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Year End Closing

Year End Closing. ITA – August 2005. Training Overview. Certification Reports Year End Closing Procedures Signature Cards Questions. Certification Reports. The Director of Accounting will certify ITA’s consolidated Unliquidated Obligations and Accruals Reports

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Year End Closing

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  1. Year End Closing ITA – August 2005 Year End Training August 2005

  2. Training Overview • Certification Reports • Year End Closing Procedures • Signature Cards • Questions Year End Training August 2005

  3. Certification Reports • The Director of Accounting will certify ITA’s consolidated Unliquidated Obligations and Accruals Reports • Officially designated Resource Coordinators are the responsible manager at the organization level • Certification reports list all of an organization’s unliquidated orders and accounts payable at a month end Year End Training August 2005

  4. Certification Reports • ITA143 Unliquidated Obligations by Organization Certification Report as of July 31, 2005 • ITA673 Accruals by Organization Certification Report as of July 31, 2005 Year End Training August 2005

  5. ITA143 Unliquidated Obligations • Every transaction listed for your organization must be validated for the following: • Correct cost structure • Correct dollar amount • Will the transaction require future payment by ITA? • Yes, mark the transaction as “Valid” • No, mark the transaction as “In-valid”, and NBC will deobligate the transaction • However, if billed in the subsequent year, current year funding will be applied Year End Training August 2005

  6. ITA143 Unliquidated Obligations • If the transaction is correct and will require future payment, but not accurately charged to the correct accounting code, then: • Mark the transaction as “Invalid – AOC” and attach an Advice of Correction to the ITA143 Report • Contact Roxanna Allen of OFM Accounting if unsure how to correct errors Year End Training August 2005

  7. ITA143 Unliquidated Obligations • Is there a transaction which you feel should be obligated, but is not on the report? • Attach a copy of the obligating document to the report and write the Order # on the ITA143 Report Year End Training August 2005

  8. ITA143 Unliquidated Obligations Non-Travel Unliquidated Obligations marked as “Valid”: • We need you to tell us if the order will be received by September 30, 2005 • We need you to estimate the dollar amount of the Unliquidated Obligation that will be received by September 30. Record this amount in the “9/30 Accrual Amount” column. This will be the basis of the accrual for year end Year End Training August 2005

  9. ITA143 Unliquidated Obligations Example • Valid obligation for $10,000 for a piece of equipment, estimated delivery date is August 15, 2005 • Input in the “9/30 Accrual Column” $10,000 Year End Training August 2005

  10. ITA143 Unliquidated Obligations Example • Valid obligation for $100,000 for a Contractor to provide a service from July 1, 2005 to September 30, 2005 • Input in the “9/30 Accrual Column” $100,000 Year End Training August 2005

  11. ITA143 Unliquidated Obligations Example • Valid obligation for $15,000, for a training class held for Interns. Class dates October 14th through October 17th. (Class dates are after 9/30) • Input in the “9/30 Accrual Column” $0 Year End Training August 2005

  12. ITA143 Unliquidated Obligations • The officially designated Resource Coordinator must print their name and sign the ITA143 form. Please include phone number • Validation must be completed by Wednesday August 31st • Send to Roxanna Allen, Room 4113 HCHB • The Director of Accounting will contact Resource Coordinators with any questions regarding validation Year End Training August 2005

  13. ITA143 Unliquidated Obligations EXAMPLE Year End Training August 2005

  14. ITA673 Accruals • Every transaction listed for your organization must be validated for the following: • Correct cost structure • Correct dollar amount • Will the transaction require future payment by ITA? • Yes, mark the transaction as “Valid” • No, mark the transaction as “In-valid”, and NBC will deaccrue and deobligate the transaction • However, if billed in the subsequent year, current year funding will be applied Year End Training August 2005

  15. ITA673 Accruals • If the transaction is correct and will require future payment, but not accurately charged to the correct accounting code, then: • Mark the transaction as “Invalid – AOC” and attach an Advice of Correction to the ITA673 Report • Contact Roxanna Allen of OFM Accounting if unsure how to correct errors Year End Training August 2005

  16. ITA673 Accruals • Remember….accruals are for goods received or services performed, which have not been paid • Accruals should be fairly current since it is very unlikely that a contractor would perform a service or deliver goods, without wanting to be paid Year End Training August 2005

  17. ITA673 Accruals • The officially designated Resource Coordinator must print their name and sign the ITA673 form. Please include phone number • Validation must be completed by Wednesday August 31st • Send to Roxanna Allen, Room 4113 HCHB • The Director of Accounting will contact Resource Coordinators with any questions regarding validation Year End Training August 2005

  18. ITA673 Accruals EXAMPLE Year End Training August 2005

  19. ITA143 and ITA673 Reports • Discussion of program specific questions related to the ITA143 and ITA673 reports will follow at the end of the session. Year End Training August 2005

  20. Year End Closing • Internal Timeframes • Procedures • How can you help? • Contacts Year End Training August 2005

  21. Year End - Timeframes • OMB Bulletin 01-09, Form and Content of Agency Financial Statements and the Department of Commerce internally mandated dates drive when year end reporting must be completed • Financial Statements due date: • ITA must complete data by September 30,2005 • Department of Commerce must complete data by October 11, 2005 Year End Training August 2005

  22. Year End Closing • Commitments • Commitments will be recorded in FFS beginning August 1, 2005 • All CD-410s, CD-435s and MOUs should be sent through OFM Accounting • Commitments appear in FFS reports as RQ documents • Commitments reduce funds availability Year End Training August 2005

  23. Year End Closing • Commitments continued… • Any commitments that do not have an award document by September 30, 2005 will be cancelled • Cancelled commitments reinstate available funding • OOMS will provide status of open commitments to OFM Accounting on a weekly basis • OFM Accounting will monitor open commitments on a weekly basis and provide status to Resource Coordinators. Year End Training August 2005

