FMIS R*STARS Closing Fiscal Year 2015 Part II GAD Form X-18 Submitted by each financial agency (may...
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FMIS R*STARS Closing Fiscal Year 2015 Part II
FMIS R*STARS Closing Fiscal Year 2015 Part II GAD Form X-18 Submitted by each financial agency (may be at batch agency level) Provides contact information
GAD Form X-18 Submitted by each financial agency (may be at
batch agency level) Provides contact information to GAD
http://comptroller.marylandtaxes.com Send to:
[email protected][email protected]
Slide 4
GAD Form G-8 Special funds fund balance retained Legal
authority Non-budgeted funds negative cash balance Justification
Submitted by Financial Agency
Slide 5
Receipts Effective date - June 31 Valid until July 7 th
Collected July 1 or later
Slide 6
Chargebacks Recorded by STO with an effective date - June 31.
Bad Checks Program 099. Chargeback Accounts must have zero cash
balances at year end. Cash Balances in Chargeback Clearing Accounts
must be allocated to proper accounts as year end adjustments.
Slide 7
Check Cancellation The FY of transaction depends on effective
date entered by STO. Cancellations by June 30 th = cash receipts
for the fiscal year being closed. Check cancellations may be
accrued in the fiscal year being closed.
Slide 8
Transfers and Adjusting Entries Use effective date - June 31 or
month 13 Until July 15 - other Financial Agencies Or July 24 or
until closed- within Financial Agency
Slide 9
R*STARS Rollover Financial Accounts FY 2015 balances will
rollover to FY 2016 after posting on June 30 th. R*Stars will close
at its normal time on June 30th. R*STARS not available July 1 st.
R*STARS available on July 2 nd, 3 rd & 4 th. Batch Cycles June
30 th & July 2 nd. No batch cycles on July 3 rd & 4
th.
Slide 10
R*STARS Checks June 30th Expedite 11:00 R*Stars Closes at
normal time
Slide 11
Budget Amendments Submit to DBM - June 15 Agencies must record
all Budget Amendments in process beginning June 1 T/C 027 Increase
appropriation Decreases to appropriations T/C 027R
Slide 12
Budget Amendments in Process 62 appropriation screen Balance
type 04 Approved by DBM
Slide 13
Reversions of Appropriations Automatic at year end once all
agencies are closed.
Slide 14
Review DAFR 6000 & 5990 For Overspent encumbered balances
Check Current & Prior Fiscal Year Appropriation Balances
Slide 15
Special Revenue Fund Fund Balance that agencies are not allowed
to retain. Transfer to general fund Agency posts transaction T/C
400 / 401 to transfer revenue to general fund
Slide 16
Revenues Recorded per state policy Record year end accounts
receivables & accrued revenues in RSTARS
Slide 17
Federal, Reimbursable Funds Recognition of federal /
reimbursable fund revenue same year as expenditure Fund Balance = 0
Accounts Receivable or Deferred Revenue
Slide 18
Accounts Receivable Record on a transaction basis No reversal
needed Or record an accrual Reversal will occur
Slide 19
Accrued Revenue T/C 801 will automatically reverse in next
fiscal year Reversal will have the same AY Cash receipts same AY as
accrual and reversal
Slide 20
Accrued Revenue / Accounts Receivable Reductions Reverse
doubtful amounts T/C 113R or 456 Transfers to CCU Revenues not
collectible within 60 days of YE deferred in R*Stars
Slide 21
Record Long-Term A/R & Defer Uncollected Revenue If A/R
already recorded Use TC 824 & 807 If A/R not already recorded
Use TC 825 These TCs reverse in next fiscal year.
Slide 22
Investment Accruals Specific Investments- Accrual Recorded by
GAD Reversing entry to new FY Pooled Cash- Interest Allocation
Recorded by STO
Slide 23
Accounts Payable Record invoices with an effective date - June
31 Record in July in ADPICS or as a journal entry Record for
capital projects fund thru Aug 14
Slide 24
Order of Recording Appropriated Balances Accounts Payable
Accrued Expenditures Encumbrances
Slide 25
Accrued Expenditures State policy T/C 803 or 809 Reversal will
be same AY Distinguish long term payables using T/C 827
Slide 26
Payroll Accruals Three options: 1)CPB accrues payroll 2)CPB
accrues payroll and agency does adjusting entries 3)Agency does own
accrual: Notify GAD by May 31 if intend to do your own accrual
Slide 27
Payroll Accruals CPB Accrual Regular- Accrue 21/14 days X PPE
5/26 payroll Regular- PPE 6/09 disbursed in fiscal year being
closed Regular- PPE 6/23 dis- bursed in next fiscal year
Slide 28
Payroll Accruals (contd) Contractual- Accrue 14/14 days X PPE
6/2 payroll Contractual- PPE 6/16 disbursed in fiscal year being
closed Contractual- PPE 6/30 disbursed in next fiscal year
Slide 29
Payroll Accruals (contd) All accruals and reversals post to
Salaries and Fringe Benefits Payable All reversals and
disbursements in the new fiscal year will be reflected in the next
appropriation year
Slide 30
Payroll Accruals (contd) Compensated Absences Employees who
terminated employment by 6/30 Record Liability and Accrue
Expenditures using TC 805 TC 805 will reverse in next appropriation
year