Year-End Milestones

1. Year-End Milestones Why, What, When and Resources for Year-End

2. Why and What • One of the most frequently asked questions: Why isn’t this written down anywhere? • Milestones represent year-end tasks that are, in theory, standard across campuses • May not fit perfectly for non-Peoplesoft • Dates represent task to be complete by

3. What this list is not… • This is not a list of all tasks to be completed • Given the wide variations in policies and procedures between campuses, it is impossible at this point • Following this list to the letter is not a requirement • Represents a framework for those who may be struggling to put together a successful close strategy

4. How was the list compiled? • Year-End closing schedules for several campuses reviewed • While the lists were much more campus specific, in general they were very similar in what activities were occurring on particular timelines

5. Late May – Hopefully already done… • Finalize year-end schedule and distribute to staff • Load SAM99 Accrual Reversal Tape • SAM99 should be run with Accrual Reversal checkbox marked from this point forward • Analyze data dependencies for month and year-end entries • Meet with departments or contact third-party providers to determine dates information will be ready or potential cut-off of activity to meet deadlines

6. Late May – Hopefully already done…continued • Collect data and analyze capital leases, capital projects & other potential complex transactions • Develop strategy for booking to ledger • Review reverting funds • Clear any remaining assets and liabilities • Current year revenues and expenses will close to fund balance clearing • Review closing rules and trees • Update for reverting/reverted funds

7. Early June • Close and reconcile May data • Notify Auxiliaries of Year-End Deadlines • FIRMS/GAAP/IPEDS • Request Contingent Liabilities list • June 16th SCO MUST have final 2005/06 Claims/PFA/Transfer Requests in Hand for guaranteed processing • Consider if enough General Fund balance available to meet June 30 payroll

8. No later than June 23rd • Final Escheat Checks Remitted • Review and Adjust A/R Reserves • Clear all SAM99 reconciliation issues identified in May month-end or June mid-month review • Clear all known FIRMS error messages

9. No later than June 29th • Record all chargebacks • All Requisitions must be sourced to a Purchase Order or cancelled • Final Student System feeds to A/P completed, prep for final fiscal year check run

10. June 30 • Post/Reconcile Payroll • Post Final ProCard from June statement • Receiving Completed • Close Purchasing • Close Cash Receipts • Final Check Run/Claims • Close Accounts Payable

11. Week of July 3 – 7th • Fixed Assets and Retention Entries Complete • Run and Post GL 15 process • Manually liquidate Reimbursed Activities remaining Encumbrance Balance • Complete Payroll Accruals and Manual Obligations • Final Reimbursed Activities Billing Completed/Confirm RA in Balance by CSU Fund • Reconciliation of all subsystems to ledger complete: ARBI, Student, etc.

12. Week of July 3 – 7th Continued • Complete routine month-end journal entries • Load Bank Recon/Paid Claims (CD102)/SAM99 Files • Revolving Fund Reconciled – Closing Entries Completed • Bank Reconciliation Completed – Negative Cash Balances Resolved • SAM99 Reconciliation Completed – All SAM99 Reconciling Items Cleared

13. Interdependent Tasks • Tasks listed for the last week of June and first week of July are largely interdependent • Planning and performance is critical to meeting close deadline

14. Interdependent Tasks Example:Reimbursed Activities Payroll Expense 100 Payables Purchasing High level manual Enc. liquidation 0 Invoice Revenue 100

15. July 10 through the morning of the 12th • All entries at this point under the supervision of Campus Budget Office • Clear any remaining FIRMS errors • Final review of program/ledger balances • Clear any remaining deficits • Final preliminary Data Quality Review • Book Final Accrual – Encumbrance • Close xxCMP Business Unit to prevent further entries

16. Afternoon of July 12th • Generate Final SAM99 file • Final FIRMS derivation • Prepare Manual Reporting Packages for Management Review

17. July 13th & July 14th • July 13: Management Review/Approval • July 14: FIRMS submission to CO’s SFSR group • 24 hour review may still be in effect

18. July 17th • FIRMS Submission Completed • Pre- and Post- Close Files • Transmit Final SAM99 file to SCO

19. What if FIRMS file doesn’t pass review? • Depending on the Error – Program code vs. Object/Fund Reclassification • Re-open xxCMP – Make Object/Fund reclassification • Repeat steps from Afternoon of July 12th until FIRMS file is accepted

20. Critical Dates • Documents in SCO hands: June 16th • Chancellor’s Office cut-off: May 31st • Invoices, PFA’s and Allocation Orders • Exception: Campus Request • Chancellor’s Office AR/AP: June 30th • Chancellor’s Office FBC: July 5th • FIRMS Validation tables set: July 5th

21. Resources • CO FBC, AR/AP and Allocations • http://www.calstate.edu/fms/ • FIRMS • http://www.calstate.edu/CIM/financialAssets/fmenu1.shtml • FUG Presentations • http://cms.calstate.edu/T5FUG_Postings.asp • CMS 8.4 Business Process Papers • http://cms.calstate.edu/T2fn84bp.asp

22. Resources Continued • Systemwide AD NOATS • http://www.calstate.edu/sfo/CodedMemos/coded.shtml • Systemwide Financial Standards & Reporting • http://www.calstate.edu/sfsr/