1. Year-End
Closing of the Books
FY 2017

2. Overview of Closing Why do we close?
GAAP – Generally Accepted Accounting Principles
End of the business cycle:
State sessions end in June
UO activity begins with summer session (excluding Law)
Federal (GASB) & State requirements
UO mandated deadlines in order to meet required State deadlines
Snapshot in time
YTD activity (FWIBUDG) and year-end balances (FGITBAL) are used to monitor, project, budget, evaluate performance, perform system audits, analyze anomalies, audit, compare and contrast with other years/funds/institutions etc…

3. Overview of Closing Annual reporting – internal & external
UO issues annual audited financial statements
Used by stakeholders such as general public, federal agencies, HECC, federal F&A rate setters, accrediting agencies, NCAA, creditors and bond services, etc…
Rolled into State of Oregon financial statements
Auditors – internal & external
Test for accuracy, consistency, completeness, cutoff, & reliability of systems including our policies & procedures
Help us establish best practices
Includes: UO Internal Audit, DHHS, Naval Research, NCAA, Moss Adams (financial statement & Single Audit), Secretary of State, etc…

4. Recording activity that takes place between:
Overview of Closing
Recording activity that takes place between:
July 1, 2016 and June 30, 2017
Transactions must be recorded in the fiscal year that the event takes place, regardless of when budget or cash is available
Includes accruals posted by July 18, 2017
Applies to all funds regardless of the source

5. Overview of Closing Fiscal period 12
Record June and remaining FY17 activity
Fiscal period 14 (opens after closing period 12)
Review and post necessary corrections/accruals
Departments have first week
BAO/BRP/SPS have additional time
BAO CAFAR/Accounting team
Extracts data for reports
Analyzes transactions for correctness
Records system-wide accruals
Accumulates and records remaining FY17 transactions
Issues audited financial statements
Close fiscal period 14

6. Balance Sheet Account Codes (FGITBAL – General Ledger)
A = Assets
B = Liabilities
C = Control Accounts (Income Statement Totals)
D = Fund Balance
E = Fund Additions
F = Fund Deletions
When FP12 is closed and FP14 is opened, income/expense account balances from FY17 FP12 are closed into FY18 fund balance.

7. Income Statement/Balance Sheet
FWIBUDG
FGITBAL
Income Statement
Balance Sheet
Revenue
0XXXX
C0010
Labor
1XXXX
C2010
General Expense
2XXXX-8XXXX
C1010
Transfers
9XXXX
C5010
Fund Bal
D0010

10. FY18 Beginning Balances
Before period 14 is opened, FY18 balances only include FY18 transactions

11. FY18 Beginning Balances
When period 14 is opened, FY17 period 12 ending balances are posted as FY18 beginning balances
Recorded in period 00
Document type YEOB, numbered GLRL17XX
Then, each entry posted to FY17 during period 14 has a mirror entry in FY18 period 00
Identifiable by its June transaction date

13. Subsidiary Ledgers
Provide a greater amount of detailed information for general ledger account balances
FIS Examples – Student A/R, Grants Billing Module, Fixed Asset System, Accounts Payable
Complimentary (shadow) systems are often used by departments as subsidiary ledgers (examples – QuickBooks, Excel, Access)
Subsidiary ledgers must be reconciled to Banner FIS
The FIS general ledger is the official source of financial information for the UO

14. Subsidiary Ledgers
General ledger account codes require supporting detail schedules reconciled to Banner FIS. Commonly used accounts include:
Account Code
Account Code Title
A3103
Misc Accounts Receivable
B0190
Received Items Payable
A3106
Sundry Receivable
B5120
Prepaid Tuition & Fees
A3702
AR from Affiliated Foundation
B5802
Unearned Revenue
A4002
Organized Storeroom Inventories
B5817
Unredeemed Gift Cards/Certificates
A5019
Prepaid Services & Supplies
B5801
Undistributed Revenue
A5020
Prepaid Travel
A5021
Prepaid Subscriptions/Memberships
A5022
Prepaid Capital Assets
A5023
Prepaid Software Expenditures
A5030
Prepaid Miscellaneous Expense

