Financial Administration

Year-End Accounting Manual

SFS Year-End Close/Start-Up Accounting Manual

2005-06

Manual Preparation Worksheet

Manual Categories:

1) General Ledger
2) Accounts Payable
3) Purchasing
4) Interfaces
5) Budget & C/O Encumb.
6) AR/BI or Asset Mgmt.
7) Financial Reporting
8) Reconciliation to DOA
9) Fringe Clearing
10) Payroll stuff

 

 

 

 

 

Seq. #
Name of Task or Process
Brief Description of task or Process
Documentation Exists?
Documentation is needed?
How often done and when must it be completed?
Manual Category #
Website Location
Item submitted by: Initials
Responsible for Completion
1
 Advance Fee Collection Policy Gives guidelines for handling the coding for future year receipts that are collected prior to July. Describes process for both old year and new year.
yes
Needs to be updated annually by April 1 if changes are needed.
1
L
EGM
2
 Summer Session Payroll Guide Gives guidelines for how the accounting journals related to Summer Session payrolls will be handled. Old year, new year, deferred expenses, etc.
yes
Needs to be updated annually by May 1 if changes are needed
1
yes
EGM
3
 Accounting Period Calendar for FY 2005 Gives the beginning and end dates of each accounting period for the fiscal year. It also shows the date on which each period will be closed.
yes
Can be created for several years in the future since dates don't change except for year.
1
yes
EGM
4
 Year 2005 Payroll Processing Guide Provides information about how salary and fringe data flows into SFS from the Payroll operations.
yes, but needs much revision for FY 2004
Updated info for the new year should be ready by May 1.
10
yes
EGM
5
 Journal ID and Source Code Guide for 2005 Sets guidelines for the ranges of valid Journal ID mask codes that may be used by the campuses, Journal ID mask and Source codes that are reserved for use in the Payroll Interface operations, etc.
yes
Updated info for the new year should be ready by May 1.
1
yes
EGM
6
 A/R Processing Guide for the GL Provides instructions about GL, journal formatting requirements when Accounts Receivable transactions are involved.
yes
Updated info for the new year should be ready by May 1.
1
yes
EGM
7
 FY 2005 Year-End Closing Instructions Memo Contains a variety of instructions about year-end cutoffs, payroll processing dates, and the fiscal year to which output will be charged, final day for running pay cycle in the old year, etc.
yes
Updated info for the new year should be ready by May 1.
1
yes
EGM
8
 Year-End Close Timeline & Events Grid A calendar format listing closing dates and events
yes
Updated info for the new year should be ready by May 1
1
yes
EGM
9
 Period 998 Processing Guide Provides instructions about contents that may be included in Period 998 journals and the process for getting such journals posted in SFS.
yes
Updated info for the new year should be ready by May 1.
1
yes

