1. The document outlines the tasks and timing required to close the monthly financial records for a school district.
2. It details over 30 individual tasks that must be completed by various departments on specific days around the end of each month.
3. The financial reporting department is responsible for managing the month-end closing process to ensure statements are produced on a timely basis and prior errors are avoided.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as RTF, PDF, TXT or read online from Scribd
1. The document outlines the tasks and timing required to close the monthly financial records for a school district.
2. It details over 30 individual tasks that must be completed by various departments on specific days around the end of each month.
3. The financial reporting department is responsible for managing the month-end closing process to ensure statements are produced on a timely basis and prior errors are avoided.
1. The document outlines the tasks and timing required to close the monthly financial records for a school district.
2. It details over 30 individual tasks that must be completed by various departments on specific days around the end of each month.
3. The financial reporting department is responsible for managing the month-end closing process to ensure statements are produced on a timely basis and prior errors are avoided.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as RTF, PDF, TXT or read online from Scribd
1. The document outlines the tasks and timing required to close the monthly financial records for a school district.
2. It details over 30 individual tasks that must be completed by various departments on specific days around the end of each month.
3. The financial reporting department is responsible for managing the month-end closing process to ensure statements are produced on a timely basis and prior errors are avoided.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as RTF, PDF, TXT or read online from Scribd
Download as rtf, pdf, or txt
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Run Indirect Direct Costs (GM)
FR, TR, FNS TR FNS AP Day 5
BRITE BUSINESS PRACTICE BULLETIN Accounts Payable 6. (CM) Last Day to Post Cash Receipts/Clearing BULLETIN NO.: A-481 BRITE FR 29. ThePost School Board Adjustments of (GL) (if any) Broward- FNS County, Florida BRITE Team Review pre-posted budget transfersAR (FM) StepFR- GENERAL:PAGE:Complete1 OF 1 Bank Reconciliations Run amd review Pre-Close reports (GL) Accounts (GL)Receivable Day 0 Check Box Bud to Indicate Completion CO Bud/CBud Run FNS Utilities Assessments (CO) Day Budget 6 Description This FR, bulletinDATE:: FNS pertainsMarch 25, 2007 to the fiscal monthly closing process 7. AuCs Deadline for the District. Many of the tasks involved in closing the financial SUBJECT : MONTH-END records involve processes thatCLOSING are- performed 30.also Responsibility Assets-under-Construction PROCESS IN on a daily basis. SAP This bulletin does not detailPost the final procedures for these(AP) A/PFRinvoices processes, but outlines -the tasks themselves and their timing, which must be CBud Capital Budget completed Perform to closeanalysis variance the financial Bank (GL) records. Reconciliations (toThe BI goal final for hardcopy Day month-end processing is to reduce the amount of time 0(Wave1) (GL) FR and effort AP expended to close the District’s financial books, BusinessDay 6 to properly close the fiscal period to avoid any Intelligence Run Final Financial Reports FNSdata reporting FR, FNS prior period’s errors, and to expedite financial 8. to all interested parties. Food & Nutrition Serv. CM - 31. A. RecordPROCEDURES recurring expenses CO CBud (GL) - Cash Management FR Bank reconciliations (to Post final Time Travel (CO) (Wave 1)Day & hardcopy) (GL)0 Financial Reporting FR, TR, FNS 1. Ensure that financial statements producedCO FR on a timely FNS 6 Day and accurate basis, within 8 working days of the end of FR Run Financial Accounting Comparative 9. Analysis (Sub-Ledgers) (GL) the reporting month. Controlling FR 2. Establish a scheduleVerifyofBImonth-end Extracts & tasksReports PR (GL) 32. that - are performed by various departments and monitored by the Payroll Maintain Financial GR/IRDepartment Reporting account (AP, MM) (See Exhibit EBS - A – SAP Month-End Closing Calendar, and Exhibit B – SAP Run Financial Month-End Accounting Closing Comparative Checklist). . Analysis Electronic Day 1 Stmt (Sub-Ledgers) Bank (GL) AP Grant Brite 3. Financial Reporting is responsible for managing the SchJ Day 6 month-end closing process. FR Resource Related Billing for Reporting Scheduled 10. Job Month (AR) FI FR FNS Post Final Adjusting/Re-Class Financial - 33. Entries (GL) Record Payroll Accruals TR Legend - Treasury Page 1 of 2 Post final adjusting/reclass AR Accounts entries Receivable AP Accounts Payable (GL) FM BI Business IntelligenceDay CATS1Cross-Appplication Time Sheet CM Cash Management PR CO Controlling EBS Electronic Bank Stmt FI Financial Module DayFM6 Funds Management GL General Ledger GM Page 2 of 2 Funds Grants Management GR/IR Goods Received/Inventory Clearing MM Management Materials Management FR, TR, FNS 11. Responsible Dept - Food & Nutrition Services FR Financial Reporting AP Accounts Payable Brite Brite Team Bud Budget CBud Capital Budget 34. FNS 1 of 3 Grant Grants PR Payroll SchJ Scheduled Job TR Treasury Complete and verify daily system interfaces/batch GL - jobs (Payroll, Compass, POS) Notes: Day 0 = Last working day of reporting month Day 1 = 1st working day of following month … EOD: Close CO period, FM period, GL General Ledger period Day 1 Item in grey will be effective FR after SAP Payroll 6.0 Go-Live BRITE EOD: Close CO period Day 6 FR 12. GM - 35. - Grants Management Load last electronic bank statement (EBS) of reporting month (CM) Dayfor Inform all End-Users that reporting month is closed 1 FI postings TR Day 6 GR/IR 13. FR Goods Received/Inventory Clearing - 36. FR Record Accruals EOD:(Exp, FM period other than-payroll accruals) Assets/Liab, Close Reverse accruals for Interest on Investments/Debts MM Day 2 FR MaterialsDay 7 Management TR 14. - 37. Record Investments & Debt Postings (Interest-accruals, allocations, market valuations) (CM) Day 2 Reverse accruals in the new reporting period (GL) TR Day 7 FR FR EOD: Close GL period 15. - 38. - Post PO Commitments to GL Fund Balance/Reserve 2 of 3 3 of 3 (FMTB) Complete bank reconciliations (GL) Day 2 FR Day 7 FR 16. - 39. Test Run of Time & Travel Allocations for CapitalFR- Budget to review (CO) Runffd8ffe000104a4649460001020100c800c80000ffe20c584943435f50524f46494c4500010100000c484c696e6f021000 final FinancialInform Reports (BI) All End-Users Day that Reporting 3 is Closed for FI Postings (GL) Month 006d6e74725247422058595a2007ce00020009000600310000616373704d53465400000000494543207352474200000 BRITE/CBud Day 7 17. FR00000000000000000000000f6d6000100000000d32d4850202000000000000000000000000000000000000000000000 - 40. 00000000000000000000000000000000000000000000000000116370727400000150000000336465736300000184000 - 0006c77747074000001f000000014626b707400000204000000147258595a00000218000000146758595a0000022c000 Capital Budget review Time & Travel file 000146258595a0000024000000014646d6e640000025400000070646d6464000002c400000088767565640000034c00 Verify BI reports Day 3 CBud 00008676696577000003d4000000246c756d69000003f8000000146d6561730000040c00000024746563680000043000 Day 7
Audit and Accounting Guide - Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies