2008 fiscal year close forum
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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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2008 fiscal year close forum

2008 Fiscal Year CloseForum

Presented by:Accounting & Financial Services (A&FS) Office of Resource Management and Planning (ORMP)

Fiscal Year Close Forum 2007-08


First session

FIRST SESSION

  • What is the Fiscal Year End Close

  • Fiscal Close Key Dates &Timing

Fiscal Year Close Forum 2007-08


Second session

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


Fiscal year end close

Fiscal Year End Close

Fiscal Year Close Forum 2007-08


What is the fiscal year close

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


What is the fiscal year close1

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


Fiscal close timing

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


Fiscal close calendar

Fiscal Close Calendar

  • Important fiscal close dates

    • Fiscal Close Web Site

    • http://accounting.ucdavis.edu/FiscalClose/

Fiscal Year Close Forum 2007-08


Fiscal close key dates

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


Staffing list deadlines

Staffing List Deadlines

  • Due Date for balancing the Staffing List for all funds is July 15th.

Fiscal Year Close Forum 2007-08


Staffing list deadlines1

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


Staffing list deadlines2

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


Staffing list deadlines3

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


Payroll deadlines

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


Payroll for work study students

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


Payroll for work study students1

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


A p and cams deadlines

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


A p and cams deadlines1

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


Intercampus transfer of funds

Intercampus Transfer of Funds

  • Budgetary transfer of funds

  • Final date to submit for FY07/08 is May 9th

Fiscal Year Close Forum 2007-08


Intercampus recharges

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


Cash receipts

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


Cash receipts1

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


Encumbrances liens deadlines

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


Departmental encumbrance documents de yede

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


Billing id deadline

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


Accounts and organizations set up and change deadlines

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


Dean s office access

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


Resources

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


Fiscal year end close session one

Fiscal Year End CloseSESSION ONE

Questions ?

Fiscal Year Close Forum 2007-08


A

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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