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FY2004 Year End Close Retrospective

FY2004 Year End Close Retrospective. October 14, 2004. Agenda. Observations and suggestions for improvements collected from Close Coordination Team Division emails, phone calls and other conversations Topics What worked well Needs improvement Acknowledgements. What Worked Well.

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FY2004 Year End Close Retrospective

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  1. FY2004 Year End Close Retrospective October 14, 2004

  2. Agenda • Observations and suggestions for improvements collected from • Close Coordination Team • Division emails, phone calls and other conversations • Topics • What worked well • Needs improvement • Acknowledgements

  3. What Worked Well • Communication • Web site and links to/from IRIS • Weekend liaisons available for questions and concerns • Email updates on close progression • New employee training on the close process • E-mails from Travel Dept. regarding open trips • The three close process improvement teams • AP notification of accrual receipts • Schedule • Additional project tree update on Saturday night • Fewer, longer close cycles • Abbreviated close schedule document • Made it easier for Divisions to see their action items and deadlines • Some wanted more close schedule detail • Process & Reporting • New queries for reviewing/tracking PRP activity • Accrual control numbers

  4. Needs Improvement - Communication • No clear communication about problems with Travel lien reductions or partial work around for equipment and construction projects • Divisions surprised by last minute transactions related to continuing clean up of balance sheet and suspense accounts • More info desired on cut offs for placing and costing of various types of purchase requests • POC desired to confirm fax receipt by AP • Website: Schedule "highlights“ were good idea – please show on web site rather than buried in PowerPoint presentation

  5. Needs Improvement – Reports/Queries • Much more sophisticated, real time and integrated tools, Excel downloads, etc for procurement analysis - ability to see what is in the pipeline, what has been received but not costed for all kinds of procurements • Visibility to balance sheet suspense accounts, prepaid expenses, “permanent” accruals • LDRD status report - distribute as frequently as B&R status report • Need easier way to track actual Facilities costs against the detailed estimates

  6. Needs Improvement - Schedule • Publish close schedule earlier • Please include the words "Round 1", "Round 2", "Round 3", "Final Round" in the schedule.  • Highlight more pre- and post- close deadlines/actions – for July, August & October • Note timing when AP needs to do interoffice accruals (eg. BNL or LLNL receivables) • Integrate WFO schedule with Accounting close schedule • Include any AR activities that impact the Divisions • The space database was closed to Divisions a day earlier than expected. • Include when Ops Division contacts need to be available • Include when we will be contacted by Budget Office regarding liens • Avoid scheduling first close on a weekend - PI’s and managers weren’t around • The compressed schedule and working over the weekend created extra stress

  7. Needs Improvement - Practices/Process • Don’t upgrade servers or systems in September • Better, more thorough approach to dealing with prepaid expenses • Better process for handling travel accruals and liens • Better way to setup & process accruals – too many opportunities for errors by all • Clear suspense accounts more frequently • Better process for handling “returns to vendor” • How to deal with recharge services performed in last week of fiscal year • Year end bridge funding for continuing WFO projects • Better guidelines for appropriate documentation for accruals, prepaids, etc.

  8. Personal Acknowledgements • Helena Cheng for volunteering to come in on Friday evening allowing the Divisions to have a much more time to review and prepare entries The AP Dept. plays an important role and they did a great job.  • Barbara Gomez called me at home to clarify my accrual request • Steve Bodeman for doing a good job in processing accruals this year • Nida Payopay and Cynthia Estrada for staying on top of UC campus bills • Lynn Felske of A/R for addressing income reversal in timely manner • Linda Suarez & Nancy Lee - responding quickly - dropout request • Lissa Prince for help in resolving inter-Division budgetary issues • Mary Clary for ensuring that final closing accruals were posted • Indirect Budget group for providing ample amount of time to process last minute, year end accruals • Many thanks to Michelle Blaha,  Julia Rudniski and Paula Meo Thanks to all for a successful close.

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