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2008 Fiscal Year Close Forum

2008 Fiscal Year Close Forum. Presented by: Accounting & Financial Services (A&FS) Office of Resource Management and Planning (ORMP) . FIRST SESSION . What is the Fiscal Year End Close Fiscal Close Key Dates &Timing. SECOND SESSION . Open House Budget/Staffing Lists/Payroll

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2008 Fiscal Year Close Forum

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  1. 2008 Fiscal Year CloseForum Presented by:Accounting & Financial Services (A&FS) Office of Resource Management and Planning (ORMP) Fiscal Year Close Forum 2007-08

  2. FIRST SESSION • What is the Fiscal Year End Close • Fiscal Close Key Dates &Timing Fiscal Year Close Forum 2007-08

  3. SECOND SESSION • Open House • Budget/Staffing Lists/Payroll • Extramural Funds • General Ledger & Chart of Accounts • Self Supporting Funds and Accounts Receivable • Encumbrances & Accruals/Deferrals Fiscal Year Close Forum 2007-08

  4. Fiscal Year End Close Fiscal Year Close Forum 2007-08

  5. What is the Fiscal Year Close? • Reporting period end (Fiscal Year) • Official financial record • University of California Annual Report • Required certification by Chancellor, Vice Chancellors & Deans Fiscal Year Close Forum 2007-08

  6. What is the Fiscal Year Close? • Close out revenues/expenses for the year • Allows adjustments from cash to accrual base accounting (matching revenues with expenses) Fiscal Year Close Forum 2007-08

  7. Fiscal Close Timing • Make sure document approvers are available during cut-offs • Update Account Managers, Delegates & Review Hierarchy Users • Do NOT share passwords • Leave time for Dean’s office, Extramural and others to approve documents Fiscal Year Close Forum 2007-08

  8. Fiscal Close Calendar • Important fiscal close dates • Fiscal Close Web Site • http://accounting.ucdavis.edu/FiscalClose/ Fiscal Year Close Forum 2007-08

  9. Fiscal Close – Key Dates • July 3: Campus June Prelim Close • July 4 : June-Final Year End documents available • July 11: June-Final Department close • July 15: June-Final Dean’s office close Fiscal Year Close Forum 2007-08

  10. Staffing List Deadlines • Due Date for balancing the Staffing List for all funds is July 15th. Fiscal Year Close Forum 2007-08

  11. Staffing List Deadlines • Adjustments to PPS must be completed prior to the freeze of the PPS database on June 30. Fiscal Year Close Forum 2007-08

  12. Staffing List Deadlines • What is the deadline for final resolution of issues related to the July 1, 2008 staffing list? • All requests (including requests for central range or merit funds) from the prior year must be submitted by October 31, 2008. Fiscal Year Close Forum 2007-08

  13. Staffing List Deadlines • The final July 1, 2008 staffing list: • Will be available from PPS-DS in early August. • Access to the July 1 staffing list data from PPS-DS will be available during the downtime. Fiscal Year Close Forum 2007-08

  14. Payroll Deadlines • OPTRS on-line expenditure transfers (EDTS & EDTM transactions) must be completed by noon on July 3rd. • REMEMBER:No payroll transfers on contract/grants after 180 days • No payroll transfers on other accounts after 13 months Fiscal Year Close Forum 2007-08

  15. Payroll for Work Study Students • Changes or corrections for any previous payroll must be approved prior to payroll entry by Student Employment no later than June 13th. • Approved Work study adjustments must be entered into OPTRS by noon on June 20th. Fiscal Year Close Forum 2007-08

  16. Payroll for Work Study Students • Final pay period 6/15/08 – 6/30/08 • Process work study employee on the B1 payroll by noon on July 3rd. • Payday for B1 payroll July 11th. Fiscal Year Close Forum 2007-08

  17. A/P and CAMS Deadlines • July 3rd at 1:00 pm • Accounts Payable must have received all documentation • DaFIS document must have status of ‘R’ (approved by everyone except A/P) • July 3rd until 4:00 pm – Last day to enter CAMS document for FY 07/08. • Make sure documents are approved. Fiscal Year Close Forum 2007-08

  18. A/P and CAMS Deadlines • July 4th – FY08/09 Purchasing and A/P documents available • CAMS unavailable until mid-July Fiscal Year Close Forum 2007-08

  19. Intercampus Transfer of Funds • Budgetary transfer of funds • Final date to submit for FY07/08 is May 9th Fiscal Year Close Forum 2007-08

  20. Intercampus Recharges • Sales to other UC campuses • Expenses charged to UCD from other UC campuses • Final date to submit form is June 16th Fiscal Year Close Forum 2007-08

  21. Cash Receipts • Checks/cash deposited at campus Cashier’s Office/bank by 8:00pm on June 30th. • Checks/cash deposited at UCDMC Cashier’s Office by 4:00pm on June 30th. Fiscal Year Close Forum 2007-08

  22. Cash Receipts • Statement of Cash Collections document (SCC, SCCZ) posted and documentation to A&FS Internal Control by 4:00 pm on JULY 3rd. • Do NOT hold cash received before June 30th Fiscal Year Close Forum 2007-08

  23. Encumbrances/Liens Deadlines • DEADLINE FOR SUBMITTING LIENS TO BE CLEARED JUNE 13th • Credit liens on purchasing documents (DPO, PO, NPA) will be automatically removed as part of the close process. Fiscal Year Close Forum 2007-08

  24. Departmental Encumbrance Documents (DE & YEDE) • Departmental Encumbrance (DE) liens can ONLY be cleared by a DE document. • You CAN NOT clear a DE using a YEDE (Year End Departmental Encumbrance). • Deadline for clearing DE liens is July 3rd. Fiscal Year Close Forum 2007-08

  25. Billing ID Deadline • Review billing ID’s • Expiration date of 6/30/08 will automatically roll to 6/30/09 • If ID should not roll, change date by 5:00 pm June 30th. • Expire billing ID if account has expired Fiscal Year Close Forum 2007-08

  26. Accounts and Organizations: Set-up and Change Deadlines • New accounts & new Orgs for FY08/09 can be established - use only after July 3rd. • Account or Org Manager changes okay. Also changes in sub orgs (not level 3 or higher) • Other modifications to existing Accounts and Orgs may be held until after the final ledger is produced (8/6/08). Fiscal Year Close Forum 2007-08

  27. Dean’s Office Access • For adjustments by Dean’s/Vice Chancellor’s office after departments are cut off • ONLY 1 or 2 users with this access per DO/VC. • Documents DO NOT route to Account Managers so ad hoc route your documents • FIS User document: Change Update Ability from “normal” user to “Dean’s Office” by July 11th. • Change back to “normal” by July 15th. Fiscal Year Close Forum 2007-08

  28. RESOURCES • Fiscal Close Web Site • http://accounting.ucdavis.edu/FiscalClose/ • Detailed fiscal close check list • Important fiscal close dates • Information on encumbrances/liens • Information on accruals/deferrals Fiscal Year Close Forum 2007-08

  29. Fiscal Year End CloseSESSION ONE Questions ? Fiscal Year Close Forum 2007-08

  30. OPEN HOUSE Starts after 15 Minute Break • Please complete the online evaluation when you receive it. Fiscal Year Close Forum 2007-08

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