RESA Consultant know you want to close
Consultant will check integrity of ledger and work with you to correct any errors
District will run Pre-Close Reports

22. Reports to Print Prior to Close
Open PO List
Open Invoice Report
Trial Balance
Payroll Encumbrance
Any other reports your district uses

23. Fiscal Close Program
RESA Consultant will have a copy made and run the close process
RESA Consultant will Check Integrity and Turn System Back Over to District
Run Post Close Reports

24. Reports to Run Immediately Following Close
Open PO Report
Open Invoice Report
Trial Balance Prior Year
Trial Balance Current Year
Budget / Responsibility (Optional)
Financial Statements Prior Year (Optional)

25. Record Retention
CutePDF-errors when downloading; Now use Bullzip.com for free
Microfiche cannot be relied upon for Record Retention or Reports any longer because it can not be reproduced
New product available called EJES; website is http//host.resa.net:50663/EjesWeb/; use tso id
Costs for Microfiche remain at $3.14 per fiche sheet and $2.10 per duplicate sheet

26. You’re Back in Business!
You are able to work during the Year End Close Process except for approximately 1 hour for RESA to tape and close the books

27. Audit Considerations Fixed Asset Schedules
Budget, Vendor, or Ledger Tracking Reports
Comparison of Original Budget to YTD Budget
All Journal Entries done during year – SMART and Audit Extract (EJ’s, FJ’s, ER’s)
GASB 68 Report for the Auditors

28. Audit Considerations Security Reports
GASB #54 Fund Balance Designation
Internal Service Fund for Full Accrual Accounting for District Wide Statements
UAAL Expense Should Equal Revenue and liability and receivable correct
Asset Impairments

29. Audit Considerations
PAR vs Semi-Annual CERT; Single Cost Objective (CERT) Multiple Cost Objective PAR
Food Service Indirect Costs can only include first $25,000 of Purchase Service Contract
(Reference MDE Website)
To Book Indirect Costs to Cafeteria Fund DR
CR Revenue to General Fund
JE to Book Transfer to Cafeteria Fund DR CR

30. SMART Audit Extract From Main SMART Menu
Finance / Reports*****(Access)
Audit – Ledger Export to Excel
Provides Extract of Entire Ledger
Original Budget
YTD Budget
Description
YTD Actual
Remaining Balance

31. Target Close Date For All Districts July 29, 2016

32. FID
If you use Program or Cost fields for district only, use mass FID update to make them all zeros
New Function code for Pension Liability-594 so make account
FID due 11/1 and consistent with Financials or State Aid Withheld
Use the FID Checkoff list and the Program Manual

33. Fid workshops 9/23, 9/30, 10/7, 10/14, 10/21, 10/27, 10/28, 10/31
Sign up at Solutionwhere:
Note: Bring Audit, Food Service #’s and 1022 Manual

34. Other workshops
Employee Analysis-June 16, am and pm; bring reports you want to work on
Salary Schedule 8/17, 8/18, 8/25, 8/31, 9/1, 9/8
Sign up at Solutionwhere:

35. Salary schedule demo Import Function Added
FICA and Retirement added to Employee Distribution Tab

36. What’s coming up
Importing a file into ledger to change descriptions on accounts
More fields in Vendor-Account Number, Custom Field, UIC Code,
Product/Services Provided
Query line items in the PO system
Add field in ledger that would allow that account to have an off- sign budget
Exports on every tab in Ledger

37. Upcoming Meeting Calendar year-end NOVEMBER 3, 2016 Boyd Arthurs Auditorium