15. Non-SIS Accounts Receivable
Each department must submit a detail and aging report of their non-SIS accounts by July 19th
sites/ba.uoregon.edu/files/forms/yearendar.xlsx
These reports must be reconciled to Banner as of fiscal period 14 (generally use FGITBAL)
Includes all receivables from entities that are external to UO

16. Non-SIS Accounts Receivable
Account Code
Account Code Title
A3101
Misc Advances Receivable-Non SIS
A3103
Misc A/R
A3106
Sundry Receivable
A3109
NIBL-Non SIS
A3110
Travel Advance Receivable – Non-SIS
A3130
Restoration Fund Receivable
A3131
Catering Accounts Receivable
A3132
Setup/Tech Accounts Receivable
A3133
Child Care Accounts Receivable
A3134
USDA Accounts Receivable
A3135
Season Ticket Accounts Receivable
A3702
AR from Affiliated Foundation

17. Non-SIS Accounts Receivable
University of Oregon
Non-Student Accounts Receivable Aging
As of June 30, 2017
Department:
Fund:
Acct Code:
Prepared by:
Approved by:
Date Submitted:
Due
Description of
Current Year
1-2 Years
2-3 Years
3-4 Years
4-5 Years
5 Years or
Total*
From
Charge
FY17
FY16
FY15
FY14
FY13
 Older
Total
* Totals must reconcile to the General Ledger by fund and account
Banner FGITBAL Balance:
List indexes associated with this reconciliation:

19. Cut-Off Guidelines & Accruals
According to GAAP, accrual accounting requires:
Expenses to be recorded in the fiscal year and period in which the goods or services are received, regardless of when payment is made.
Payables
Prepaid Expense
Revenue to be recorded in the fiscal year and period in which the goods or services are provided, regardless of when payment is received.
Accounts Receivable
Unearned Revenue

20. Unearned and Undistributed Revenue
Unearned Revenue - Payments received for goods or services which have not yet been provided.
Revenue applicable to future fiscal years that is received prior to June 30, 2017 should be coded to unearned revenue account code (B5802). Post a reversing journal voucher with a transaction date in the future fiscal year and period that the goods or services will be provided. This journal voucher may be processed at the same time, if the future period is open.
Undistributed Revenue - Revenue earned for goods or services and not yet distributed.
Undistributed revenue (B5801) should be cleared to zero by year-end close.

21. Unearned Revenue Accruals
To deposit payment through TWADEPO when it is received:
Debit (CASH, CHEK, CARD, or BANK depending how revenue was received)
Credit (MISC) Department Index           Unearned Revenue Account Code (B5XXX)
To remove the unearned revenue and recognize revenue in the future year:
Debit       Department Index           Unearned Revenue Account Code (B5XXX)
Credit      Department Index           Revenue Account Code

22. Unearned & Undistributed Revenue Account Codes
Account Code Title
Unearned Revenue
B5120
Prepaid Tuition & Fees
B5802
B5816
Athletics Prepaid Revenue
B5817
Unredeemed Gift Cards/Certificates
Undistributed Revenue
B5801

23. Payable Accruals
For goods or services received by June 30th for which vendor invoices have not been received as of July 18th, fill out an AP Report and forward it to BAO Financial Services along with backup.

24. Payable Accruals
For invoices paid with an FY18 transaction date for goods or services that were provided by June 30th, input a JV to record the payable in FY17.
To record the payable and expense in FY17:
Debit       Department Index            Expense Account Code
Credit      Department Index            Received Items Payable B0190
To reverse the accrual in FY18:
Debit       Department Index            Received Items Payable B0190
Credit      Department Index            Expense Account Code
* After July 18th (dept. lockout), please provide the information to BAO Financial Services

25. Prepaid Expense Accruals
Expenses for future fiscal years that are paid prior to June 30, 2017 should be
coded to a prepaid expense account code. Post a reversing journal voucher with a
transaction date in the future fiscal year and period that the goods or services will be
received. This journal voucher may be processed at the same time, if the future
period is open.
For amounts posted as expense in FY17, that should be prepaid expenses for future years:
Debit       Department Index            Prepaid Expense (A5013 – A5030)
Credit      Department Index            Expense Account Code
To remove the prepaid and recognize the expense in the future year:
Debit       Department Index            Expense Account Code
Credit      Department Index            Prepaid Expense (A5013 – A5030)
*** Tax reportable expenses must first be coded to an expense account code when processing an invoice.

