1. Fiscal Year-End Review Session

2. Mike Hoskins Associate Controller
Presenter Contact Information:
Mike Hoskins Associate Controller
Phone:

3. Agenda Year-end Schedule & Important Dates Dual Year Processing
Review of Indexes & Accounts
Property Accounting – Purchase of Equipment
Year-end Accruals
PCard Deadlines
JV Processing
Miscellaneous
SPA Year-end
Questions

4. Carolina Munoz Audit Liaison
Presenter Contact Information:
Carolina Munoz Audit Liaison
Phone:

5. Key Year-End Dates
June 22 - DPRs, JVs, and IDVs to be included in FY17 are due to Fiscal Monitor
June 23 - Any FY17 ELRs must be initiated to be reviewed and approved by all parties
July st Close
Carolina

6. Key Year-End Dates, cont.
July 10 - Deadline for JVs from Business Managers and Research Centers
July nd Close
July Controller Close– Starting at 5:00pm
July 24 – Final Close – Reports available the following day
Carolina

7. Transaction Date vs. Activity Date
Transaction Date – Banner posts transactions to fiscal years and periods based on the transaction date.
Activity Date – The date a transaction is actually entered into Banner.
Carolina

8. Dual Year Processing
You may begin processing FY18 purchase requisitions on June 1, 2017.
Creating a FY18 requisition during the Dual Year period:
-Transaction Date must be >June 30, 2017
-Delivery Date must be > Transaction date
Carolina

9. Dual Year Processing, cont.
Banner Finance Procurement manual online at
Carolina

10. Reviewing Funds General Ledger Review
Review Assets, Liabilities, and Fund Balance
Look for reverse balances.
Compare for no change from prior year.
AFR exception reports will help identify issues but don’t wait for them.
Carolina

11. Reviewing Indexes Unrestricted Funds I&G and Non I&G Funds
Compare current year activity to prior year activity.
Question any expense with a credit balance.
Verify that there is not any YTD expense activity in account code
Compare budget to actual expenses.
Carolina

12. Reviewing Indexes, cont.
Unrestricted Funds, cont.
I &G Funds
There should not be any YTD activity in the following account codes
Revenue accounts,
Resale accounts, and
Applied charges accounts, 795xxx (except in specific circumstances).
Carolina

13. Reviewing Indexes, cont.
Non I&G Funds
Question any revenue that has a debit balance.
Verify that any resale account codes, 77xxxx are appropriate on that index.
Carolina

14. Reviewing Indexes, cont.
Zero all default P-card account codes –
– NMGRT Goods >$10.00
Federally excluded account codes
Refer to BDMS for back-up documentation for journal vouchers
For BDMS access
Carolina

15. Joshua Muñoz Capital Finance Manager
Presenter Contact Information:
Joshua Muñoz Capital Finance Manager
Phone:

16. Property Accounting Introduction to Property Accounting Office
Best practices (which lead to an easier year-end)
Year-end considerations
Mike

17. Property Accounting Office
Plant Fund Accounting (funds X8XXXX)
Construction Project Monitoring
Property, Plant, and Equipment Capitalization
Inventory Change Request (ICR) Processing
Property and Equipment award closeouts
Bond Monitoring and Billing (GOB, STB, RB)
Lease and Insurance Monitoring and Analysis
Mike

18. Best Practices – Inventory Change Request
Excerpt of the Inventory Change Request (ICR) form:
Mike

19. Best Practices - Tagged Items U, F, S, or P tags – Who owns it?
Here are some examples of Tags or Barcodes:
Mike

20. Best Practices - Tagged Items
Any item owned or controlled by NMSU that meets the tagging criteria should be tagged.
Commodity codes and account codes tell Property Accounting what items to tag.
for any donated, government furnished (GFE), or other items that meet the tagging criteria but have no tag. .
Mike

21. Summary of Tagging Criteria Account Codes
Capital Items: (780200) use for fed. funded owned by NMSU
$5,000 and up, moveable, last more than a year U-tag
Non-Capital Items: (740100)
$1K to $4,999, moveable, last more than a year U-tag
Contractor Acquired Prop. (CAP): (780400) use for State
$5,000 and up (unless contract states a lower threshold) F or S-tag
Gov’t Furnished Equipment (GFE): (notify via )
All equipment listed in contract regardless of cost F or S-tag
Donated Items: (notify via ) U-tag (or P-tag) private
If fair value is greater than $1K.
Mike

