Year End Closing

Year End Closing PowerPoint PPT Presentation

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Prior to Year End Closing. Create journal numbers for the new fiscal yearIf you use the Accounts Receivable and/or General Billings module, add charge codes for the new year. Review Old Year Projects. Before projects can be set to closed, make sure revenue and expenditures must net to zeroMake journal entries to clean up projects.

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Year End Closing

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1. Year End Closing 2010 Kathy Thomas KDE

2. Prior to Year End Closing Create journal numbers for the new fiscal year If you use the Accounts Receivable and/or General Billings module, add charge codes for the new year

3. Review Old Year Projects Before projects can be set to closed, make sure revenue and expenditures must net to zero Make journal entries to clean up projects

4. Review Purchase Orders Run Open PO by Expense Accounts Review purchase orders and cancel PO’s you do not need (you should do this now and several times throughout year end) Identify outdated purchase orders by going into PO Maintenance In Fiscal Yr/Period, enter <2010 and in Status field, select each status except zero Use “Close PO” button to close these

6. Enter Current Fiscal Year Invoices on Hand If you have invoices that will not be paid until July but are for purchases made for FY 2010, these need to be entered in period 12 FY 2010 Cash Disbursements will be run for 2011 period 1 (DO NOT RUN CASH DISBURSEMENTS FOR 2010 PERIOD 12)

7. Run GL Tables Validation Run FULL GL Tables Validation This should be done monthly throughout the year If you have errors, review the error document on the MUNIS website If you have questions concerning how to correct the error, contact MUNIS or your field staff representative Old year errors have to corrected by MUNIS

8. Run Utilities No user in system Make sure you have a good backup Review reports generated

9. Memo Balance Utility(glfixmem) This utility compares the memo balance value to the sum of all activity on the account including transactions yet to be posted. It will compare and correct last year, current year, and next year totals. To run utility: From menu, select Admin, Diagnostic Tools, Memo Balance Utility

10. GL Encumbrance Utility(glencute) This utility identifies Purchase Orders with invalid or incorrect amounts and recalculates the correct encumbrance balance on each general ledger account To run utility: Select Admin, Diangnostic Tools, GL Encumbrance Utility

11. Utilities for Requisitions Requisition Status Utility (glreqsta) – this utility updates the status of any current or next year requisitions for which the approval history does not match the current status GL Requisition Amount Utility (glfixreq) – this utility recalculates and corrects the requisition balance on general ledger accounts BOTH THESE UTILITIES ARE ACCESSED FROM THE MENU

12. Other Utilities Glfxjnld- This utility resets the effective date of journals that are outside the range of the period Glfixctl – This utility only needs to be run if you have table validation errors indicating EXPENSE or REVENUE DOES NOT SUM CONTROL. This utility examines the current value of the expenditures and revenue control accounts and compares to the journal values for the year by period and fun THESE UTILITIES ARE ACCESSED THROUGH SYSTEM UPDATE

13. Open Periods Close and reconcile open periods by running month end processing for periods 1 through 11

14. July 1 Set default Year and Period 2011 01 Update “Set Holding Year Open Flag”

15. After July 1

16. After July 1 Review open purchase orders Enter remaining invoices for 2010 Remember post invoices to 2010-12 and run cash disbursements for 2011-01 Review open invoices Run Invoice History by GL Account

17. After July 1 Review unposted journals General journals Budget amendments Current year requisitions Current year purchase orders Invoices Misc cash and general billing Payroll processing and vendor payrolls Cash disbursements

18. After July 1 Close and reconcile open periods (1 thru 12) Run Full Tables Validation – resolve any errors Prove encumbrances/Run utilities


20. Year End Processing Halt all system processing lockmunis Perform daily backup Produce end of year reports Project Budget Report Payroll Deduction Register Month End Trial Balance

21. Year End Processing Close current fiscal year – what happens? Outstanding encumbrances for open purchase orders are liquidated Unreserved Fund Balance is reserved for the amount of outstanding purchase orders Expenditure Control and Revenue Control are moved to Unreserved Fund Balance Review YEC Journals

22. Year End Processing Produce Year End Trail Balance – (P)reclosing Open new fiscal year Produce Year End Trail Balance – (F)inal Produce Budget Completion Journal Verify budget preparation year Run Budget Completion Journal – Selective account inclusion must be checked on fund 2 projection and must only include 2010 projects

23. Year End Processing Perform a daily backup Resume MUNIS processing lockmunis

24. Posting Last Year Adjustments Enter Accounts Receivable and additional Accounts Payable Enter Accounts Receivable and Deferred Revenue for Fund 2 Run Project Budget Report A|I|C Report Options Field 12 with Totals, no page break

25. Fund 2 Deferred Revenue & Accounts Receivable If a grant has $10,000 in revenues but only $8000 in expenditures, a deferred revenue entry will be made Debit grant revenue account for $2,000 Credit deferred revenue (20-7481) for $2,000 If a grant has $15,000 in revenues and $18,000 in expenditures and the district is due to receive $3,000 more, an accounts receivable entry is made Debit accounts receivable (20-6153) for $3,000 Credit grant revenue account for $3,000 FUND 2 BALANCES MUST BE ZERO!!

26. Posting Last Year Adjustments (Cont’d) Reserve fund balance for site based carry forward Post Last Year Adjustments

27. Produce AFR Annual Financial Report (AFR) must be created and sent to KDE through kytransfer Create AFR Including Account Detail and not Including Account Detail 4 files (2 balance sheet files, 2 AFR files)

28. New Year Processing Reverse Fund 2 Deferred Revenue and Accounts Receivable entries – 2011-01 Reverse Accounts Receivable and Accounts Payable entries

29. Move Fund Balances to Beginning Balance Fund 1 – 8770 and 8760 must be moved to beginning balance (110-0999) Fund 2 – no entry should be made since Fund 2 is zero Fund 310 and 320 – For 2011, 8770 will be moved to beginning balance (310-0999, 320-0999); If any amount in 8768, move to 8764

30. Move Fund Balance to Beginning Balance (Cont’d) Fund 360 – if there is a balance in 8770, move to 8766 (Reserve for Future Construction) Fund 51 – move 8770 to beginning balance (510-0999)

31. New Year Processing (Cont’d) Adjust budget for beginning balance Budget Site Based Carry Forward for new year

32. After Audit All audit adjustments will be posted to 2010 period 13 Once all audit adjustments are made, AFR is created again and sent to KDE through the web application (including detail and not including detail) Auditor & Finance Officer should make sure AFR matches audit

33. If you have questions about Year End Closing… Call your KDE field staff representative Call KDE help desk (July 21,22,23)


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