Policies & Procedures


Section: ACT
Part: PRO
Statement No.: 7.2
Date: 07/01/08
University of North Carolina - General Administration
Administrative Policies and Procedures Manual
Title: Fiscal Year End Transactions Procedure

 

1.            All attributes pertaining to accounts should be reviewed prior to year end for any necessary adjustments. These attributes include purpose code, account numbers, object codes, and map codes. Any adjustments should be made prior to closing.

 

2.            Prior year accrual entries are reviewed to determine reversals needed in the current year. Prior year balance sheet items are reviewed to determine which beginning balances may need to be entered.

 

3.             Revenue received and expenditures made in July should be reviewed for any needed accrual entries.

 

4.            All beginning balances, reversals and accrual entries are entered through the FRS system by using special entry codes developed for accrual purposes.

 

      Entry Code          Description                                                 FRS Form #                  Entry Screen #

          67                      Current Year Accruals                                     E60                                   014

          68                      Reversal of Prior Year Accruals                      E60                                   014

          98                      Beginning Balances                                          E98                                   015

 

 

                These entries are batched and input to FRS.

 

                Daily proofs are returned for these batches. The proofs are reviewed and verified.

 

5.             All invoices received after June 30 should be reviewed to determine whether they are to be included as Accounts Payable for the prior fiscal year. These invoices are for goods or services received on or before June 30.

 

                If an invoice or part of an invoice should be accrued, the invoice should be input to the Accounts Payable System with an invoice date prior to July 1. This will enable the Accounts Payable System to generate the accrual entries.