Financial Team

Fiscal Year-End Fiscal Tasks

Purpose of this document: To record activities required in order to complete year-end actions for inclusion into the June Prelim operating ledger.

TASK / Tool / Description/Next Steps
Analytical Activities
Review all detail & top-level org Financial Reports (EBS) / Expanded Budget Summary (EBS)-BFS Template Reports by index; Operating Detail Reports; Encumbrance Ledgers; Projection Modules. / Assure that all year-end balances are reasonable; correct any entry errors; make adjustments as needed; communicate to upper management year-end variance to financial activity. Conduct reasonability analysis.
Assure that index level activity for project costing is accurate. Prepare year-end project cost reports. / Financial Link Index Summary Report / Assures that ending balances per index are accurate and correct balance will feed into the 7-1 operating ledger(s).
Review anticipated allocations / FinLink Projections; ZBB-Other Funding Sources / Review ZBB and Budget Projections for allocations that are to be received; assure that all monies have been received; coordinate with appropriate parties to receive monies PRIOR to closing.
Review and Balance Permanent Staffing Lists / SRL-Permanent Staffing Report; PPS / Review all staffing lists and balance to a net zero balance; coordinate processing of adjusting/balancing transfer of funds with appropriate office(s); communicate with BFS-HR Coordinator adjusting entries; coordinate appropriate payroll actions for inclusion into final report/records.
Review “misc.”/non-specific account code activity / FinLink Account Code Summary Report; FinLink EBS by index. / Review all misc. account code activities to determine if more relevant account descriptor is required (note: a very minimum of these activities should be recorded). Process adjusting entries as required.
Financial Link Accounting Activities
Conduct & Complete Transaction Sampling / Financial Link-Trans Sampling Reconciliation / Conduct transaction sampling and review and audit samples; update and assign line items with appropriate activity codes.
Process Transfer of Funds / Financial Link-OLTF Module; Financial Link-Expanded Budget Summary (EBS) by Index. / Transfer funds to assure that top-level sub-account balances are 0 (or as close as can estimate). Also assure that year-end indexes are accurate. Eliminate deficit balances. Core activities should zero-out General Funded areas first, then work on eliminating balances in other CORE funded areas. Transfer estimated remaining balances into the Unallocated account 680000 if possible (exclude Budgetary Savings, Sub 1 activity).
Process Expense Transfers / Financial Link-Journal Vouchers, ENPETS; EBS by Index. / Transfer expenditures to correct index, sub-account designations assuring that deficit balances are eliminated.
Lift Liens / Financial Link-Purchase Order Module; Encumbrance Ledger; Encumbrance Lifter. / Review Encumbrance ledgers to assure that all liens are valid and are charging the correct index, account. Verify that all purchase orders have been processed by fiscal year-end deadline. For COGS areas, calculate unused portions of liened encumbrances to calculate valid lien amounts.
Adjust and Record Projections / Financial Link EBS by Index-BFS Standard Template; Payroll, Local Transaction, and Expense Projection Modules; Projection Maintenance Screens. / Review all detail and top-level projections to assure reasonability. All projections should match the fiscal activity column UNLESS: a) carry-forward activity is anticipated, b) and projections vary based on CORE-benefits activity budget amounts that need to net to zero. The only projections to be entered and recorded for the June ledgers are valid Carryforward activities. Calculated year-end balances with projection adjustments must match to your year-end balances submitted to the Controller’s Office. Also, unused AVC expenditure/budgets will revert back to AVC pools (1X, BS activities).
Review Index List and Adjust / Financial Link-Index List Report; EBS by Index Report. / Reviewing all active indexes to assure that inactive indexes are deleted from system.
Update BFS Budget Worksheets
Modify Budgetary Savings Excel Worksheet / Excel-BS Worksheet; Financial Link-EBS Budgetary Savings Indexes, BFS Standard Template reports. / All budgetary savings activity should be recorded into the BS Worksheet for the fiscal year. Amounts reflected in all areas of the worksheet should correspond with actual data in the EBS. (Refer to the approved BS indexes, as well as the BS account numbers indicating draw-off adjustments). Thus, projections should equal the total amount that was expended. Controller’s Office will draw-off any unused portion of approved Budgetary Savings Index activity. Deficit balances will have to be bourn by the Divisions.
Prepare year-end balance explanatory by org-fund / Excel Year-End Balances worksheet (to be sent to FT by Budget Director); EBS reports; Encumbrance ledgers / Review and update all Financial Link EBS report/projections to match year-end balance report by fund. FS should contain explanatory detail of financial/budgetary to projection activity; communicates variances by org-fund-sub-account to assure that proper year-end draw-off transfers are correct.
Prepare carry-forward activity worksheet by org-fund / June Operating Ledger; June-Final Encumbrance Ledger; June EBS index reports; / Calculate total carry-forward (CF) activity not present in 6/xx operating ledger. Describe the variances that should be considered prior-year activity. The activity reflected will determine what amounts will be drawn-off in the following August accounting period. Adjusting entries will be made in the Unallocated 68 accounts, unless related to Budgetary Savings activity. Assure that FinLink projection entries coincide with this Carryforward activity.

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