Controller s Office Year-End Training

Transcription

1 Controller s Office Year-End Training

2 Agenda PeopleSoft Unavailable Dates Year -End Reports Journal Dates Internal Billing Transfers (IBTs) Cash Deadline Cash Receipt Processing & Accruals Voucher Processing & Accruals PeopleSoft Instructions: Setting an Accrual Entry to Reverse Year -End Schedule CIP and Retainage Grants Accruals and Deferrals Single Audit Reporting Package Year -End Questionnaire A Few Reminders & Questions Payroll Accruals

3 PeopleSoft Unavailable Dates PeopleSoft FinancialsProduction down for agencies/departments PeopleSoft Financials will be down while final 2016 payments are processed and encumbrances and budgets are established for 2017 business. Users will not have any access to Production during this time, including entering requisitions andreceipts. Users will have access to the Report database.

4 Year-End Reports

5 Journal Dates The date entered on the Create/Update Journal Entries will be the effective date of the journal in PeopleSoft This date is very important!!!

6 Internal Billing Transfers IBT journals must be prepared timely: IBTs for November 2016 and prior months must be entered by December 22 nd at 5:00PM The IBTs entered in January 2017 should only be for December 2016 The Controller s Office will create a due to due from for the IBTs received in January

7 Cash Receipt Journals Fiscal Accountability Rule 3.4 Cash Receipts and Deposits, Rule 5 Cash must be deposited in a timely manner, at least weekly, or daily if the deposit exceeds $500. Most agencies should be depositing daily Credit Card Transactions Cash is recognized when the credit card batch settles (Usually same day the card is swiped) Electronic Funds Transfers (EFTs) Cash is recognized in the year the EFT is received. Please read and follow the instructions from the EFT Desk very carefully! For questions please contact the EFT Desk at IncomingEFTdesk@denvergov.org Check Remote Image Deposits Cash is recognized when the checks are received not the date they are scanned for deposit

8 Cash Receipt Journals (cont.) Cash Receipt Journals must be submitted to the Controller s Office worklist by 5:00 pm on January 6, Cash receipt journals received after this deadline will need a copy of the check(s) as supporting documentation. The time to search desks and workspaces is NOW!!!

9 Cash and Deposits in Transit Cash Received Cash Deposited Deposit in Transit 12/31/2016 Fiscal Year End 01/06/2017 Cash Journal Deadline Cash must be recorded in the year it was RECEIVED: Bank deposit day does not matter Cash received in 2016 should be recorded as 2016 cash Cash received in 2017 should be recorded as 2017 cash Do not record both 2016 and 2017 on the same Cash Receipts Journal Cash received in 2017 for 2016 business must be accrued (account for nonproject/grant revenue)

10 Revenue Accruals Cash received in 2017 for 2016 business must be accrued. 1. Prepare a 2017 Cash Receipts Journal 2. Prepare a 2016 accrual Journal Voucher 3. Set the journal entry to reverse in PeopleSoft (detailed instructions on the next slides and available on DOT) DR XX A/R CR REVENUE DR DR CASH CR XXXX REVENUE CR XXXX REVENUE XX A/R

11 Voucher Processing The Controller s Office will prepare most voucher accrual entries for 2016 invoices paid in 2017 based on the receipt date entered by the agency. Please note that the receipt date is the date the physical goods were received or services performed. The following are items that will be the responsibility of the agency to accrue Any invoices that cross fiscal years Payments made using a Non-PO Voucher Invoices in dispute or not yet received We will perform the daily accrual through February.

12 Voucher Processing (cont.) Daily accrual reports will be available at P:\reports\Accruals ; ; Jrnls: After February, if you believe you have an invoice that needs to be accrued please follow these steps: Double check the P drive reports that it has not already been accrued Reach out to CTL General Accounting regarding the details Based on the materiality level we may or may not have you accrue the invoice The Controller s Office will accrue invoices being held by Prevailing Wage & this will occur in late February or early March to ensure we have the most current information The Controller s Office will accrue P-card charges based on transaction date

13 Voucher Accruals Voucher paid in 2017 for 2016 business must be accrued 1. Prepare a 2017 Voucher Payment Journal 2. Prepare a 2016 accrual Journal Voucher - Credit Set the journal entry to reverse in PeopleSoft (detailed instructions on the next slides and available on DOT) 2017 expenses net to zero DR CR Expense XXX Liability DR DR CR Expense Liability CR XXX XXX Cash XXX Expense