26. Common Prepaid Expense Account Codes
Account Code Title
A5019
Prepaid Services & Supplies
A5020
Prepaid Travel
A5021
Prepaid Subscriptions/Memberships
A5022
Prepaid Capital Assets
A5023
Prepaid Software Expenditures
A5030
Prepaid Miscellaneous Expense

27. Departmental Deposits in Transit
Please record a departmental deposit in transit for payments you have received in June, but cannot deposit with the Cashiers Office by June 30, 2017.
To record the deposit in transit by JV with a June 2017 date:
Debit Dept. Index A0951 Cash-Department Deposit In Transit
Credit Dept. Index Revenue, Unearned Revenue, Accounts Receivable, etc.
To make the physical deposit with UO Cashiers using Banner form TWADEPO as soon as possible after June 30, 2017:
Debit CASH, CHEK, or CARD depending on how the payment was received
Credit Dept. Index A0951 Cash-Department Deposit In Transit

29. Dates to Remember: June 8 June regular payroll deadline
June Contact BAO for help accruing department non-student accounts receivable
June Last day to submit wire transfer to AP by 10:00am
June Last day to submit student receivables
June Last day to deposit cash by 3:00pm
June Goods and services must be received by this date to pay with FY17 funds
**(Items input in July require a 30-JUN-2017 transaction date)**

30. Dates to Remember:
July 10 Last day to submit upload JVs for period 12 (Z documents through AppWorx)
July 11 Last day to liquidate encumbrances that shouldn’t roll to FY18
July 11 Last day to submit budget changes for period 12
July 11 Last day to input an invoice for period 12
July 11 Last day to input JVs for period 12
July 11 Period 12 Close (5:00pm)
July 12 Period 12 reports are available
**(Items input in July require a 30-JUN-2017 transaction date)**

31. Dates to Remember: July 18 Last day to input JVs for period 14
July 18 Last day to input budget changes for period 14
July 18 Last day to input an invoice for period 14
July 18 Departmental lock-out (5:00pm)
July 19 Detail and aging reports due for all non-SIS accounts receivable
For assistance with FY17 transactions after the lock-out, contact
BAO Accounting.
**(Items input in July require a 30-JUN-2017 transaction date)**

32. Dating FIS Documents
After June 30th, any document input for FY17 must have the transaction date changed to
30-JUN-2017
This includes:
Budget changes
Invoices
JVs
Travel reimbursements

33. Encumbrances
All open encumbrances (except zero balance items) will be rolled into FY18 Banner FIS operating ledger
Liquidate and close any encumbrances that you do not want to roll into FY18 before the close of period 12 (July 11th)
gon.edu/files/yearendencumbranceproceduresflowchart.pdf

34. Late FY17 and Subsequent Event Reporting
Report FY17 activity and subsequent events to BAO Financial Services as follows:
July 19 to 31 – for posting into Banner FIS during lock-out
August – to be included in UO Financial Statements
September to October – late reporting

35. Reporting Property Not Owned by the UO
To provide required information for leased asset year-end reporting
To provide adequate insurance coverage
FWIFLST – Banner query form to review inventory records
Leased Property (Acquisition codes LE/LP)
Rented Property (Acquisition code RT)
Loaned Property (Acquisition code LN)

36. Real Property
Performed in conjunction with BAO Property Control and Campus Planning and Facilities Management
Capitalization of construction in progress (CIP) expenses
BAO moves debt from plant funds to operating funds
Conversion of completed projects into the Banner FIS real property records
Componentization of specified buildings used extensively for research
Capitalized interest calculation and entry

37. FY17 Accomplishments BAO and BRP moved to Thompson’s University Center
Fleet copier program roll-out

38. Looking ahead to FY18 BAO Travel rolling-out Concur Banner 9
Streamlining chart of account requests
Blended OPE
Duck Depot
Base year for Facility & Administrative (F&A) rate

39. BAO Financial Services
Business Affairs -
General Accounting, CAFAR, and Property Control – financial-management-contacts
Travel (6-3158) -
Accounts Payable (6-3143) -

40. Useful Links Year End COB Instructions and Deadlines FY17
UO Financial Statements
UO Forms