FMIS R*STARS Closing Fiscal Year 2015 Part II

GAD Form X-18  Submitted by each financial agency (may be at batch agency level)  Provides contact information to GAD Send to:

 GAD Form G-8  Special funds fund balance retained  Legal authority  Non-budgeted funds negative cash balance  Justification Submitted by Financial Agency

Receipts  Effective date - June 31  Valid until July 7 th  Collected July 1 or later

Chargebacks  Recorded by STO with an effective date - June 31.  Bad Checks Program 099.  Chargeback Accounts must have zero cash balances at year end.  Cash Balances in Chargeback Clearing Accounts must be allocated to proper accounts as year end adjustments.

Check Cancellation  The FY of transaction depends on effective date entered by STO.  Cancellations by June 30 th = cash receipts for the fiscal year being closed.  Check cancellations may be accrued in the fiscal year being closed.

Transfers and Adjusting Entries  Use effective date - June 31 or month 13  Until July 15 - other Financial Agencies  Or July 24 or until closed- within Financial Agency

R*STARS Rollover  Financial Accounts FY 2015 balances will rollover to FY 2016 after posting on June 30 th.  R*Stars will close at its normal time on June 30th.  R*STARS not available July 1 st.  R*STARS available on July 2 nd, 3 rd & 4 th. Batch Cycles June 30 th & July 2 nd. No batch cycles on July 3 rd & 4 th.

R*STARS Checks  June 30th  Expedite 11:00  R*Stars Closes at normal time

Budget Amendments  Submit to DBM - June 15  Agencies must record all Budget Amendments in process beginning June 1  T/C 027 Increase appropriation  Decreases to appropriations T/C 027R

Budget Amendments in Process  62 appropriation screen  Balance type 04  Approved by DBM

Reversions of Appropriations  Automatic at year end once all agencies are closed.

Review DAFR 6000 & 5990 For Overspent encumbered balances Check Current & Prior Fiscal Year Appropriation Balances

Special Revenue Fund Fund Balance that agencies are not allowed to retain. Transfer to general fund  Agency posts transaction  T/C 400 / 401 to transfer revenue to general fund

Revenues  Recorded per state policy  Record year end accounts receivables & accrued revenues in RSTARS

Federal, Reimbursable Funds  Recognition of federal / reimbursable fund revenue same year as expenditure  Fund Balance = 0  Accounts Receivable or Deferred Revenue

Accounts Receivable  Record on a transaction basis  No reversal needed  Or record an accrual  Reversal will occur

Accrued Revenue  T/C 801 will automatically reverse in next fiscal year  Reversal will have the same AY  Cash receipts same AY as accrual and reversal

Accrued Revenue / Accounts Receivable Reductions  Reverse “doubtful” amounts  T/C 113R or 456  Transfers to CCU  Revenues not collectible within 60 days of YE deferred in R*Stars

Record Long-Term A/R & Defer Uncollected Revenue If A/R already recorded Use TC 824 & 807 If A/R not already recorded Use TC 825 These TC’s reverse in next fiscal year.

Investment Accruals  Specific Investments- Accrual Recorded by GAD  Reversing entry to new FY  Pooled Cash- Interest Allocation Recorded by STO

Accounts Payable  Record invoices with an effective date - June 31  Record in July in ADPICS or as a journal entry  Record for capital projects fund thru Aug 14

Order of Recording Appropriated Balances Accounts Payable Accrued Expenditures Encumbrances

Accrued Expenditures  State policy  T/C 803 or 809  Reversal will be same AY  Distinguish long term payables using T/C 827

Payroll Accruals Three options: 1)CPB accrues payroll 2)CPB accrues payroll and agency does adjusting entries 3)Agency does own accrual: Notify GAD by May 31 if intend to do your own accrual

Payroll Accruals CPB Accrual  Regular- Accrue 21/14 days X PPE 5/26 payroll  Regular- PPE 6/09 disbursed in fiscal year being closed  Regular- PPE 6/23 dis- bursed in next fiscal year

Payroll Accruals (cont’d)  Contractual- Accrue 14/14 days X PPE 6/2 payroll  Contractual- PPE 6/16 disbursed in fiscal year being closed  Contractual- PPE 6/30 disbursed in next fiscal year

Payroll Accruals (cont’d)  All accruals and reversals post to Salaries and Fringe Benefits Payable  All reversals and disbursements in the new fiscal year will be reflected in the next appropriation year

Payroll Accruals (cont’d)  Compensated Absences  Employees who terminated employment by 6/30  Record Liability and Accrue Expenditures using TC 805  TC 805 will reverse in next appropriation year

FMIS R*STARS Closing End of Part II