14 PeopleSoft Instructions: Setting an accrual entry to reverse Step 1: Enter 12/31/2016 in the Journal Date field Step 2: Select Add

15 PeopleSoft Instructions: Setting an accrual entry to reverse (cont.) Step 3: Enter the Header Information highlighted below Step 4: Add Supporting Documentation Verify the Journal Date is 12/31/2016 Enter the Header Information Add Supporting Documentation

16 PeopleSoft Instructions: Setting an accrual entry to reverse (cont.) Step 5: Select the Reversal: Do Not Generate Reversal link below

17 PeopleSoft Instructions: Setting an accrual entry to reverse (cont.) Step 6: Select On Date Specified By User and enter the Reversal Date of 01/01/2017 Step 7: Select OK PLEASE NOTE: Journals with a 1/1/2017 reversal date will post in January if the 2016 accrual journal entry is submitted to the Controller s Office by February 1 st at 5:00 p.m. After this deadline, the Reversal Date for accruals should be changed to 2/1/2017.

18 PeopleSoft Instructions: Setting an accrual entry to reverse (cont.) Step 8: Verify the Reversal status has been updated Next Steps: Add the Line Information and select save Complete the Edit Process Submit the Journal to Workflow For assistance refer to the General Ledger Training Guide available on DOT

19 PeopleSoft Instructions: Approver review of Accrual Entries Step 1: Select the Go to Journal Entry Page link below Step 2: Select the Header tab

20 PeopleSoft Instructions: Approver review of Accrual Entries Step 3: Verify the Reversal Status and the Journal Date

21 Accrual Journals All Enterers, Reviewers, and Approvers need to verify accrual journal dates and reversal dates entered in PeopleSoft Please submit revenue, expenditures, and other accruals on separate journals February 10 th, at 5:00 pm is the accrual deadline

22 Year-End Schedule Available on DOT Times are Not Consistent for All Days Final Deadline for All Activity is February 10 th Grant Deadline is February 17 th

23 CIP and Retainage CIP 3 rd Quarter requests on CIP should already be submitted Please communicate any issues as soon as possible We are checking the supporting documentation on 100% of capitalization forms Make sure CIP spreadsheet is updated and resubmitted for any accruals booked after original submission Retainage Do a thorough analysis start early! Book all accruals for retainage to not

24 Grants Accruals & Deferrals Closing grants timely avoids problems Submit your accrual/deferral entries on time as it takes time to review them (February 17 th ) Accrue revenue if expenses>monies received and use: and Defer revenue if monies received>expenses and use: and

25 Grants Accruals & Deferrals Cont. The Controller s Office will continue to accrue any items (included in our daily accrual) that are identified between February 17 th February 28th and will work with your agency to adjust the accrual/deferral entry Continue to communicate After February 28 th, you must accrue your own liabilities and adjust your accrual deferral entry Invoice or request drawdowns NOW so revenue is received by 12/31 reducing AR at year end Call Dan Ross at x35152 for assistance

26 Single Audit Reporting Package Reporting Package Due February 27, 2017 Must complete if your agency receives any kind of Federal award Amounts reported should reconcile to PeopleSoft Must be updated and resubmitted if any accrual/deferral entries are posted after the original submission Subrecipient Form Report funds passed through to subrecipients, not the amount of subrecipient expenditures

27 Year-End Questionnaire Due February 10, 2017 New Questions Tax Abatements GASB 77 Leases New Format for 2016

28 Year-End Questionnaire New Process through Survey Monkey Controller s Office will send an via Survey Monkey to the Fiscal Officer s address Ensure the address you gave, at sign-in, is accurate Questions are similar to previous years Electronic signature in Survey Monkey

29 Year-End Questionnaire (cont.) Step 1 Step 2 Step 3 Step 4 Step 5 The Controller s Office s Year-End Questionnaire via Survey Monkey Click on Fiscal Officer completes survey Fiscal Officer forwards link to Department/Agency Head Department/Agency Head validates, signs, and submits Year-End Questionnaire Step 6 Celebrate!

30 Year-End Questionnaire (cont.) S saves previous page(s) A exits survey but does not save work Click Next to save completed page prior to existing Modification to Year-End Questionnaire is permissible until you select page on the last A submits the Year-End Questionnaire to the Controller s Office

31 Year-End Questionnaire (cont.) Things to Know. Do not delete the Year-End Questionnaire Text boxes can be expanded for easier proofreading Required questions contain a blue asterisk ( * ) The Year-End Questionnaire can be completed on a PC, tablet or mobile device To request a copy of the Year-End Questionnaire select the option in Survey Monkey Due date: February 10, 2017 For support contact the Accounting Mailbox (CTLGeneralAccounting@denvergov.org) Enjoy!

