2. QSS and Year End Closing CPUG Annual Convention March 7 through 9, 2005 Visalia, California

3. QSS and Year End Closing Presented by Beth Wilson Templeton Unified School District bwilson@tusdnet.k12.ca.us

4. QSS and Year End Closing  We will cover  Calendar of due dates  How QSS can make your closing easier  How to use QSS and the SACS software to give you what you want when you want it  Navigating GASB 34 before year end

5. QSS and Year End Closing  Calendar (generally)  Fiscal year end June 30  Recording of accruals (receivables & payables) thru July 31  Actual preparation of the SACS20xxALL during August  Approval by your Board at the first meeting in September  Submission to COE September 15

6. QSS and Year End Closing  In May, run either a GLD400 (or 500) and look for unusual balances. Specifically, check the following:  Prior year Accounts Receivable  Prior year Accounts Payable  Due to/From Other Funds  Deferred Revenue  Transfer of Direct Costs (intra-fund)  Transfer of Direct Costs (inter-fund)

7. QSS and Year End Closing  Accounts Receivable  Object 9209 - Must be zero before you begin recording year end receivables  Prior year Accounts Payable  Object 9509 - Must be zero before you begin recording year end payables  Ending balances should have rolled to 9210 & 9510 at the beginning of the year. These too should be zero.

8. QSS and Year End Closing  Due to/From Other Funds  Objects 9310 & 9610  At year end these balances must not be more than 120 days old  Pay off what you can, even if you re- loan the same amount the next day

9. QSS and Year End Closing  Due to/From Other Funds (cont.)  These need to balance each other, across funds  Start with a GLD115 GL Recap, at the fund level  Out of balance? Run a GLD110 & download to Excel transaction number and amounts. Look for:  Out of balance entries

10. QSS and Year End Closing  Deferred Revenue  Object 9650  Balance must be zero before recording current year accruals  Reverse prior year accrual to current year income

11. QSS and Year End Closing  Transfer of Direct Costs  Intra-fund, Object 571x  These are balanced within each fund  Inter-fund, Object 575x  These are balanced across funds  Out of balance? Run a GLD110 & download to Excel transaction number and amounts. Look for:  PO payments  Out of balance entries

12. QSS and Year End Closing  In June, Download Backwards  Do what?  Down load this year’s information into last year’s SACS software  Why do you want to do this?  SACSALL is typically released late  Get an early look at the Technical Review Checklists for errors that do not show up during interim reporting  Correct errors early

13. QSS and Year End Closing  Log into last year’s program  Request a SACS export of unaudited actuals with current year dates  Request a download of the file you just exported It is very important to do this from last year’s QSS. SACS will only accept files from the year you are loading into. Downloading from last year’s QSS program will stamp the file as “last year” and allow you to fake out the software.

14. QSS and Year End Closing  Open up the SACSALL software – the one you used for the last interim  Set up  Preferences  Unaudited Actuals (ignore the year)  File  Import (browse for your file)  Other import  Delete all (you don’t want any old info)

15. QSS and Year End Closing  Run your Technical Review Checklist  Look for and correct  Function and Object invalid  Goal and Function invalid  PERS RLR out of balance  Objects have a negative balance  Run & Print GASB 34 worksheets  Government Wide Reporting  Conversion Entries

16. QSS and Year End Closing  Calculating Indirect Costs using the BDR110 Multi-Year Comparative Report (seven column report)  The report will do the calculation for you  Review for exceptions  Allowable ICR less than your approved rate  Categoricals that allow IRC on Ob 6XXX

17. QSS and Year End Closing  The CAT (categorical) Form & GLD400  This form is not required for SACS, its optional (unless your auditors make you do it)  After you have completed recording year end operating receivables and payables  Call report broken by Resource  Go to the last page of the report, the Fund Reconciliation (balance sheet)

18. QSS and Year End Closing  Grants  Prior year carryover is in the top left column, Deferred Revenue  Subtract that from Line A, current revenue (Col 4) for Cash Received  Line B (Col 4) is Donor Authorized Expenditures  Line G  Positive=Record Deferred Revenue  Negative=Record a Contribution

19. QSS and Year End Closing  Entitlements  Line A (Col 3) Current Year Award  Line A (Col 4) Current Cash Received  Line A (Col 5)  Positive=Record Accounts Receivable  Negative=Record Accounts Payable  Line B (Col 4) Donor Authorized Expenditures

20. QSS and Year End Closing  Entitlements (cont)  Line D (Col 4) Flexibility Transfers & Contributions  Line F (Col 3) Beginning Balance=Prior Year Carryover  Line G (Col 4)  Negative=Record Contribution  Positive=Current Year Carryover, no adjustment necessary

21. QSS and Year End Closing  GASB 34  What needs to be recorded in QSS  Fixed asset additions  Components of debt – Interest vs principle  Donated assets  What does not get recorded in QSS  Depreciation  Compensated absences  Post retirement benefits (unless you are funding the benefits, Fund 71)

22. QSS and Year End Closing  Check asset additions using GLD110  Call two reports  All budget lines using Function 8500  All budget lines using Object 6xxx These will give you the same information that will show up on SACS Conversion Entry CE001

23. QSS and Year End Closing  Download reports to Excel  Sort for  Budget lines with total amounts less than your district’s capitalization level  Postings to Fn 8500 but not to Ob 6XXX  Reclassify all items that should not be capitalized

24. QSS and Year End Closing  Check debt postings using GLD110  Compare to your debt schedule  Ob 7638 should contain principal only  Ob 7639 should contain interest only  No other expenses should be in these accounts (fees, etc)  New debt belongs in Ob 8931-8979  Reclassify as necessary

25. QSS and Year End Closing  Donated Assets  Are you keeping a list of donated assets that meet your capitalization policy?  How about assets purchased by Student Body Organizations?  Do you record them in your general ledger?  Debit Ob 6xxx, Credit Ob 8694

26. QSS and Year End Closing  You now have the tools to  Get an advanced look at you first download before the state makes the software available  Call reports that will give you the same information that the GASB 34 reports from the SACS software will report  Correct your books for closing (unaudited actuals) and financial statements (GASB 34) before the last minute When are you going to get started?

27. QSS and Year End Closing  Questions?