22. Summary of Tagging Criteria Commodity Codes Available at: Cognos > Banner Lookups
Mike

23. Example of PO for Capital Tagged Item
Commodity Level Accounting:
Mike
Use document text or item text to communicate additional information to Property Accounting like trade-ins, components (i.e. “line 3 is part of line 1), or “no tag needed because…”

24. Equipment Tagging Quick Reference Guide
Available for download at: af.nmsu.edu
Mike

25. Year-end Considerations
Items received on or before 6/30/2017 will be capitalized, tagged, depreciated, or expensed in FY17.
Request and submit invoices for any tagged items.
Invoices “unlock” the Banner tag record.
Construction project accruals
Work done on construction projects but not invoiced will need to be accrued and added to CWIP.
Mike

26. Year-end Considerations
Cut-off for year-end – HED Library GOBs
FY17 PCard purchases for HED Library General Obligation Bonds must be completed by June 7th, 2017.
Backup documentation for any outstanding expenses needs to be submitted to AFR by July 5th, 2017.
Failure to meet deadlines might result in HED not reimbursing NMSU for some purchases.
Mike

27. Lesley Doyle Director, Accounting and Financial Reporting
Presenter Contact Information:
Lesley Doyle Director, Accounting and Financial Reporting
Phone:

28. Accounts Payable Dates
Notable Dates
July 10 thru July 19 - Remaining FY17 PO invoices will not be paid
July 19 - FY17 encumbrances will be rolled forward in Banner
July 20 – AP will begin processing FY18 invoices
Lesley

29. Accounts Payable Dates (con’t)
Notable Dates
NOTE: All DPRs & RV’s received in A/P after June 30, 2017 will be posted in FY18
Must be to Fiscal Monitor by 6/22/17 to be included in FY17
Lesley

30. Accruals
Our financial statements must include all revenue earned and expenses incurred in FY17, even if the transactions have not been completed. The year end accruals adjust the revenues and expenses that are in Banner to amounts required for full accrual financial reporting.
The effect of the accrual is reversed in FY18.
Lesley

31. Accruals, cont. Three-way match
The terms of the PO require that the invoice be matched to the PO and that the goods/services have been received in Banner before the invoice can be paid.
A/P will automatically accrue if it was received correctly in Banner by 6/30/17
VERY important to receive items in Banner that were actually received by 6/30/17
Lesley

32. Accruals, cont. Two-way match – Departmental
Accrual account – JE’s reversed centrally DO NOT REVERSE
Departmental
Construction – Plant funds
754xxx
xxx
Subcontract (reviewed by SPA)
792xxx
Lesley

33. Accruals, cont. Two Way Accrual Process:
AFR runs a COGNOS report that lists open two-way match POs.
Each department will receive a list of their open two-way match POs for review.
Departments are asked to review the information and provide AFR with a list of the POs that should be accrued for year-end and the amount of each accrual based on invoices or correspondence from the vendor. AFR accrues using account code Accruals reversed in July.
Lesley

34. Audit Documentation
The following information is required for each amount accrued
Lesley

35. Purchasing Clean up Incomplete Purchase Requisitions
Review Banner FOADOCU (Document by User).
Refer to Banner Finance Procurement Manual for process to delete a requisition.
Lesley

36. PCard FY 17 Deadlines
All Pcard purchases posted at Wells Fargo through 6/22/17 will be posted in FY17.
Different process from last year
Business managers will be contacted to assist with outstanding PCard balances in their areas.
Lesley

37. Ben Glickler Financial Information Processing
Presenter Contact Information:
Ben Glickler Financial Information Processing
Phone:

38. FIP JV Processing JEC/JED, B4C/B4D Other Spreadsheets Manual entry
These must be routed through Banner queues for approval so consider the timing when close to month end.
Other Spreadsheets
Consider FIP and Fiscal Monitor deadlines
Hard copies requiring fiscal monitor signatures
Physical copy & electronic copy sent to fiscal monitors who forward them to FIP after review
Manual entry

39. FIP JV Processing Errors will cause delays in processing.
Tips to avoid common errors:
Make sure index is valid (i.e., not termed, etc.).
Make sure username is authorized to post.
Double-check account numbers.
Make sure account hasn’t been termed.
Use the correct spreadsheet (JE16 vs. JED, etc).
Make sure transaction date is in the current open period.

40. Upload Templates

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