32 Final Reminders Be aware of times on deadline dates December 22 nd -January 3rd, production is unavailable February 10 th is the FINAL Deadline for all 2016 activity Please see the Closing Schedule on DOT for a full list February 17 th is the Grant Accrual Deferral deadline

33 Other Issues and Questions Account Codes All communications go through the CTL General Accounting Mailbox Communicate

34 Controller s Office Year-End Training

35 Payroll Accrual December 30 th, 2016 pay date - Covers the period December 11, 2016 through December 24, This will be a normal payroll. Since this is the third payroll in December it will NOT include Medical, Dental, Life, or Disability deductions.

36 Payroll Accrual (cont.) January 13, 2017 pay date Covers the period December 25, 2016 through January 7, The Controller s Office will accrue 2016 payroll expenses paid in This includes approximately 50% of the following payroll expenses: Salary FICA Pension The following benefits are 2017 expenses and will not be accrued: Life Medical Dental Disability

37 Payroll Accrual (cont.) Agencies need to accrue any additional 2016 payroll expenses on subsequent pay periods. Any adjustments to the payroll accrual must be made by the agency via a journal voucher. The liability side of the accrual will credit Please see the re-classifying year-end instructions for assistance on re-classifying accrual related payroll expenses.

38 December 30 th Payroll Reclass payroll as you have throughout the year Move expense to appropriate fund Could be combined with the 12/02 and 12/16 payroll reclass entry

39 January 13th Payroll - Summary This payroll will span parts of 2016 and 2017 Controller s Office Prepares the initial payroll accrual for the 2016 piece Agency Responsible for 2 additional entries These entries should not be combined with any other reclass entry for reclassifications will occur as normal

40 January 13th Payroll Controller s Office Entry The 1/13/2017 payroll is attributable (approximately) 50% to 2017 and 50% to The Controller s Office accrues 50% of 1/13/2017 payroll to DR Payroll Exp DR Accrued Payroll CR Accrued Payroll CR Payroll Exp

41 Jan 13 Payroll Agency Entry #1 Agency Entry Reclass the Liability This is an example DO NOT USE Fund unless you are FIRE

42 Jan 13 Agency Entry #1 WHY? - The Controller s Office entry has established a liability in the General Fund for 50% of the 1/13/2017 payroll - Reclass needed? Liability is booked to the WRONG fund and will report that way in the financial statements! - Why do we need a second entry?

43 Big Picture The 1/13/2017 payroll is attributable (approximately) 50% to 2017 and 50% to The Controller s Office accrues 50% of 1/13/2017 payroll to 2016 Agency Entry #1 - Prepare a 2016 reversing Liability Reclass DR Payroll Exp CR Accrued Payroll DR Accrued Payroll CR Accrued Payroll DR DR Accrued Payroll CR Payroll Exp Accrued Payroll CR Accrued Payroll-01010

44 Jan 13 Payroll Agency Entry #2 Agency Entry Reclass the expense This is an example

45 Jan 13 Agency Entry #2 WHY? - The Controller s Office entry has entered an expenditure into 2016 to push back half of the payroll into Reclass needed? General Fund is likely incorrect. - Notice the GF expenditure being credited in 2016

46 Big Picture All 3 Entries The 1/13/2017 payroll is attributable (approximately) 50% to 2017 and 50% to The Controller s Office accrues 50% of 1/13/2017 payroll to 2016 Agency Entry #1 - Prepare a 2016 reversing Liability Reclass Agency Entry #2 - Prepare a 2016 Expenditure Reclass DR CR DR CR DR CR Payroll Exp Accrued Payroll Accrued Payroll Accrued Payroll Payroll Exp Payroll Exp DR Accrued Payroll CR Payroll Exp DR Accrued Payroll CR Accrued Payroll Reports on 2016 SNP as Liability in 12825

47 Agency Two Entries - Cash Net cash between the two entries should not move!

48 January 13th Payroll The amounts for your two journal entries must be the same Your two journal entries must use the same Agency Journal Reference # and they must occur at the same time. Attach Appropriate/Clear Back up to both entries

49 Questions