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FY 2005 Year End Close Update Finance Network August 18, 2005

FY 2005 Year End Close Update Finance Network August 18, 2005. Close Teams. Schedule Accruals / Prepayments Procurement Reporting / Analysis Tools Communications. Schedule. David Hathaway. FY 2005 Close Schedule - DRAFT. FY 2005 Close – Key Dates.

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FY 2005 Year End Close Update Finance Network August 18, 2005

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  1. FY 2005 Year End Close UpdateFinance Network August 18, 2005

  2. Close Teams • Schedule • Accruals / Prepayments • Procurement • Reporting / Analysis Tools • Communications

  3. Schedule David Hathaway

  4. FY 2005 Close Schedule - DRAFT

  5. FY 2005 Close – Key Dates 9/13 Final submission of FY05 proposals, awards, and waiver requests to SPO by 5:00 pm 9/16 Requisitions to procurement 9/19 Final submission of all PAF forms due to Payroll office by 8:00 am 9/20 Final submission of miscellaneous invoice requests to AR by 4:00 pm

  6. FY 2005 Close – Key Dates 9/22 Final requests to open projects (DOE and WFO) in FMS by noon 9/23 Final LETS sweep at 5:00 pmAll feeders due by 8:00 pm 9/27 Final accruals due to AP by 2:00 pm 9/28 Final divisional resource adjustments due in FMS and labor adjustments due in HRIS by 10:00 am

  7. FY 2005 Close – Key Dates 10/7 Tentative – New period opens New FY06 projects opened

  8. Accruals / Prepayments David Hathaway

  9. Accruals – DOE Policy DOE Accounting Handbook, Chapter 11 • Liabilities recorded in financial statements shall reflect both invoices received, and accruals for any costs incurred, or assets received for which progress billings, grant reimbursement requests, and other billings have not yet been received. • Maintain accounts on an accrual basis. Costs and revenues shall be identified with and recorded in the period in which they are incurred, even if receipt of the revenue or payment for the expenditure occurs in a subsequent accounting period.

  10. Accrual Policy- Manual accruals will be required • Goods • Items received by department, but the invoice was not received by AP • Items were shipped but not received by September 30 and the subcontract terms are FOB shipping point • Services • If the service was provided during the fiscal year but the invoice was not received

  11. Accrual Process • The accrual procedure will be similar to previous years • Liens associated with accruals will be automatically reduced

  12. Accrual Form Instructions • Type or print clearly • All forms must be signed by approver • Division is accountable to retain all supporting documentation for audit purposes • Track the number of forms you send using the Control Number Field • Use one resource type per form

  13. Accrual Form (cont’d) • All accruals will reverse in October • FAX completed forms to x: 5995 • AP will call you to confirm receipt of your faxed accrual request • Distinguish numbers from alphas on project id’s • Form is available on Year End website

  14. Travel • Manual accruals will be required if: • Relocation expenses are incurred • Local travel over $1k is incurred • Division does not use TA’s (Travel Authorizations) • Automated accruals will occur on all approved trips with TA’s

  15. Non-PO Requests • Must be received by 10:00 am on Thursday, 9/22/05 for the following: • Requests for Issuance of Check • Stipends & Honoraria • Reimbursements

  16. Prepayments DOE Accounting Handbook, Chapter 7 • Expenses should be prepaid only when required by standard business practice. • Standard business practice usually requires prepayment for rent, taxes, royalties, subscriptions, and insurance. • Prepayments shall be expensed over the period to which they apply. Prepayment form is available on the General Accounting website.

  17. Division Contacts

  18. AP Contacts ALPHA BY VENDOR NAME A/P CONTACT EXT. A Ruth Archid 6737  B thru C Theresa Lee 6952  D thru E Lisa Oshiro 4784 F thru G Tanya James 2519 H Macy Yeung 7949 I Tanya James 2519 J thru L Theresa Lee 6952 M Chi-Kin Lou 5976 N Macy Yeung 7949 O thru Q Lisa Oshiro 4784 Regents Macy Yeung 7949 R thru S Chi-Kin Lou 5976 T thru U Theresa Lee 6952 V thru Z Lisa Oshiro 4784 Non-PO’s Nida Payopay 4657 Mail, Deposits, EDI, Travel Barbara Watts 6007 A/P Supervisor Joyce Black 4783 A/P Supervisor Karen Mahoney 7406 Manager Barbara Gomez 4788 FAX 5995

  19. Procurement David Chen

  20. Procurement Accrue through Division Contacts: • One-time Purchase Orders • Procurement Card (PCard) purchases • Blanket/R&D/IUT/PSA/Consultant • B2B System Contracts

  21. Procurement – One-time POs One-time PO Cutoff Dates: • Orders received by Receiving by 9/23 COB (6:30 pm) will automatically be accrued/costed in G/L • FOB Destination: Orders received after 9/23 and received by COB 9/30 must be manually accrued • FOB Shipping Point: Orders not received by 9/23 and shipped by 9/30 must be manually accrued • Pickups: Deliver Packing List/Notify Receiving by 9/23 • Check IRIS or PeopleSoft to determine status; charges posted by 8 am 9/24

  22. Procurement – PCard Orders Procurement Card (PCard) Cutoff Dates: • FOB Destination: Charges posted to the card after 9/22 and material received by 9/30 should be manually accrued • FOB Shipping Point: Charges posted to the card after 9/22 and material shipped by 9/30 should be manually accrued • Orders ≥ $1K not posted to the card by 9/22 but received (FOB Destination) or shipped (FOB Shipping Point) by 9/30 should be manually accrued • Pickups: Deliver Packing List/Notify Receiving by 9/30 • Procurement uploads bank statement at 10 am 9/23; Buyers match charges by 11 am 9/23; Charges post to G/L by 11 am • G/L postings for orders posted to the card through 9/22 available for lookup on 9/23 (IRIS & PCard software)

  23. Procurement - Blankets Blanket / R&D Subcontract / IUT / PSA / Consultant Agreement Cutoff Dates: • Charges invoiced and certified by 4:00 pm 9/23 will be automatically costed to September G/L • Charges ≥ $1K incurred between 9/23 & 9/30 should be manually accrued • Check G/L posting on IRIS;Contact A/P Representative

  24. Procurement – System Contracts B2B System Contract Cutoff Dates: • Orders placed and invoiced by 9/21 COB will post to September G/L • Orders ≥ $1K placed after cutoff date and received by 9/30 should be manually accrued • Check G/L posting on IRIS for Boise, VWR, Sigma Aldrich; charges posted on 9/24 • See A/P Representative for others

  25. Reporting/Analysis Tools Lauretta Corsair

  26. Reporting and Analysis Tools • Query Folder ‘FISCAL YEAR END’ • Queries to add/develop? • New Query for receipt accruals under development • Financial Systems Hot Line ext. 5588

  27. Communications Bridget Haverty

  28. Information Sources: • ISS Close Hotline:486-4684 or HUN-GOTH • Twice daily close status emails to Network distribution • Web Site:http://www.lbl.gov/Workplace/CFO/FY05_Close.htmlWill include the schedule, forms, contacts and procedure and policy documentation • Today at Berkeley Lab Announcements:Beginning September 6thWill include key deadlines and LETS Sweeps with links to relevant details • Announcements will also be included on My Blis Portal • September Network Presentation:Scheduled September 15thA high level presentation of key changes and dates • Formal Training Classes:Scheduled August 31stA more detailed review of close functions and procedures

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