University of Hawaii

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University of Hawaii
YEAR-END AND OTHER ACCOUNTING ISSUES

• Presented by
• Financial Management
• May 21, 2008

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GENERAL ACCOUNTING

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FY2008 Year-End Calendar

• Please visit FMIS website http//www.fmo.hawaii.e
  du/FMIS/ for various central office
  year-end deadlines
• No exceptions to deadlines will be granted
• FMIS on-line input extended to 630pm from May
  15, 2008 to July 2, 2008
• EXCEPT for deadlines indicated on year-end
  calendar and per Henry Itos email dated May 9,
  2008

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FMIS Website
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Year-End Accounting Data Required

• To present the Universitys financial statements
  on the full accrual basis in accordance with
  Governmental Accounting and Financial Reporting
  Standards
• Accrual basis revenues are recorded when earned
  and expenditures are recorded when incurred-when
  goods and services are received but not
  necessarily paid

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Year-End Accounting Data Required
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Year-End Accounting Data Required

• Recording Year-End Accounting Data Memorandum due
  July 3, 2008
• Memorandum and sample journal vouchers will be
  sent via email in
• June 2008
• Journal vouchers to record Year-End Accounting
  data required by GALC due by 1100am, July 15,
  2008

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Recording Year-End Accounting Data Memo
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Year-end FMIS On-Line JV

• Please visit the FMO FMIS website
  http//www.fmo.hawaii.edu/FMIS/OnlineJV
• The year-end FMIS On-Line journal voucher system
  must be used to prepare your JVs for the
  following accrual adjustments in this
  presentation

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Year-end FMIS On-Line JV Website
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RCUH Reclassification JV-Reminders

• RCUH expense to proper object code JVs should be
  done during the regular year instead of during
  the year-end accrual period
• Especially for Project accounts (year-end
  processP) and Fixed asset subcode
  reclassifications

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RCUH Reclassification JV-Reminders

• Reclass of RCUH advances (7232) to proper expense
  code deadlines
• Expenditures incurred thru May 31, 2008
  due to GALC/PFMO by 1100
  a.m., June 6, 2008
• Expenditures incurred in June 2008 due to
  GALC/PFMO by 1100 a.m.,
  June 27, 2008

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RCUH Reclassification JV-Reminders

• If RCUH expense reclassifications are recorded
  during the accrual period (13th month) for SLs
  with year-end processP, two additional JVs
  should be prepared
• JV to record expense reclassification in the new
  fiscal year
• JV to reverse expense reclassification during the
  accrual period of the new fiscal year

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RCUH Reclassification JV-Reminders

• Please input RCUH 7-digit project number in Ref.
  No. 1 of journal vouchers for
• RCUH expense to proper object code
• (for expended funds)
• RCUH expense to Due from RCUH
  (for unexpended funds)

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RCUH Expense Reclassification Subcodes

• Use subcode 2087-RCUH Wages to record
  salaries/wages paid by RCUH
• Use subcode 2097-RCUH Fringe Benefits to record
  fringe benefits paid by RCUH
• Subcodes 2987, RCUH Wages (7232) and 2997, RCUH
  Fringe Benefits (7232) available to accommodate
  budget restrictions for subcode 7232 reclass only

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RCUH Expense Reclassification Subcodes

• Refer to the handout for other expense
  reclassification subcodes

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Handout on Transactions with RCUH

• Types of payments to RCUH
• RCUH Budget Categories to UH Subcode crosswalk
• Table of Account code ranges requiring 3 JVs if
  expenses are reclassified during the accrual
  period (13th month)

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Other Reminders

• Please do not input FY08-09 data until July 10,
  2008 when the system is available for FY2009
  transactions
• For example, ARS invoices created in FMIS by
  7/03/08 must be for the period up to 6/30/08 only
• If the invoice covers a period beyond 6/30/08,
  either revise your invoice by 07/03/08 or prepare
  a year-end JV to adjust the receivable for
  financial statement purposes

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Questions/Discussion?

• Please contact the General Accounting Loan
  Collection Office at 956-8278 if you have any
  questions or need assistance