Month-End Closing

...

Month-End Closing - FA

Scope

This procedure covers the tasks to be completed in closing the IS Fixed Assets module at month end.

This procedure does not cover closing procedures in other IS modules.

System References

Mass Additions - Preparing Mass Additions to Become Assets [NAV3476Z].

Additions - Creating Journal Entries in GL [NAV3444Z].

Mass Additions - Posting [NAV3474Z].

Mass Additions - Delete [NAV3472Z].

Depreciation - Running [NAV3447Z].

Responsibility

The Director of Fixed Assets Accounting is responsible for ensuring that the Fixed Assets module is closed properly and that Fixed Assets' closing is coordinated with the system wide month end closing activities.

Distribution

FA Administrator^*

Director of Fixed Assets Accounting

UVA ASC Administrator - Fixed Assets

Ownership

The Director of Fixed Assets Accounting is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.

Activity Preface

This activity is performed whenever

FA Administrator

Daily Closing Tasks

1. Ensure mass additions create, posting and PTAO transfer programs run nightly.

2. Ensure cost transfer report runs daily and items pushed to mass additions table are not listed on the report.

Note: Mark items as they are pushed to the mass additions table and when they are posted to Fixed Assets. This information will be used for the monthly reconciliation.

3. Review asset lines in the mass additions table that are not in the post queue for possible posting. This ensures that asset lines are not delayed in posting to Fixed Assets.

Refer to Mass Additions - Preparing Mass Additions to Become Assets [NAV3476Z].

One Day Before Fixed Assets Closing

4. Review cost transfer reports to ensure all unprocessed cost transfers are on CST hold. Handle cost transfers mapped to old expense object codes similar to invoices above. Resolve differences. This is to ensure all cost transfers have either been processed or are on hold

5. Determine whether or not all department requests have been processed.

6. Process all retirements, transfers, and other changes. Review for ETF, inventory, and surplus property actions.

7. Process all journal entries related to manual additions.

Determine that for all manual additions, the journal entries have been processed to debit the clearing accounts and credit the appropriate General Ledger object codes.

Note: Journal entries not processed will be reconciling items.

Refer to Additions - Creating Journal Entries in GL [NAV3444Z].

Morning of Fixed Assets Closing

8. Ensures that all items available for posting are posted. Verify that the nightly posting and transfer PTAO program was run correctly on the night before Fixed Assets is closed.

Refer to Mass Additions - Posting [NAV3474Z].

9. Run delete mass additions program for the month.

Refer to Mass Additions - Delete [NAV3472Z].

10. Download mass additions table to excel for monthly reconciliation. This will be the balance by asset clearing account to be reconciled to the General Ledger asset clearing accounts.

11. Run depreciation with close box checked. This closes the month for Fixed Assets.

Refer to Depreciation - Running [NAV3447Z].

12. Create and import monthly Fixed Assets journal entries to General Ledger by running the standard journals program.

Post journals using a GL Responsibility

Two Days After Month-End Close

13. Run final cost transfer report for the month.

Note: This must be run after month end from ODS. Note cost transfers not pushed to mass additions table and dated in current month will be reconciling items.

14. Run summary and detail reconciliation reports from ODS.

Note: These will be used to reconcile the asset cost and clearing accounts.

Five Days After Month-End Close

15. Reconcile Fixed Assets and General Ledger.

End of activity.

Month-End Closing - FA: Flowchart

Effective: 08/13/04