  24. Year End Closing • Obligations • Requisition number is populated in the Description field of the ITA100 and the ITA102 reports • Required cut-off date is October 3rd for entry of obligations into FFS Year End Training August 2005

  25. Year End Closing • Travel – TDY • Travel orders must be received at OFM Accounting by September 30th • Travel, using expiring funds (2004/2005), that will take place in FY 2006, can be obligated until September 30, 2005 • Travel, using no-year funds, that will take place now until October 15, 2005 can be obligated until September 30, 2005 • Any travel, using no-year funds, that has a requirement for reservations to be made in advance of September 30th, and will not be completed until later than October 15, 2005, can be obligated until September 30, 2005 Year End Training August 2005

  26. Year End Closing • Travel-TDY continued... • Automated process for travel accruals will be based upon obligation amounts recorded in FFS as of October 3, 2005 • FFS Document number will be a “YE” with the same travel order number • Travel vouchers will not be processed from September 27th through September 30, 2005 due to disbursement deadlines designated by the Department of the Treasury Year End Training August 2005

  27. Year End Closing • Payroll • Pay period 0518, ending September 17th will be the basis for the year end accrual of 100% • Payroll accruals will be reflected in Accounting Reports dated September 26th • Payroll accrual amounts cannot be adjusted • Cash Awards accrued from the ‘Cash Award Report’ prepared by Human Resources with input from Resource Coordinators Year End Training August 2005

  28. Year End Closing • Contracts/Grants/Purchase/Federal Orders obligated in FFS • Amounts obligated at 7/31/05, the accrual will be based upon input from the ITA143 and ITA673 reports • OFM Accounting will determine the accrual amount based upon review of the purchase order or contract terms for those items obligated or modifications to obligations made after August 1st Year End Training August 2005

  29. Year End Closing • Items notobligated in FFS, but goods and or services will be received by September 30th : • Complete a “Year End Accrual Form” for items $1,000 and greater, need to be at NBC by September 30th. This includes credit card charges not posted to your Citibank statement by September 30th, EEO Settlements, Medical Payments and SF-1164s that have not been filed by September 30th • OFM Accounting will accrue Domestic Phone Bills • OOMS will provide the accruals for phone services charged to Centralized Services Year End Training August 2005

  30. Year End Closing • Credit Card Purchases • Account code changes for purchases made prior to the September 5th statement, need to be received at NBC no later than September 16, 2005 • Purchases are and will continue to be posted to your Citibank account statement daily, through September 30, 2005. • The ITA100 Itemized Transaction Report will be run on a daily basis for September 2005. Year End Training August 2005

  31. Year End Closing • Credit Card Purchases (continued) • Please review transactions and submit AOC’s weekly beginning September 12, 2005 for any corrections other than Budget Object Class. • Statements can be reviewed on-line on CitiDirect to verify purchases posted to your account through 09/30/05. It is suggested review be done weekly. Year End Training August 2005

  32. Year End Closing • Credit Card Purchases (continued) • Purchases made prior to 9/30/05, NOT posted to your account by 09/30/05, and are greater than $1,000.00, submit a “Year End Accrual Form”, to OFM Accounting by September 30th, 2005. • Include Cardholders Name and last 4 digits of Credit Card number on the “Year End Accrual Form” Year End Training August 2005

  33. Year End Closing • Collections • Lockbox collections must be at the lockbox by September 30th • Credit card collections must be accomplished by September 30th Year End Training August 2005

  34. Year End Closing • Reimbursable Agreements – ITA is the servicing agency. • Review all charges in reimbursable accounts for accuracy, submit an AOC for any changes • OFM Accounting is monitoring funding balances of agreements. Resource Coordinators will be notified of availability issues Year End Training August 2005

  35. Year End Closing • Accounts Receivable • Billing documentation needs to be received by September 21st: • Gift and Bequest • Other Miscellaneous billings (very rare) Year End Training August 2005

  36. Year End Closing • Advice of Corrections (AOC) • Review Document Direct Reports each week, and daily beginning September 26th, and request AOC’s immediately upon discovery of a correction • AOC submitter and date submitted are populated in the Description field of the ITA100 and the ITA102 reports • Last day to process AOC’s in FFS is Monday October 3rd, due to disbursement deadlines designated by the Department of the Treasury Year End Training August 2005

  37. Year End Closing • All Year End Accrual Forms must be delivered to OFM Accounting, Roxanna Allen • All Advice of Corrections (AOC) must be delivered to OFM Accounting, Roxanna Allen Year End Training August 2005

  38. Year End – How can you help? • Continually review your weekly reports, daily beginning the September 26th • Send AOCs to OFM Accounting, Roxanna Allen, immediately upon discovery of an error • Perform the Certifications – Obligations/Accounts Payables • Timely submit credit card purchase statements for changes to accounting codes Year End Training August 2005

  39. Year End – How can you help? • Complete “Year End Accrual Forms” for items not formally obligated, that will be received by year end (should be a minimal number): • Call Contacts with any questions Year End Training August 2005

  40. Year End - Contacts Year End Training August 2005

  41. Signature Cards • Signature Cards • Authorizing officials should ensure a valid signature card is on file as of September 15, 2005. • Verify with Resource Coordinator as to your ability to authorize spending • Designated officials should both print and sign their names when approving spending documents • Travel orders, CD-435, CD-410, certification reports, AOC, SF-1, SF-1164, year end accruals, credit card approvals, etc. • Non-compliance of the above will result in processing delays of documents. Year End Training August 2005

  42. Year End Closing • QUESTIONS ? Year End Training August 2005

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