Slide 1

Slide 2

FMIS R*STARS Closing Fiscal Year 2015 Part II

Slide 3

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: pcitrano@comp.state.md.us pcitrano@comp.state.md.us

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

Slide 31

FMIS R*STARS Closing End of Part II