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FMIS R*STARS Closing Fiscal Year 2015 Comptroller of Maryland Peter Franchot
Deadline Dates Payroll accrual – May 29 Budget amendments – June 15 Cash/adjusting transactions – July 15 / 24 Close – August 3
DBM Requirements Meet with DBM for encumbrance review Pay balance - objects 0152 and 0154 to SERHWBF HGeneral Fund and H Any Special and Higher Education Funds that do not retain funds at YE
DBM Requirements (Cont'd) Accrue Objects 0305 & 0322 based on DBM estimates Submit Agency Closing to DBM form
R*STARS Closing Checklist
IT File No transactions Vouchers payable
Budget Amendments Posted DBM Form Must list each BA separately Must provide fund total(s) for each BA Add fund totals for all BA's combined
Receivables/Payables Recorded in accordance with policy
Appropriations Can revert
GAAP Accounts Payable Reported
Fund Balances Transaction recorded to transfer funds Legal authority to retain OR
Fixed Assets Post all new assets only thru the Fixed Assets Subsystem
No Negative Appropriations!
Chargeback Clearing/Program 099 Cleared
GAAP Trial Balance Reviewed
Submitted by Financial Agency
FMIS R*STARS Closing End of Part I
FMIS R*STARS Closing Fiscal Year 2013 Part II GAD Form X-18 Submitted by each financial agency (may be at batch agency level) Provides contact information.
FMIS R*STARS Closing Fiscal Year 2014 Part IV GAAP GAAP closing schedules Schedules due to GAD by end of day August 8 Schedules G & G-1, due by August.
Year-End Closing of the Books Overview of Closing: - Why ? GAAP – Generally Accepted Accounting Principles. End of the business cycle: –State.
Welcome Accounts Payable FY2010 Year-End Closing Workshop Presented by: Sandra King, Accounts Payable Manager Office of Business Services.
EMS FISCAL YEAR END FY EMS FISCAL YEAR CHECKLIST All steps are done in the new fiscal year. 1. Review Payroll Options and Defaults 2. Review Direct.
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Key Concepts for Senior Corps. Session Objectives Provide an opportunity for participants to network in program specific group Discuss key fiscal and.
Recording Financial Information Summary of changes Content of original outcome 1 split into 3 new outcomes –Outcome 1 – books of original entry –Outcome.
Welcome! Washington State Chapter COMMUNITY ASSOCIATIONS INSTITUTE The leading professional organization providing education, resources, and advocacy for.
May 2012ASU Financial Services Fiscal 2012 Advantage Year End Close.
©The McGraw-Hill Companies, Inc. 2006McGraw-Hill/Irwin Chapter 4 Accounting for Branches Combined Financial Statements.
1 State Budget Manual Update Meeting June 2007 OSBM State Budget Manual Update July 1, WELCOME BUDGET MANAGERS AND CHIEF FISCAL OFFICERS.
Year End Closing for FY Introduction and Overview Kathleen Tillett.
Conducted by: Mr. Koy Chumnith Review of the Accounting Process , Royal University of Law and Economics McGraw-Hill/Irwin.
Differences in accounting Topic: End of year closing.
Financial Operations Emergency Relief Procedure iHUB-F-Financial Management-Financial Ops – Program Accounting – Financial Operations Emergency Relief.
End of financial year procedures.
Match& Inkind Donations:. 2 Session Objectives Gather and retain proper documentation Understand allowable, allocable, necessary & reasonable costs Learn.
PwC Payables and Expenses
Chapter Seventeen Accounting for State and Local Governments, Part II McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights.
Fiscal Year-End Process Overview. Objectives What is a fiscal year? What happens at the end of a fiscal year? Annual Financial Report Document Processing.
Jobs Organization Reversions/Carryforward Encumbrance Forward Labor Balance Forward Close Out Nominal Balances Beginning Balance Carryforward Inception.
2010 Dynamics SL Year End Event December 15, 2010.
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