QSS and Year End Closing CPUG Annual Convention March 7 through 9, 2005 Visalia, California

QSS and Year End Closing

CPUG Annual Convention

March 7 through 9, 2005Visalia, California


Presented by

Beth WilsonTempleton Unified School District

[email protected]


We will cover Calendar of due dates How QSS can make your closing easier How to use QSS and the SACS software

to give you what you want when you want it

Navigating GASB 34 before year end


Calendar (generally) Fiscal year end June 30 Recording of accruals (receivables &

payables) thru July 31 Actual preparation of the SACS20xxALL

during August Approval by your Board at the first

meeting in September Submission to COE September 15


In May, run either a GLD400 (or 500) and look for unusual balances. Specifically, check the following: Prior year Accounts Receivable Prior year Accounts Payable Due to/From Other Funds Deferred Revenue Transfer of Direct Costs (intra-fund) Transfer of Direct Costs (inter-fund)


Accounts Receivable Object 9209 - Must be zero before you

begin recording year end receivables Prior year Accounts Payable

Object 9509 - Must be zero before you begin recording year end payables

Ending balances should have rolled to 9210 & 9510 at the beginning of the year. These too should be zero.


Due to/From Other Funds Objects 9310 & 9610 At year end these balances must not be

more than 120 days old Pay off what you can, even if you re-

loan the same amount the next day


Due to/From Other Funds (cont.) These need to balance each other,

across funds Start with a GLD115 GL Recap, at the

fund level Out of balance? Run a GLD110 &

download to Excel transaction number and amounts. Look for: Out of balance entries


Deferred Revenue Object 9650 Balance must be zero before recording

current year accruals Reverse prior year accrual to current

year income


Transfer of Direct Costs Intra-fund, Object 571x

These are balanced within each fund Inter-fund, Object 575x

These are balanced across funds Out of balance? Run a GLD110 &

download to Excel transaction number and amounts. Look for: PO payments Out of balance entries


In June, Download Backwards Do what?

Down load this year’s information into last year’s SACS software

Why do you want to do this? SACSALL is typically released late Get an early look at the Technical Review

Checklists for errors that do not show up during interim reporting

Correct errors early


Log into last year’s program Request a SACS export of unaudited

actuals with current year dates Request a download of the file you just

exportedIt is very important to do this from last year’s QSS. SACS will only accept files from the year you are loading into. Downloading from last year’s QSS program will stamp

the file as “last year” and allow you to fake out the software.


Open up the SACSALL software – the one you used for the last interim Set up

Preferences Unaudited Actuals (ignore the year)

File Import (browse for your file) Other import Delete all (you don’t want any old info)


Run your Technical Review Checklist Look for and correct

Function and Object invalid Goal and Function invalid PERS RLR out of balance Objects have a negative balance

Run & Print GASB 34 worksheets Government Wide Reporting Conversion Entries


Calculating Indirect Costs using the BDR110 Multi-Year Comparative Report (seven column report) The report will do the calculation for you Review for exceptions

Allowable ICR less than your approved rate

Categoricals that allow IRC on Ob 6XXX


The CAT (categorical) Form & GLD400 This form is not required for SACS, its

optional (unless your auditors make you do it)

After you have completed recording year end operating receivables and payables

Call report broken by Resource Go to the last page of the report, the

Fund Reconciliation (balance sheet)


Grants Prior year carryover is in the top left

column, Deferred Revenue Subtract that from Line A, current

revenue (Col 4) for Cash Received Line B (Col 4) is Donor Authorized

Expenditures Line G

Positive=Record Deferred Revenue Negative=Record a Contribution


Entitlements Line A (Col 3) Current Year Award Line A (Col 4) Current Cash Received Line A (Col 5)

Positive=Record Accounts Receivable Negative=Record Accounts Payable

Line B (Col 4) Donor Authorized Expenditures


Entitlements (cont) Line D (Col 4) Flexibility Transfers &

Contributions Line F (Col 3) Beginning Balance=Prior

Year Carryover Line G (Col 4)

Negative=Record Contribution Positive=Current Year Carryover, no

adjustment necessary


GASB 34 What needs to be recorded in QSS

Fixed asset additions Components of debt – Interest vs principle Donated assets

What does not get recorded in QSS Depreciation Compensated absences Post retirement benefits (unless you are

funding the benefits, Fund 71)


Check asset additions using GLD110 Call two reports

All budget lines using Function 8500 All budget lines using Object 6xxx

These will give you the same information that will show up on SACS

Conversion Entry CE001


Download reports to Excel Sort for

Budget lines with total amounts less than your district’s capitalization level

Postings to Fn 8500 but not to Ob 6XXX Reclassify all items that should not be

capitalized


Check debt postings using GLD110 Compare to your debt schedule

Ob 7638 should contain principal only Ob 7639 should contain interest only No other expenses should be in these

accounts (fees, etc) New debt belongs in Ob 8931-8979

Reclassify as necessary


Donated Assets Are you keeping a list of donated

assets that meet your capitalization policy?

How about assets purchased by Student Body Organizations?

Do you record them in your general ledger? Debit Ob 6xxx, Credit Ob 8694


You now have the tools to Get an advanced look at you first download

before the state makes the software available Call reports that will give you the same

information that the GASB 34 reports from the SACS software will report

Correct your books for closing (unaudited actuals) and financial statements (GASB 34) before the last minute

When are you going to get started?


Questions?

Documents

QSS and Year End Closing CPUG Annual Convention March 7 through 9, 2005 Visalia, California