usas generic fiscal year-end closing procedures 2009

USAS

Generic

Fiscal Year-end

Closing Procedures

2009

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Disclaimer

• These are generic procedures intended for use by ITC’s in creating their own local procedures. Districts should use the procedures provided to them by their ITC.

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Pre-Closing Procedures

The following steps must be completed prior to closing for fiscal year-end.

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Building/Central Office Profile Information

The District Financial General Information and Building Financial information must be entered through EMIS Web. This data will be reported under Financial Reporting Period H for FY09.

The transportation and lunchroom percentages and correct square footage fields are found on the “Building Financial (DM) “ option under the “District Data” tab.

Central Office Square Footage is found on the “District Financial (DD) “ option under the “District Data” tab.

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EMIS Web ApplicationDistrict Financial Information (DM)

The transportation and lunchroom percentages and correct square footage fields are found on the “Building Financial (DM) “ option under the “District Data” tab.

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EMIS Web ApplicationDistrict Financial Information (DD

Central Office Square Footage is found on the “District Financial (DD) “ option under the “District Data” tab.

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VALACT

VALACT should be run to check for any invalid accounts that may need to be fixed prior to closing. ACTCHG or FNDCHG can be used to correct invalid

accounts Warnings on required SUBJ or IL should be reviewed

and the account corrected if appropriate Warnings associated with accounts for an invalid account

with zero amounts can be ignored These accounts can be deleted once considered deleteable by

DELACT

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EMIS Fund Categories

VALACT Lists errors for invalid fund categories Lists warnings for funds that should have an EMIS

category but don’t EMISFCAT report

Lists all funds and associated fund category Enter * if no appropriate code exists

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EMIS Fund Categories

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Prepare for EFM Reporting

Check Operational Units Check IRN and Entity Type Use OPUEDT to change; OPULST for report

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EFM_LOCAL

Run EFM_LOCAL to generate EFM reportsSelect “U” to use USAS data

U = USAS data instead of EMIS

data

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EFM Reports

Same format used by ODE Ensure Building Expenditures report (EFMRP1) looks

reasonable Use Inclusion/Exclusion reports to verify totals as needed

on EFMRP1 Reports are ESTIMATES only at this point

ADM will change and affect prorations done See EFM Handbook for specifications

Available on ODE website; Search for “EFM Handbook”

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Appropriations

Next Year estimated budgets and revenues may be entered into the Next Year Proposed fields through APPROP prior to running Fiscal Year-end ADJUST.

Note: Alternatively, IABMASS, IABMNT, or IABLOAD (also part of APPROP) may be used after closing the fiscal year

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Appropriations

NYPINI…NYPINI…clears out anything currently in the next year proposed fields

NYPMASS…NYPMASS…allows ranges of accounts to be mass updated based on the calculation method chosen

NYPMNT…NYPMNT…enter next year proposed amounts individually

NYPLOAD…NYPLOAD…upload next year proposed amounts via a spreadsheet file

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Accounts Payable Tracking

Track Accounts Payable flag in USASDAT should be set to “Y”. APE still uses this however, USASWEB/AP Invoice does

not look at this flag Recommend that districts leave this flag set to “Y” year-

round Provides the ability to track items received this fiscal year

but not paid for until after July 1 in the next fiscal year.PAYABL report usually run the month of August

Month-end Closing

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Month-end Closing

Follow the normal process of closing out for the month After all transactions have been entered, reconcile USAS

with the bank BALCHK totals should be in balance

Ensures all underlying accounts are in balance with the associated cash account

Current encumbered amounts from the BALCHK should balance with the amounts reported on the PODETL

Cash Reconciliation from USAEMSEDT should balance with FINSUMM

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Month-end Closing

FINSUMM needs to balance with FINDET Figures are coming from 2 completely different areas

FINSUMM pulls amounts from the account file FINDET pulls amounts from the detailed transaction files

If the 2 do not balance, means something did not get completely updated during processing

Run SM2 CALC option if tracking SM2 figures

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Month-end Closing

Generate any month-end reports desired Minimum reports recommended are:

BUDSUM, APPSUM, and REVSUM Detailed PODETL FINSUMM & FINDET RECLED Detailed CHEKPY Cash Reconciliation (USAEMSEDT or 4502 Option1)

May be generated via MONTHLYCD Generates standard set of monthly reports

TRANADV Can be made available via secure web site Can be archived to CDRom

Fiscal Year-end Closing

AUD_4502 / OLD_4502

4502 is no longer legally required Keeping it on menu renamed to OLD_4502

New program USAEMSEDT 4 options that are still required Cash Reconciliation , Federal Assistance Detail, Federal

Assistance Summary, and Civil Proceedings

Run one or the other, not both

USAEMSEDT Processing

*** Main Menu ***

1 - Cash Reconciliation 2 - Federal Assistance Programs - Summary 3 - Federal Assistance Programs - Detail 4 - Civil Proceedings 5 - Exit Program

***System Manager Only*** 6 - Change flags

Enter option < 5>: _

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Fiscal Year-end Closing

Complete any of the USAEMSEDT options that have not been completed Each option must at least be entered and exited

even if there is nothing to enter Each data entry option has the ability to generate

a report Can be very useful to generate the report to see what

has been carried over from the prior year for each option

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Option 1 - Cash Reconciliation

Enter all Bank and ending balances

Enter any deposits in transit

Enter outstanding checks

Enter any adjusting entries

List investments Bonds & notes CD’s Securities Other investments

List cash on hand (ex: petty cash)

Output file = CSHREC.TXT

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Figures entered must balance with the Current Fund Balance as reported on the FINSUMM Not in balance if the following is displayed when exiting

option 1

USAEMS will generate error if not in balance

Option 1 - Cash Reconciliation

Total entered in option 1Total entered in option 1

Total on the account fileTotal on the account file

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Option 2 – Summary Federal Assistance Programs

