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    FIS Year-End Checklist PDF

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    AJ Quim
    This document provides a year-end closing checklist for accounting entries and procedures that need to be completed prior to closing out the fiscal year. It includes steps for clearing accounts, making accrual entries for various expenses and revenues, reconciling funds and accounts, establishing reserves, and completing required financial reports and validations. The checklist covers areas like prepaid expenses, accounts receivable, payroll accruals, categorical programs, deferred maintenance, and GASB reporting requirements.

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    © All Rights Reserved
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    FIS Year-End Checklist PDF

    Uploaded by

    AJ Quim
    35 views3 pages
    This document provides a year-end closing checklist for accounting entries and procedures that need to be completed prior to closing out the fiscal year. It includes steps for clearing accounts, making accrual entries for various expenses and revenues, reconciling funds and accounts, establishing reserves, and completing required financial reports and validations. The checklist covers areas like prepaid expenses, accounts receivable, payroll accruals, categorical programs, deferred maintenance, and GASB reporting requirements.

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    FIS Year-End Checklist.pdf

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    This document provides a year-end closing checklist for accounting entries and procedures that need to be completed prior to closing out the fiscal year. It includes steps for clearing accounts, making accrual entries for various expenses and revenues, reconciling funds and accounts, establishing reserves, and completing required financial reports and validations. The checklist covers areas like prepaid expenses, accounts receivable, payroll accruals, categorical programs, deferred maintenance, and GASB reporting requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    35 views3 pages

    FIS Year-End Checklist PDF

    Uploaded by

    AJ Quim
    This document provides a year-end closing checklist for accounting entries and procedures that need to be completed prior to closing out the fiscal year. It includes steps for clearing accounts, making accrual entries for various expenses and revenues, reconciling funds and accounts, establishing reserves, and completing required financial reports and validations. The checklist covers areas like prepaid expenses, accounts receivable, payroll accruals, categorical programs, deferred maintenance, and GASB reporting requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    YEAR-END CLOSING CHECKLIST

    Entries Made Prior to Closing


    Clear prepaid expense (9330)
    Clear unearned revenue (9650)
    Clear deposits in transit (9140)
    Balance prior year accounts receivable accruals (9201/02)
    Clear prior year due to / due from (9312 & 9612)
    Balance prior year current liabilities (9510/11)
    Clear suspense for all funds (resource 9999 &/or
    objects 7999 & 8999)
    Transfer of in-lieu property taxes to charter schools
    (refer to EC 47635)
    Physical inventory
    Verify audit adjustments are posted
    Remove vendor invoices (FIS report) / COE process
    Clear encumbrances (FIS report) / COE process

    Closing Entries/Accruals
    Close out current liabilities - prior year (9510/11)
    Close out accounts receivable - prior year (9201/02)
    Schedule of expenditure accruals (9510)
    Schedule of income accruals (9201)
    _____ State Aid
    Verify & post cafeteria reimbursement accrual
    Balance cafeteria account vs. fund
    Verify & post child development accruals
    Verify & post state school building accruals
    Post interest earned on bond proceeds invested
    outside of the county treasury
    Reconcile petty cash
    Reconcile revolving cash
    Reconcile clearing accounts
    State aid 50% reduction

    Payroll Accruals - 9910s


    Accrue 9910 balances
    YEAR-END CLOSING CHECKLIST

    Direct/Indirect Costs
    Direct costs
    Intrafund in balance (5710)
    Interfund in balance (5750)
    Indirect costs
    Intrafund in balance (7310)
    Interfund in balance (7350)

    Categorical Programs
    Accrue Lottery (1100 & 6300)
    Instructional Materials interest transfer (not required from 2008-09
    to 2014-15)
    Federal transferability
    Distribute accumulated NCLB administrative costs to participating
    programs
    Special Education contribution from the unrestricted General Fund
    Routine Restricted Maintenance Account (RMA) transfer from
    unrestricted General Fund
    Complete form CAT
    Post accounts receivable
    Post unearned revenue
    Federal interest

    Deferred Maintenance (optional)


    Deferred Maintenance transfer (Auditor’s transfer before 6/30 or
    Due To/Due From after 6/30)
    Transfer LCFF funds using Object 8091

    Reserves
    Establish reserves for revolving cash fund (9711)
    Reconcile stores general ledger to physical inventory
    Establish reserves for stores
    Establish reserves for prepaid expenditures
    Establish reserves for legally restricted balances
    Establish reserves for economic uncertainties
    Establish other assignments, commitments, & unassigned reserves
    YEAR-END CLOSING CHECKLIST

    GASB 34
    Verify all expenditures charged to function 8500 and/or
    object 6XXX
    Extract fund data into GASB 34 component of SACS software,
    analyze results & review SACS accounting for reconciliation
    Ensure that ASSET & DEBT forms match GSNA

    GASB 45
    Verify that Normal Costs and UAAL Costs are charged in all funds
    appropriately
    Review government-wide statements to ensure that accounts have
    extracted properly into the SACS software and do any
    necessary conversion entries

    District Checklist
    Complete district checklist
    Complete SACS software unaudited actuals technical
    review checks (TRC) and resolve exceptions
    Call Financial Accounting at (858) 292-3652 or
    (858) 292-3740 so they can begin their audit process
    Do not post unless instructed to post
    E-mail completed district checklist and TRC (EXCEPTIONS ONLY)
    to Financial Accounting [email protected] (DO NOT send a
    SACS DAT file at this time)
    Financial Accounting will call with report run date
    Order reports

    Other - Notes
    Other
    Other
    Other
    Other
    Other
    Other
    Other

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