1. Office of the State Comptroller Fiscal Year End Meeting
April 26, 2004
12/2/2018

2. Agenda Department and Budget Structures Chart of Account Maintenance
Appropriations
Accounts Receivable/Deposits
Purchase Orders
Accounts Payable
Payrolls
Statewide GAAP Closing & Federal Financial
Fiscal Year End Reconciliation Labs
12/2/2018

3. Department & Budget Structures
Adding or inactivating department values or restructuring the department tree
Restructuring of HR department values
Changes to the current budget structure – control/tracking
Must be completed by 4/30/04
12/2/2018

4. Department & Budget Structures
Budgeted Funds – Current HR account code combination exist – no action required
Existing non-budgeted funds – current HR account code combination exists – no action required
Speed charts must be updated with new budget reference date of 2005
12/2/2018

5. Spreadsheet Journal Corrections
Spreadsheet journal corrections for fiscal year 2004 may be submitted until July 30th
After that date no further corrections will be accepted for fiscal year 2004
A job aid is available on the Core-CT website concerning payroll corrections
12/2/2018

6. Appropriations
OPM must be notified of all budgeted appropriations that qualify to continue by June 1st
No budgeted appropriation balances will be brought forward to the new fiscal year
All unliquidated encumbrances will be recommitted against new year
12/2/2018

7. Appropriations
Expenditures liquidating commitments after July 1st will be charged to the new year appropriation
All unexpended balances for continuing fiscal year 2004 appropriations will be brought forward to the new fiscal year
The unliquidated encumbrances will be recommitted against the new year appropriation
12/2/2018

8. Appropriations
Expenditures processed after July 1st for continuing Fiscal Year 2004 appropriations will be recorded as new year expenditures
12/2/2018

9. Accounts Receivable/Deposits
Monies received prior to July 1st are Fiscal Year 2004 receipts
Monies received on or after July 1st are Fiscal Year 2005 receipts
The check date is not the controlling factor, the date the check is actually received by the agency is the factor
12/2/2018

10. Accounts Receivable/Deposits
All bank deposits for Fiscal Year 2004 must be completed by the end of business on July 2nd
These same deposits must be recorded in Core-CT AR module by 5 p.m. on July 6th, our next regular business day
All open receivables will be brought forward into Fiscal Year 2005
12/2/2018

11. Accounts Receivable/Deposits
It is essential to separate old and new year deposits through the use of separate deposit slips
From July 1st through July 6th only Fiscal Year 2004 deposit transactions may be entered
The Core-CT AR module will be closed for Fiscal Year 2005 transaction posting until July 7th
12/2/2018

12. Accounts Receivable/Deposits
Inter-agency payments should be given special attention to meet the fiscal year end due dates
No AR billings for inter-agency payments should be created after June 18th for fiscal year 2004 payment
The debtor agency must process the transaction no later than June 29th
12/2/2018

13. Purchase Orders
All purchasing documents must be entered into Core-CT and budget checked by June 28th
All purchase orders with open encumbrance balances will be carried forward into fiscal year 2005
A separate Job Aid has been posted to the Core-CT website at
12/2/2018

14. Purchase Orders
Reporting tools are available to identify match exceptions and unmatched receiving reports
New purchase orders entered into Core-CT for fiscal year 2005 must reflect the future date in the PO date field
12/2/2018

15. Accounts Payable
The last expenditure vouchers to be processed for fiscal year 2004 must be approved and budget checked by 3 p.m. on June 29th
OSC will run the last pay cycle for the fiscal year following the 3 p.m. budget check
12/2/2018

16. Accounts Payable
Unprocessed vouchers must be reviewed to determine if these vouchers represent valid outstanding payments
If the vouchers are valid outstanding payments they must be processed by June 28th
If the vouchers are not valid they must be deleted from Core-CT
12/2/2018

17. Accounts Payable
Vendor check cancellation documentation must be received in OSC by 5 p.m. on June 28th to be processed for this fiscal year
12/2/2018

18. Payrolls
The bi-weekly pay period scheduled for Friday, June 25th will be the final payroll charged to appropriations for fiscal year 2004
Semimonthly and other payrolls paid by June 30th will be charged to fiscal year 2004
12/2/2018

19. Payrolls
The bi-weekly pay period scheduled for Friday, July 9th will be the first payroll charged to appropriations for fiscal year 2005
12/2/2018

20. Statewide GAAP Closing
A detailed GAAP closing package will be distributed prior to fiscal year end
The purpose of the GAAP closing is to allow OSC to report in conformance with Generally Accepted Accounting Principles.
This report assists the State in maintaining a favorable bond rating
12/2/2018

21. Schedule of Federal Financial Assistance
Agencies are also requested to provide a Schedule of Federal Financial Assistance
Detailed instructions will be provided prior to fiscal year end
This report is critical for the Single Audit Report prepared by the Auditors of Public Accounts
12/2/2018

22. Fiscal Year End Reconciliation Labs
Fiscal Year End Reconciliation Labs are available to assist agencies with closing preparations
They are currently running each Wednesday with 2 sessions
Openings remain in the last session on May 26th, other sessions may be added depending on agency needs
12/2/2018