1. Accounting & Reporting Update
Washington State Board for Community and Technical Colleges
June 14, 2019
Truc Le, Grace Jimenez, Cheryl Bivens

2. Agenda
FY19 Yearend Closing
FY19 Financial Statements
GASB update

3. FY19 yearend closing
Clear SMART 507 by making the appropriate opening entries.
Clear SMART 902-Due To Due From (.G:\ABS\AFRS- System Accounting\System Yearend\Year End 19\YE19InteragencyRecPayContactList.pdf )
Test close/open table. Reach out to a peer if you need help or new to this process.
SMART is a good tool to monitor your accounting records and test out adjusting entries.

4. FY19 yearend closing
Read through the FY19 System Closing Timeline document staff/programs-services/accounting/system-closing-process- for-colleges-fy19.pdf
Two week SMART adjusting period July 25th – August 9th (ctcLink Period 131)
Interagency balance receivable/payable entries (Due To Due From) only after August 9th. Must be balanced by August 16th (ctcLink Period 132)
ctcLink Post-AFRS Adjustment Period (moving cash and revenue from to PS_Funds (101, 3E0, etc) (ctcLink Period 133)

6. FY19 yearend closing
Items that must meet AFRS’ requirements: COPs: do not net and must match OST for long term and short term. Contact us if you have any new COP. Assets: do not net, do not use R trans codes unless to back out. The GLs in each entry has to balance (see the cheat sheet on our website services/accounting-business/accounting.aspx) Example: 2210/9850 (all 2210 has to agree with 9850) if you net or mix up different types of entries, they won’t balance.

7. Two week SMART adjusting period July 25th – August 9th
Make appropriate entries to correct any errors (follow SMART instructions in each page)
All due to/due from must balance to zero with the correct debit/credit
Don’t do reversible entries for immaterial amounts in wrong positions (i.e.: small debit amount in liability GLs).
Input manual entries for unearned revenue distribution in SMART115

8. Two week SMART adjusting period July 25th – August 9th
Generally there shouldn’t be any errors in SMART pages. The following pages must be in balance and with correct debit/credit position:
SMART202 T Objects
SMART302: Operating Transfers - Source 0621/0622
DO NOT net
Use R trans codes only to back out an entire entry you had created
DO NOT use R trans codes to adjust: you’re not reversing, You’re just adding another entry in the wrong position.
SMART303: Intra-fund Transfers - Source 0782
SMART401: Due To/From Funds - GL 1353/1653 and GL 5153/5253
SMART402: Due To/From Indicators to Other Agencies - GL 1354/5154
SMART403: Pooled Cash - GL 1355/5155
SMART404: VPA General Ledgers - GL 1350/5150

9. Two week SMART adjusting period July 25th – August 9th
Generally there shouldn’t be any errors in SMART pages. However, avoid creating reversible entries for immaterial errors in these pages:
503: Asset Ledgers Should be Debits
504: Liability and Receivable Allowance GLs Should be Credits

10. Interagency balance receivable/payable entries only after August 9th
Interagency balance receivable/payable entries only after August 9th. Must be balanced by August 16th
After August 9th, only entries for interagency due to/from are allowed.
Truc every time you make an entry (or she wouldn’t know it’s there to upload to AFRS).
NO SMART adjusting otherwise so State Board can start reconciling the system.

11. FY19 yearend closing Contacts:
Grace Jimenez: For questions related to SMART & Financial statements.
Truc Le: For questions related to AFRS.
John Ginther:
Excess enrollment, Accrued Leave Calculation Worksheet

12. Reporting changes FS template – Minor changes
MD&A – Change to the format of condensed operating data
Notes to Financial Statements – Back to basics
GASB 68 – Change to contribution calculation
GASB 73 – Template change for clarity - pension expense

13. Reporting timeline FS templates – late August
Notes template – September
SBRP pension data (OSA) – September
Audited OPEB report (OFM/SAO)– September
DRS pension data (DRS/SAO) – Prior year available now, FY19 will be in October
Waiver Reports from Brian Myhre – mid October
Statewide CAFR – goal for FY19 is November 8th

14. Gasb statements Effective FY19 – GASB 83 Asset Retirement Obligations
Currently no material AROs to report
Effective FY21 – GASB 87 Leases
Although this is a FY21 GASB, we should be ready to start implementation by July 1, 2020

15. GASB STATEMENT NO. 87 - FPMT
Facilities Portfolio Management Tool (FPMT)
Office of Financial Management (OFM) received funding in budget to expand functionality of FPMT to meet the GASB 87 lease requirements.
OFM is developing project charter and plans to execute contract in July 2019 with scheduled completion in January 2021.
OFM is partnering with Statewide Accounting to develop business requirements and project implementation.
SBCTC currently reports leases in FPMT.
FPMT is real-time application available 24/7 and easy to record updates throughout the year.
Contact SBCTC Capital department if you need login credentials or other assistance.