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