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Year-End 2006 Financial Closing Procedures and Important Dates

This document outlines the essential procedures and deadlines for the Year-End 2006 financial closing process. It covers important dates for submissions, including final cutoff times for various forms, trial balances, encumbrances, and financial statements. Specific instructions for departments, bank reconciliations, journal entries, and vendor payments are included. Please ensure all required documents, such as approval paths and reports, are completed and submitted on time to ensure a smooth year-end closing process.

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Year-End 2006 Financial Closing Procedures and Important Dates

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  1. Welcome Year-end 2006 September 18, 2006

  2. Year-end 2006Discussion Items • Important Dates • Due From / Due to • Trial Balances • Due from outside entities • Construction Payments • Financial Statements • Start of the System Entries

  3. Year-end 2006Discussion Items Continued • Start of the System Entries • Encumbrances • Vendor Payment Inquiry Website • Bank Reconciliations • Yearend Preparations • Purge Project • Resolution Conversion • VPI Phase III

  4. Year-end 2006 • Important Dates • Forms: • All Forms Due September 25, 2006

  5. Year-end 2006 • Important Dates: (continued) • Cash Deposits • Cash must be on hand on September 30, 2006 and deposited intact before 2:00 pm Monday, October 2, 2006 on a deposit slip dated 09/30/2006 • Report of Collection (ROC) must be dated 09/30/2006 with fiscal period 12/2006 • Departments using RIMS, input must be completed by noon on 10/02/2006 and delivered to Finance by 2:00 pm 10/02/2006

  6. Year-end 2006 • Important Dates: (continued) • Approval Path Document Cutoffs • Voucher processing 09/29/2006—1st cutoff and noon 10/06/2006—final cutoff; • Journal Entries 10/04/2006—1st cutoff and noon 10/11/2005—final cutoff—only to balance grants

  7. Year-end 2006 • Important Dates: (continued) • Approval Path Document Cutoffs • Any fiscal year 2006 voucher in the approval for which the original supporting documents are not received by the Finance Department by noon, Friday 10/06/2006 will be deleted from FY 2006 and sent back to be reentered in FY 07 • Any fiscal year 2006 J/E in the approval for which the original supporting documents are not received by the Finance Department by noon, Friday 10/06/2006 will be deleted

  8. Year-end 2006 • Important Dates: (continued) • Interdepartmental Billings • Automated charges (i.e. telephone, mobile equipment) must be processed by 09/29/2006; • All manual J/E’s must be received no later than NOON Thursday 10/05/2006

  9. Year-end 2006 • Monday, October 9, 2006 • Reports, to balance grants, will be available for the grant accountants • Deadline for Due From confirmations (entries not confirmed will be deleted)

  10. Year-end 2006 • Wednesday, October 11, 2006 • Last day for grant accountants to submit grant journal entries

  11. Year-end 2006 • Friday, November 3, 2006 • Deadline to submit trial balance to Patrick Price

  12. Year-end 2006 Due from other governments or other outside agency greater than $1.0 million. Please provide contact name, address and phone number and information that identifies the receivable (i.e. contract#, etc.)

  13. Year-end 2006 • Financial Statements • Trial Balance Folders are due to Patrick Price November 3, 2006.

  14. Year-end 2006 • Financial Statements • Folders must include a completed trial balance (Balance Sheet and Income Statement); Copy of FAMIS reports for month 12—Trial Balance—016, Revenues and Expenditures—707, and Function—H09; a spreadsheet summarizing all journal entries by transaction code and affected GL; original—on pink paper and copy of journal entry.

  15. Year-end 2006 • Journal Entries • During the FY 05 close to 90% of the start of the system entries should have been posted prior to closing. • Management letter comment

  16. Year-end 2006 • Encumbrances • Please remember to liquidate encumbrances that are not needed. Report 037—On Demand has a listing of all encumbrance with out activity for the last six months. • Please take a look at all inactive encumbrances, unless we hear otherwise all inactive encumbrances and all encumbrances prior to the 2004 fiscal year will be deleted. • Deadline to get the list to Hector Cuenca is Monday, September 25, 2006.

  17. Year-end 2006 • Bank Reconciliations • All FY 2005 bank reconciliations are due to Lourdes Julien by October 31, 2006.

  18. Year-end 2006 • Trial Balances • Please e-mail Patrick Price if you want an electronic copy of your trial balance.

  19. Year-end 2006 • Year-end closing package and forms are on the web • http://www.miamidade.gov/finance/end-of-year-pack.asp

  20. Year-end 2006Questions ?

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