FEDSUM.TXT Federal Assistance Summary Asks the following information:

Source Document – FINSUMM for federal funds only, plus any other federal assistance received

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Option 3 – Detail Federal Assistance Programs

FEDDET.TXT Contains an initialization option

Deletes prior year information for 5xx funds Creates new records based on current year figures found

on the account file for 5xx funds CFDA # for each record created will need to be entered Records for any funds other than 5xx will also need to be

manually entered or updated Bulletin 2009-002 Reporting Federal Student Loans – Adult Ed.

http://www.auditor.state.oh.us/LGS/Bulletins/2009/2009-002.pdf

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Option 3 – Detail Federal Assistance Programs

Suggested Source Documents ODE Web site summary report of amount of

Federal Contributions received from ODE CFDA #’s are listed on the printout from the

ODE website and are in AOS USAS Manual

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Option 4 – Civil Proceedings

CVLPRC.TXT

Enter data for any law suits during reporting period

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EMIS Financial Data Reporting

Data is then reported to ODE via EMIS reporting Reporting period H

Data types consist of: Financial district and building profile records Cash, Budget, and Revenue accounts Operational Unit Codes as set up in OPUEDT Data entered in USAEMSEDT (or OLD_4502) Capital Assets

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Capital Assets

EISEMSExtracts data from EIS Creates EISEMS.SEQ to load into EMIS

OR Enter capital asset information via EMISWeb

Original Cost and Depreciation by Asset ClassBeginning Balance, Additions, Reductions

Complete now to include with USAS dataOr, complete later and re-submit all period H data

-

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USAEMS

Extracts data from various USAS files and puts it into EMIS file layoutsExtracted from the account, OPU, and 4502 data files

Will check that all necessary funds are coded with a valid EMIS Fund Category

New check added to check that Cash Reconciliation balancesStored on USAEMS.SEQ fileFiscal agents for ITC’s need to run again and enter

just funds for ITC

USAEMS

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<2009>

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USASAUD

Run the USAS Auditor Extraction program Extracts information from the account, vendor, check, and receipt data

files for auditing purposes Creates ACCTAUD.SEQ, VENDAUD.SEQ, & TRANAUD.SEQ

files Also creates FINSUMM report by fund

Answer “Y” to “Send data to AOS now”; Sends above files electronically to AOS via email

Also creates ACCTAUD, VENDAUD, and TRANAUD text files Details information sent to AOS via the sequential files

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Fiscal Year-end Reports

Generate any fiscal year-end reports desired May be generated via FISCALCD

Generates standard set of fiscal year reports 4502 Reports are all gone/replaced with USAEMSEDT

output reports TRANADV added

Can be made available via secure web siteCan be archived to CDRom

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Fiscal Year-end Copy

Make a copy of the USAS files to use for archival purposes

ITC specific procedure

No changes from last year

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ADJUST

Run ADJUST selecting month-end option

Run ADJUST again selecting Year-end and Fiscal options

Are now ready to begin processing for July

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Fiscal Yearend ADJUST

Accounts Amounts moved to USAHIST file Current fund balance moved to July 1st Cash Balance Future Year Encumbered added to Future Encumbered then cleared Future Year Requisitioned added to Future Req. then cleared Next Year Proposed moved to Initial Budget/Rev. and then cleared Current encumbrances moved to Carryover Encumbrances Fiscal-to-date amounts cleared Calculated fields recalculated GAAP Original fields set to new expendable/receivable

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Fiscal Yearend ADJUST

Vendors Fiscal-to-date amount cleared

USASDAT/USACON Current Fiscal Year updated SM2/ADJUST monthly access flags cleared

Post-Closing Procedures

Capital Assets

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Complete submission of Capital Assets information if not already completed

via EISEMS or EMISWeb

Must be to ODE before 09H period closes

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GAAP Conversion

Run USAEXP/GAAP_EXP option to create

necessary files for GAAP reporting Can be run either before or after closing out

Creates file (GAAPEXP.TXT) to be uploaded into

WebGAAP

Emails GAAPEXP.TXT to specified email address for

uploading into WebGAAP

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USAEXP/GAAP_EXP

2009

WEB - GAAP

Legacy Cash Reports Reports have been added to the Web-GAAP program that are similar (but

not identical to) to many of the 4502 exhibits and statements.

Districts are encouraged to use the Web-GAAP system if they wish to create any of these reports they want, due to the 4502 report being taken off USAS completely for FY2010.

If the district is currently on Web-GAAP and would like to use the

legacy cash reports option they will need set up an account (if they do not already have one). If the district is not currently on Web-GAAP and would like to be please contact a

member of the GAAP Team for more information.

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Web- GAAP

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WEB - GAAP

GAAP URL https://gasb34sys.auditor.state.o

h.us/gaap

GAAP Wikki http://gaapwiki.oecn.k12.oh.us/index

.php?title=Main_Page

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Web- GAAP

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WEB - GAAP

Log into system1st time - will be asked to edit profileSelect entity and fiscal year Open New Fiscal Year (if not already in list)

Upload Cash Data (GAAPEXP file from USAS) Map Funds; Identify Major Funds (Optional)

Will carry forward from prior year Generate Reports (“Legacy Cash Reports” option)

CPA Firms may do these steps48

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Web - GAAP

Upload Cash Data

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Mass Mapping of Funds

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Maintain Fund Codes

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USAS Fund Type Changes FY10

Fund 017 Moved from Agency to Capital Projects

Funds changed to allow multiple fund types 006-either Special Revenue or Enterprise 008-either Permanent or Private Purpose Trust MUST enter fund type in cash account for these

funds for fy ‘10

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END