Month-end Close in a Non-profit Organization

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1 Month-end Close in a Non-profit Organization Cindy Cline Cline Consulting and Training Solutions, LLC

2 Agenda Introductions How the Applications Work Together Month-end Close Processes Planning Your Month-end Close Q&A

3 Applications Interface Purchasing Accrual Purchasing Commitments Matching Journal Entries Payables Expenditures/ Adjustments Labor Distribution Employer Costs Payments/ Clearing Grants Invoices Cash Mgmt Deposits/ Clearing Receivables Journal Entries General Ledger Costing Journal Entries Journal Entries Payroll Asset Invoices CIP Timecards OTL Assets Journal Entries

4 PTAEO vs. COA PTAEO Project Task Award Expenditure Type Expenditure Organization COA Fund/Award Project/Task Natural Account Responsibility Center Location

5 Payables/Purchasing Commitments Payables to General Ledger Purchasing Matching Expenditures/ Adjustments Grants DR CR Invoice Distribution AP Liability Payables Purchasing Accrual Journal Entries Journal Entries General Ledger Grants to General Ledger DR Burden Expense CR Burden Clearing DR Misc Trx Expense CR Misc Trx Clearing

6 Labor Costs Labor Distribution to General Ledger Dr Payroll Clearing Cr Payroll Liability Grants to General Ledger Dr Payroll Expenses Cr Payroll Liability Cr Payroll Clearing

7 Identify Suspense in LD select distinct d.employee_number, a.person_id, d.full_name, b.suspense_reason_code from psp_payroll_lines a, psp_payroll_sub_lines c, psp_distribution_lines b, per_all_people_f d where a.person_id=d.person_id and c.payroll_sub_line_id =b.payroll_sub_line_id and c.payroll_line_id=a.payroll_line_id

8 Grants Grants to General Ledger Dr Expense Cr Clearing Account Purchasing Matching Commitments Payables Expenditures/ Adjustments Invoices Receivables Journal Entries Labor Distribution Employer Costs Grants General Ledger Journal Entries

9 Revenue/Receivables Grants Invoices Receivables Journal Entries General Ledger Revenue Interfaced First Dr Unbilled Receivable Cr Revenue Invoice Interfaced First Dr Receivable Cr Unearned Revenue Dr Cr Receivable Unbilled Receivable Dr Cr Unearned Revenue Revenue

10 Assets Asset Additions Dr Cost Clearing Cr AP Liability Dr Cost Cr Cost Clearing

11 Month-end Close Processes/Tasks

12 Month-end Close 2 days to 2 weeks or longer Applications Close Pre-posting activities Posting activities Verification activities/reconciliations

13 Cash Management Complete Bank Reconciliations Clear Check Clear Receipts Payables to General Ledger Record payment Dr AP Liability Cr Cash Clearing Reconciled Payment Dr Cash Clearing Cr Cash

14 Payables Pre-posting Activities Enter all invoices and payments Invoice approval workflow Release Invoices on hold Invoice validation and payables accounting Transfer to GL Create mass additions Posting Activities

15 Payables Verification Activities AP Trial Balance Posted Invoice Register Posted Receipts Register Period Close Exceptions Outstanding Payment Batches Entries not Transferred to GL Unaccounted Invoices or Payments

16 Payables Beginning Trial Balance + Posted Invoices - Posted Payments Ending Trial Balance

17 Purchasing Pre-posting Activities Enter all invoices and receipts Apply receipts Verify Payables Closed Reports Accrual Reconciliation Uninvoiced Receipts

18 Purchasing Posting Activities Receipt Accrual Period End Verification Activities Encumbrance Detail Report

19 Grants Pre-posting activities Interface supplier invoices from payables Verify that payables is closed Costing and funds checking Create burden transactions Generate and release invoices Generate and release revenue

20 Posting activities Grants Interface invoices to Receivables Interface revenue to GL Interface costs to GL Verification Activities Tieback processes EXC: Transaction Exception Detail

21 Receivables Pre-posting activities Enter all receipts, invoices and NSF checks Autoinvoice Run Incomplete invoices report and update incomplete invoices Run Adjustment approval report Posting Activities Interface/General Ledger

22 Receivables Verification Activities Transaction Register + Credit Memos = Sales Journal (debits + credits) Current aging = Prior aging + Transaction register Adjustment register Invoice Exceptions report - Payments

23 Receivables Verification Activities Receipt Journal Report Receipt Register Applied Receipts Register Unapplied Receipts Register

24 Assets Pre-posting activities Post all asset additions Enter maintenance transactions Run depreciation Run create journals Posting activities Post entries in GL

25 Assets Verification activities Cost Summary Reserve Summary Journal Entry Reserve Ledger CIP Cost Summary

26 General Ledger Pre-posting Activities Import journal entries from subledgers Enter manual journal entries Reverse prior month accruals Generate recurring journals Generate mass allocations Check for unposted journals

27 General Ledger Posting Activities Verification Activities Journal Reports Account Analysis Reports Trial Balance Reports Financial Statements Account Reconciliations

28 Planning Month-end Close

29 Calendar April 2007 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Open April 2007 in all subledgers and GL. Begin Bank Reconciliations End of pay period Cost pay period and run LD 14 Close AP and PO for March Close Grants for March Close AR for March Close FA for March End of pay period Close GL for March Cost pay period and run LD 29 30

30 Questions

31 Month-end Close in a Non-profit Organization Cindy Cline Cline Consulting and Training Solutions, LLC

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