1 / 19

University of Hawaii

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

powa
Download Presentation

University of Hawaii

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. University of Hawaii YEAR-END AND OTHER ACCOUNTING ISSUES Presented by Financial Management May 21, 2008

  2. GENERAL ACCOUNTING

  3. 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

  4. FMIS Website

  5. 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

  6. Year-End Accounting Data Required

  7. 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

  8. Recording Year-End Accounting Data Memo

  9. 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

  10. Year-end FMIS On-Line JV Website

  11. 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

  12. 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

  13. 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

  14. 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)

  15. 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

  16. RCUH Expense Reclassification Subcodes • Refer to the handout for other expense reclassification subcodes

  17. 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)

  18. 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

  19. Questions/Discussion? • Please contact the General Accounting & Loan Collection Office at 956-8278 if you have any questions or need assistance

More Related