EGM
10
 FY 2005 Accounts & Definitions Listing of all the SFS Account codes that will be valid for use during the year, any changes that occurred between the years, and definitions of the Accounts to aid customers in determining which account is appropriate.
yes
Updated info for the new year should be ready by May 1.
1
yes
EGM
11
 Update SFS "bolt-on" tables where needed example: The Account Cross-Walk Table for 2004 needs to be created (this process is automated based on the prior year's table) and modified to reflect any changes made in the SFS Account table.
yes
Updated info for the new year should be ready by May 1.
1
no
EGM
12
 Issue letter to BU's about DeptID changes for the new year. Provides instructions about due dates etc., for DeptID code (DDS in Legacy) that they plan to make for the new year.
yes
Updated info for the new year should be issued by April 1.
1
no
EGM
13
 Monitor the transition between accounting periods 12 and 13 to insure that data is sent to DOA in the proper fiscal year. DOA requires that we send separate data files for each fiscal year once we get into July.
some
probably some additional
Need to determine whether any changes are needed in the interface systems. If so, must complete by June 15.
1
no
EGM
14
 Weekly reconciliation with DOA during July Need to get a weekly file of old FY data posted to WISMART in order to compare to SFS
some
The recon system is already in place. Just need to make sure that DOA will provide the data weekly.
8
no
EGM
15
 No AP voucher cancels and/or check voids related to old year vouchers If vouchers or checks are voided on the last work day of the June accounting period, it results in negative dollar total PY journals in the new year. Those kind of journals can't be interfaced to DOA.
Tina has some or will create it.
yes
The guidelines should be the same from year to year. The date(s) may change.
1 and 2
Should this info be added to the Year-End Close memo?
EGM
16
 Open new FY for journal entry Perform tasks needed to permit new FY year journal creation as of May 1 for PO
??
??
yearly
1 and 3
Yes, part of the Year-End Close memo
EGM
17
 Update the SFS Fund Table If new funds are established for the new year, or if any present funds will end with the end of the old year, table maintenance, tree maintenance, etc. are needed.
no
yes
annually, completed by May 1 if possible
1
no
EGM
18
 New Year PO Entry Instructions on how to enter new year (next fiscal) year PO's in May.
yes
yes
once a year
3
no
TMP
19
 Close out all PO's not rolling forward Clean up old year PO's and close out all PO's that are not being rolled forward.
yes
no
every year
3
no
TMP
20
 Ending PO balances should match rolled PO balances POROLLOVER and ending prior year PO balances reported to DOA. These balances should match the rolled balances for subsequent fiscal year. AND if BLNK PO and rolling over, change the PO type. Cannot roll blanket orders.
yes
yes
every year
3
no
TMP
21
 Account 7100 balances Account 7100 balances should be reviewed and verified and documented as such.
no
yes
every year
2
no
TMP
22
 Change template Change ENC_REV and ENC_CLO templates to acct date on transaction for July & August
no
yes
last year depending upon upgrade
3
no
TMP
23
 Update PI control tables These tables control the suspense and encumbrances processes in PI by fiscal year.
wip
yes
Needs to be updated annually by May 1 if changes are needed.
10
MAQ
24
 Load new year classified encumbrances?? Or will this be decentralized? Encumbrances for the new year are extracted from the annual Budget 2A process. Classified can be loaded before budget is approved due to no new year increases are part of budget process.
no
yes
Needs to be done by May 1 for correspondence with BU.
10
MAQ
25
 Load new year unclassified encumbrances - decentralized?? Encumbrances for the new year are extracted from the annual Budget 2A process. Unclassified new year pay plans are part of budget process.
no
yes
When budget is approved
10
MAQ
26
 Close prior year salary encumbrances?? An automated process is done to close out any salary encumbrances balances prior to closing the fiscal year.
no
yes
When the last payroll of the year is posted to SFD-before mid-July closing
10
MAQ
27
 Load payroll calendar to web site Table is used by the business units in the PI processes.
no
yes
When payroll creates the calendar - usually in October/November
10
MAQ
28
 Fund 990 Advanced Tuition Fee Revenue Fund 990 should be cleared to appropriate fund and netted to zero. Deferred revenue amounts should be recorded in operating funds (128, 131, 132).
yes
End of fiscal year
1
yes
DJA
29
 Fund 402 M and D Program Verify budgets are not exceeded. Excess 402 funds are available for reallocation to another institution.
yes
End of fiscal year
1
yes
JA
30
 Minnesota Reciprocity Ensure all balances on Account 9199 are in fund 100
yes
End of fiscal year
1
yes
JA
31
 Deferred Revenue Clearing Amounts Amounts posted to Deferred Revenue (Account 7400) during current fiscal year should be cleared in period one of new fiscal year.
yes
End of fiscal year
1
yes
JA
32
 Federal Administrative Expense Verify combined administrative expense reimbursement on (Account 9905 SFS) for funds 145, 146, 147, 148 is offset by the (Account 9905 in SFS) total in fund 144.
yes
End of fiscal year
1
yes
JA
33
 Federal Overhead Verify fund 150 revenue in account 9905 equals fund 144 expenditures on account 3930 (SFS institutions).
yes
End of fiscal year
1
yes
JA
34
 Fund 128 Seg Fee Distribution Ensure netting to zero.
yes
End of fiscal year
1
yes
JA
35
 Fund 133/Account 3930 Must net to zero
yes
End of fiscal year
1
yes
JA
36
 Intrafund Revenue transfer Should net to zero
yes
End of fiscal year
9
yes
JA
37
 Fund 145 Workstudy Fringes Verify there are no employer share of workstudy fringes on fund 145.
yes
End of fiscal year
9
yes
JA
38
 Fringe Pool Clearing Funds 133, 144, and 161 Clear gift/grant/trust funds fringe pool balances as of the end of June for all campuses to Systemwide fringe pool accounts. Process Legacy transfer to clear UW - Madison balances.
yes
June
9
no
JA
MAS
39
 May and June Health & Life fringe journals for the new year Employer share of Health and Life fringe costs from the May and June classified and unclassified payrolls must get charged to the new FY, not the old year. Coding changes may need to be made in order to get the data to post in the new year.
some
probably some additional
annually, by July 10
1, 4, and 10
no
EGM
40
 Period 998 journals for the 997 and 980 fringe clearing operations Period 998 journals must be created and posted to SFS in order to move the year-end balances to the carryover DeptID code.
yes
41
 Financial Reporting Deadlines Submission of GAAP reporting information.
yes
annually
7
yes
MAS
DS
42
yes
annually
43 Daily Deposits Processing Guide - FY 2006 and Beyond                

 

UW System Shared Financial System

Updated: 05/17/2005
Email Ernie Mergen or Dwan Schuck with questions or comments.