BUDGET 201 YEAR-END EDITION

Transcription

1 BUDGET 201 YEAR-END EDITION CSU, Chico April 5, 2016 Presented by: Darleen Sowers, Budget Analyst University Budget Office x6243

2 What is Year-End? End of the fiscal year. Fiscal year runs July 01 through June 30 Procedure to close out budget, revenue, and expense activity for the year.

3 Financial Reporting Why do we do it? Fulfilling legal financial reporting requirements. Federal State System-wide Public Keeps a record of the financial health and management of the entity. Chico State individually and CSU System as a whole. Review of fund balances to ensure financial activity is being tracked and reported accurately. Items that are not addressed in the current fiscal year can carryover and have an impact on the next fiscal year s records.

4 Important Terminology Encumbrance Open purchase orders where goods or services have not yet been received. Prepaids Goods/services that have been paid for in the current year and will continue uninterrupted into the next year. Obligations Open purchase orders where goods/services have been received but have not been invoiced. Disencumbrance Process of closing an open encumbrance to release the earmarked funds back to the budget.

5 What to Expect Projecting year-end account balances Account clean-up and correction Open encumbrance review Disencumbering unnecessary encumbrances Reviewing existing contracts/mous for renewal in the new year Deadlines

6 Fiscal Year Deadlines 2016/17 Fiscal Schedule available at

7 General Procurement Deadlines April 4, /18 Fiscal year open for requisition entry. Requisitions for the new fiscal year can be entered into the system. Review Contract & Service Order Renewal list at June 12, 2017 CFS User lockout. Campus users are locked out of PO/requisition entry until the completion of year-end.

8 General Procurement Deadlines May 24, 2017 Disencumbrances Due Review Open Encumbrances Insight Financials Financials Reports Open Commitments PO Summary

9 General Payroll & LCD Deadlines (Regular pay items) May 26, 2017 Payroll Expenditure Corrections (Payroll Office) and Payroll Expenditure Adjustments (Budget Office) due. Some payroll corrections must be processed through the SCO. Review payroll expenditures in the Labor Cost by Account report. Insight Financials Financials Reports Labor Cost by Account

10 General Payroll & LCD Deadlines (Work Study) May 26, 2017 Payroll Expenditure Corrections (Payroll Office). Work study corrections must be processed through a PT-11. PT-11 forms are processed through the SCO Review work study budget balances in the Account Balance report. Insight Financials Financials Reports Account Balances Report Check balance to ensure enough budget is remaining to cover projected expenses. REMEMBER: Budget and Award are NOT the same thing.

11 Account Review and Correction Deadlines Financial Accounting & Reporting April 28, 2017 Primary review and correction submission for expenses from July through February. May 30, 2017 Secondary review and correction submission for expenses from March through April. June 21, 2017 Final review and correction submission for expenses from May through June.

12 Account Review and Correction Deadlines Financial Accounting & Reporting Review the Account Balances report Insight Financials Financials Reports Account Balances Report The Summary by Department and Fund view can be useful. Evaluate ALL Deptids and ALL funds. Is there enough budget or revenue to get through the end of the year? Do balances seem appropriate?

13 Account Review and Correction Deadlines Financial Accounting & Reporting Transactional viewing Insight Financials Financials Reports Transaction Report

14 Account Review and Correction Deadlines Financial Accounting & Reporting Transactional viewing Insight Financials Financials Reports Transaction Report Data download to excel pivot table.

15 Account Review and Correction Deadlines Financial Accounting & Reporting April 28, 2017 Primary review and correction submission for expenses from July through February. May 30, 2017 Secondary review and correction submission for expenses from March through April. June 21, 2017 Final review and correction submission for expenses from May through June.

16 Budget Review and Correction Deadlines University Budget Office Transactional viewing Insight Financials Financials Reports Transaction Report Data download to excel pivot table.

17 Budget Review and Correction Deadlines University Budget Office June 22, 2017 Budget Transfer transactions due Budget transfer form available at

18 Year-end Processes What do they look like?

19 Year-end processes What do they look like? Encumbrance and prepaid rollover process. Insight Account Balance Report

20 Year-end processes What do they look like? Prepaids journal entry process. Transactional View

21 Year-end processes What do they look like? Obligation journal entry process. Transactional View

22 Year-end processes What do they look like? Fund balance rollover (self-supporting). Insight Account Balance report Period 12 - June Balance Period 01 July Carryforward

23 Why is completing year-end tasks important? Provides an accurate representation of financial management in: Your department Chico State The CSU System It is the start of your new year budget. Entry of contracts prior to the start of the new year acts as a projected expense in your department. Tracking encumbrance and prepaid rollovers simplifies tracking of rollover budgets related to those expenses. Accurate year-end fund balances = Accurate new year fund balance carryover.

24 Important Points to Remember Submit all invoices ASAP. Submit all corrective payroll documents double ASAP. Run and review reports frequently. Run reports for ALL Deptids and ALL Funds. Enroll in the Budget 201 Lab sessions. 04/11/17 2:00pm 04/13/17 10:00am 04/19/17 2:00pm 04/20/17 10:00am Come to the Financial Services Walk-In Workshop 04/19/17 10:00am Ask for help if you need it!

25 Year-end Resources Financial Services X5103 Procurement & Contract Services x5134 Accounts Payable Petty Cash x6426 Expenditure Coding Changes Travel Reimbursements x6426 Accounts Receivable Invoice processing x4492 Labor Cost Payroll Expenditure Adjustments Budget Transactions University Budget x5931