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University of Hawaii. YEAR-END AND OTHER ACCOUNTING ISSUES. Presented by Financial Management May 21, 2008. GENERAL ACCOUNTING. FY2008 Year-End Calendar. Please visit FMIS website: http://www.fmo.hawaii.edu/FMIS/ for various central office year-end deadlines

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university of hawaii
University of Hawaii

YEAR-END AND OTHER ACCOUNTING ISSUES

Presented by

Financial Management

May 21, 2008

fy2008 year end calendar
FY2008 Year-End Calendar
  • Please visit FMIS website: http://www.fmo.hawaii.edu/FMIS/ for various central office year-end deadlines
    • No exceptions to deadlines will be granted
  • FMIS on-line input extended to 6:30pm from May 15, 2008 to July 2, 2008
    • EXCEPT for deadlines indicated on year-end calendar and per Henry Ito’s email dated May 9, 2008
year end accounting data required
Year-End Accounting Data Required
  • To present the University’s financial statements on the full accrual basis in accordance with Governmental Accounting and Financial Reporting Standards
  • Accrual basis: revenues are recorded when earned and expenditures are recorded when incurred-when goods and services are received but not necessarily paid
year end accounting data required2
Year-End Accounting Data Required
  • Recording Year-End Accounting Data Memorandum due July 3, 2008
  • Memorandum and sample journal vouchers will be sent via email in

June 2008

  • Journal vouchers to record Year-End Accounting data required by GALC due by 11:00am, July 15, 2008
year end fmis on line jv
Year-end FMIS On-Line JV
  • Please visit the FMO FMIS website: http://www.fmo.hawaii.edu/FMIS/OnlineJV
  • The year-end FMIS On-Line journal voucher system must be used to prepare your JVs for the following accrual adjustments in this presentation
rcuh reclassification jv reminders
RCUH Reclassification JV-Reminders
  • RCUH expense to proper object code JVs should be done during the regular year instead of during the year-end accrual period
  • Especially for “Project” accounts (year-end process=P) and Fixed asset subcode reclassifications
rcuh reclassification jv reminders1
RCUH Reclassification JV-Reminders
  • Reclass of RCUH advances (7232) to proper expense code deadlines:
    • Expenditures incurred thru May 31, 2008 – due to GALC/PFMO by 11:00 a.m., June 6, 2008
    • Expenditures incurred in June 2008 – due to GALC/PFMO by 11:00 a.m., June 27, 2008
rcuh reclassification jv reminders2
RCUH Reclassification JV-Reminders
  • If RCUH expense reclassifications are recorded during the accrual period (13th month) for SLs with year-end process=P, two additional JVs should be prepared:
    • JV to record expense reclassification in the new fiscal year
    • JV to reverse expense reclassification during the accrual period of the new fiscal year
rcuh reclassification jv reminders3
RCUH Reclassification JV-Reminders
  • Please input RCUH 7-digit project number in Ref. No. 1 of journal vouchers for:
    • RCUH expense to proper object code

(for expended funds)

    • RCUH expense to Due from RCUH (for unexpended funds)
rcuh expense reclassification subcodes
RCUH Expense Reclassification Subcodes
  • Use subcode 2087**-RCUH Wages to record salaries/wages paid by RCUH
  • Use subcode 2097**-RCUH Fringe Benefits to record fringe benefits paid by RCUH
  • **Subcodes2987, RCUH Wages (7232) and 2997, RCUH Fringe Benefits (7232) available to accommodate budget restrictions for subcode 7232 reclass only
rcuh expense reclassification subcodes1
RCUH Expense Reclassification Subcodes
  • Refer to the handout for other expense reclassification subcodes
handout on transactions with rcuh
Handout on Transactions with RCUH
  • Types of payments to RCUH
  • RCUH Budget Categories to UH Subcode crosswalk
  • Table of Account code ranges requiring 3 JVs if expenses are reclassified during the accrual period (13th month)
other reminders
Other Reminders
  • Please do not input FY08-09 data until July10, 2008 when the system is available for FY2009 transactions
    • For example, ARS invoices created in FMIS by 7/03/08 must be for the period up to 6/30/08 only
    • If the invoice covers a period beyond 6/30/08, either revise your invoice by 07/03/08 or prepare a year-end JV to adjust the receivable for financial statement purposes
questions discussion
Questions/Discussion?
  • Please contact the General Accounting & Loan Collection Office at 956-8278 if you have any questions or need assistance
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