Accrued Liabilities and Accounts Receivable

1. Accrued Liabilities and Accounts Receivable Year-End Accounting Meeting June 3, 2008

4. Coach Micki

5. Diving

6. Swimming

7. Umbrellas

8. Year-End Accounting Training • Perfecting Techniques • Learning New Skills

9. LifeguardsDivision of Accounts • Mike Corricelli • Richard Nicks • Linda Dwiggins • Janis Osborne

11. Accrued Liabilities Pool G

12. Pool Access • “G” Pool Mandated • Accrued Liabilities –Payables for goods and/or services that have been received before July 1, 2008, but an invoice has not been received in time to pay before cutoff • $5,000 or more

13. Pool Access Denied • Travel or Utility payments (Objects 03 / 05) • Credit card processing fees • Accrued liabilities between state agencies • Any liabilities between state agencies should be resolved by regular JV’s prior to cutoff date • Items less than $5,000.00 • unless you choose to

15. The Perfect Dive Steps for the Accrual • Separate batch prepared for each fund & allotment code • Doc Type: G • Effective date - 6/30/08 • Current Document # • Suffix = C • TC = 264 • Fiscal Year (FFY) - 08 • Amount

16. Perfect Dive Continuation • Comment Section – “To record accrued liabilities for goods or services received at June 30 per the attached schedule. • ‘FINAL’ • Warning Message: Ignore if correct amount

18. Surfacing: Steps for the Reversal • Doc Type: G • Effective date – 7/31/08 • Suffix – D • TC = 442 • Fiscal Year – 09 • Amount: Same as your accrual

19. Continuation of Surfacing: • Generally, reversals should be exact opposites of the accrual. • If programs are moved, code reversal associated with the actual payment in the new funding year • Comment Section – “To reverse accrued liabilities recorded at 6/30/08.” • ‘FINAL’ • Warning Message: Ignore if correct amount.

20. Surfacing TC 442 (09) 0240 Debit Accrued Liabilities 0500 Credit Accrued Expenditures Paid: (09) Diving TC 264 (08) 0500 Debit Accrued Expenditures 0240 Credit Accrued Liabilities Effects of Dive/Surfacing Paid: (09)

21. Detailed schedule of accrued liability

22. Safety Equipment: Type One • Detailed Schedule of Accrued Liabilities • Purchase Authority • May require Add’l Safety Equip • Vendor • Component Unit - Add’l Safety Equip • Amount of Accrued Liability • Date Goods/Services Received • Funding Sources: • % and $value • Other State Agency: attach J-Type journal

23. AL Checklist

24. Safety Equipment: Type Two • Accrued Liability Checklist • Original Form • Signature Required

25. Safety Equipment: Type Three • Required for Major Obj. Code 16 or Obj. 099 Items • POST Tag Number (s)and • Screen print of POST Transaction 920 Screen

26. Dive Buddies: Signatures Required Department heador designees Fiscal Officeror designees

28. Accounts Receivable Pool A

29. Pool Access • Mandated for “A” pool: • Record revenue earned, but not received, at year-end closing • Funding for accrued liabilities from third party entities Come on In

30. Pool Access Denied • Denied from the ‘A’ pool: • Receivables/payables between STARS on-line agencies use the J - Type journal vouchers. • Credit Card Receipts and Portal Premium Subscriber Revenue

32. Beginning Lap Steps for the Accrual • Single allotment --> Single batch • Doc Type: A • Effective date - 6/30/08 • Current Document # • Current Document Suffix - D • Fiscal Year (FFY) - 08

33. Lap One Continuation • Use Transaction Code Crosswalk • Comment Section – “To establish accounts receivable(s) at 6/30/08 per the attached schedule.” • ‘FINAL’ • Warning Message: Ignore if correct amount

35. Lap One Continuation • Use Transaction Code Crosswalk • Comment Section – “To establish accounts receivable(s) at 6/30/08 per the attached schedule.” • ‘FINAL’ • Warning Message: Ignore if correct amount

37. Return Lap: Steps for the Reversal • Doc Type: A • Effective date – 7/1/08 or later • Current Document # • Current Document Suffix – C • Fiscal Year – 09 • Use Transaction Code Crosswalk

38. Return Lap Continuation • Generally, reversals should be exact opposites of the accrual. • If programs move between divisions, cost centers, etc., in FY09, record reversal same place where cash is received. • Comment Section – “To reverse accounts receivable(s) established at 6/30/08.” • Warning Message: Ignore if correct amount

39. Floatation Devices: Type One • Support Schedule • Detailed Schedule of Accrued Liabilities • Total amount of the Federal or Other Outside Participation column = Total of the A/R JV OR • Schedule of Accounts Receivable for Actual Expenditures

43. Floatation Devices: Type Two • Accounts Receivable JV Checklist • Use Original • Must be signed

44. Swim Buddies: Signatures Required Department heador designees Fiscal Officeror designees

45. JUL Pool Schedule • Opens – July 1 • Closes - Bring to DOA Lifeguards • August 11 - Accounts Receivable JV’s for accrued liabilities • August 25 - Accounts Receivable JV’s for actual expenditures August August 11 25

47. Accrued Liabilities Funded by Other State Agencies J

48. J Umbrellas • Interfund Receivables • Interfund Payables • Accrued Expenditures • Departmental Revenue

49. June Umbrella (Interfund Receivable) Credit Side TC 452 Subaccount 0XX FFY 08 Revenue Source 890 Effective Date 6/30/08 July Umbrella (Reversing) Debit Side TC 457 FFY 09 Effective Date July 08 Billing AgencyEstablish A/L According to Regular Procedures