Accounts Receivable Accrual Process For FY06

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Accounts ReceivableAccrual Process For FY06
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Accounts Receivable Accrual Process

• Specialized Subsystem
• Establishes Estimated Receivables
• Allows
• Complete audit trail
• Variety of reports
• Automatic generation and offset entries
• Transaction Table As Resource
• Page 1

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Accounts Receivable Accrual Process

• Designates Amounts Due But Not Yet Received
• Post Against Receivables
• Generate Reports
• Must Use System
• Allows Setup and Payment in Proper Years
• 9229 FY06 to 9210 FY07

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2004/2005 Accounts Receivable Cleanup

• By Friday, June 9, 2006
• No Open Receivables
• Zero 9210 G/L Balance
• Clear Outstanding FCS Batches
• No Orphan Batches
• Open, Closed, Held for Audit
• See Closing Manual For Procedures
• Page 2

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2004/2005 Accounts Receivable Cleanup

• Run Open Receivables Report
• Run in PRIXX, Only Task Done in FY05
• Screen Print A/R Manual on Page 2/3
• From/To 0-999999
• Identify Remaining Items
• Run G/L Detail Report
• Run in FY06 From FIN Menu
• GLD120 Object 9210
• See Year-End Closing Manual

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2004/2005 Accounts Receivable Cleanup

• No Open Receivables/9210 G/L Balance Zero
• YOURE DONE
• No Open Receivables BUT G/L Balance
• Transactions Other Than AR System to 9210
• Check G/L Activity
• JE to Credit 9210/Debit Appropriate Revenue
  Account
• Open Receivables BUT No G/L Balance
• AR Entries Booked as FY06 Receipts
• Check Cash Receipts
• Z out Receivable System Automatically Fixes
  Books
• Journal if Setup and Receipt Accounts Differ
• JE to Credit 9210/ Debit to ER Setup Account
• Page 3

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2004/2005 Accounts Receivable Cleanup

• Review Remaining AR Entries For Validity
• If Not Needed
• Z out to remove
• Release Batch
• If Needed
• Z to remove, Release Batch
• Re-establish as FY06 Receivable
• Done by June 9, 2006
• Purge of FY05 Data - Early July
• Page 4

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2005/2006 Estimated Receivables

• Year-End Closing Manual Guidelines
• Accounts Receivable Definition
• Page 5 Receivable Manual
• BDX/FAR Revenue Account Review
• Credit Memos From APY
• Transaction Table Resource For FY
• Page 5
• 4

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2005/2006 Estimated Receivables

• Estimated Receivable (ERs) Auto-Number Beginning
  060001
• Use 06302006 for Date
• Reference Field is Any 6-digits
• Description of Who Owes and For What
• 26 Digit Code Valid in FY07 a Must
• See 5/11/06 Matrix Change Memo
• Amount Due
• Accrual Object 9229 Preset
• Open Until July 31, 2006

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2005/2006 Estimated Receivables

• Changes Before July 31, 2006
• Only For ARs With No Activity
• Add New ARs For Differences
• Done in Appropriate Fiscal Year (See Chart)
• Know Differences in Estimated Receivables
• G/L Balance 9229 Should Balance to Total
  Estimated Receivables Report
• Page 6

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2005/2006 Estimated Receivables

• Far311 When Done For Fiscal Year
• Dates 6/30/06 to 7/01/2006
• Signature Page
• Combined A/Rs and PCLs
• Fund Sort
• Review Report For Accuracy
• Page 7

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2006/2007 Receivable(AR) Receipts

• Run Receivable Transaction Report
• R on Add Receivables/Setup Screen
• Reference Number Sort
• Update Often/Keep Handy
• Use AR Receipt or Cash Receipts
• Screen Print Page 8 in A/R Manual
• Payment Types
• Partial
• Final
• Z or Liquidate
• Do Not use C (Close)
  

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2006/2007 Receivable(AR) Receipts

• Clear 06XXXX A/Rs in FY07
• See Example Page 9 A/R Manual
• Changes to Existing FY06 ARs
• Batching Procedures
• Same as Cash Receipts, Except.
• Zd Out Entries Create Batches
• No Transmittal Report for SCOE
• Page 10

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Accrual Reports

• Reports Menu Screen Print Page 11
• Receivable Transaction Report
• Lists All ARs With Date, Descript, Acct and Ref
• Open Receivable Report
• List Open ARs With Remaining Balances
• Receivables History Report
• AR Setups/Receipts by Ref or Vendor
• Pages 11/12

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Accrual Reports

• Established Receivables Financial Report
• AR Setups by Account Code
• Receivables Reconciliation Report
• AR Setups and Receipts by Account Code
• Receivables/Payables Financial Activity(FAR311)
• FY06 or FY07
• Signature Page, Total ARs/PCLs, Fund Sort
• FAR311 Advantage/Review Report
• Page 12

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2005/2006 Accounts Receivable

• Cross Reference Year-End Closing Manual
• District Responsibilities
• Vocational Ed - Federal Grants
• Mandated Costs (Only if Received)
• Do NOT Set Up PL81-874
• Contracts Money Due District
• Cafeteria Due to/Due From
• Not permanent transfers
• Must balance
• Lottery 3rd/4th Quarter Apportionment Entry
• Watch for Notice from Accountants
• Page 13

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2005/2006 Accounts Receivable

• SCOE Responsibilities
• Either will make entries or provide spreadsheet
  for district entries
• Title I (Resource 3010) 80 to date
• Spec Ed PL 101- 476 (Resource 3310) 75 to date
• Lottery (Resource 1100/6300)
• Page 14

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2005/2006 Accounts Receivable Reminders

• No Invalid FY07 Resource Use
• 5/11/06 Matrix Change Memo
• No JVs, Cash JVs, or Cash Transfers
• Use Accounts Receivable Accrual System (A/R)
• 9229 to 9210 System Entries
• Check For Zd Batches
• FAR311
• Signature Page/Combination of ARs/PCLs
• Break by Fund
• July 31, 2006 Last Date to Establish
• Page 14