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Accounting Processes Listen and Learn

Purpose: Remediation WebEx Listen & Learn session for Accounting Processes

Audience: All College Staff

Accounting Processes Meeting Information

Gap Analysis (Listen & Learn)

Topic: Accounting Processes

Meeting Date/Time: March 9, 2017 2:30 - 4:00pm

Meeting Facilitator: Emmett Folk

Meeting Information: Accounting Processes WebEx Recording

Meeting Objective

Gap Analysis / Requirements Gathering  The goal of this meeting is to gain a mutual understanding of the identified remediation gap and to document any requirements necessary for the remediation of that gap.  For example, if there is a reporting gap, we would identify what information is needed (specific data elements to include) to bridge that gap and how that information needs to be retrieved (reporting frequency, parameters).

Key Finance Modules Involved

  • General Ledger

Meeting Notes and Discussions

  1. From College Critical Issues
    1. Fund Balancing and Accounting
      1. Report/Query Development
        1. Summary data (by Account, Fund) of what is in a module sub-ledger to be posted to the General Ledger
        2. Error reports for Journal Generated data
          1. What module sub-ledger transactions didn’t get sent to the General Ledger
          2. What generated Journals are now in an Error status
      2. Training/Documentation Development
        1. QRGs/Video for processes being performed by the colleges
          1. Make sure “gotchas” are identified as part of these process-specific documents
          2. Needed for Journal Generation processes
          3. Needed for Journal Entry
          4. Needed for Journal Upload
          5. Needed for Journal Maintenance processes
            1. Journal Edits
            2. Posting Journals
            3. Unposting Journals
        2. Functional documentation around how our interface processes work and the affect any CEMLIs have on those processes
          1. Payroll to GL interface
          2. CS to GL Interface, including Student Financials and Financial Aid transactions
      3. Other Discussion Notes
        1. Accounting Process Question for State Board
          1. We are currently balancing on all Chartfield segments
          2. Is this something that could be changed, or are there other requirements that are driving this process?
            1. The increased number of lines involved makes reconciliation and reclassification more difficult
        2. Need documentation on the Overnight Job Schedule
          1. Would help people understand what jobs are being run overnight so they know what needs to run during the day
          2. This item was escalated out of the individual pillar discussions since it affects all areas; we won’t be addressing it in our Finance-specific sessions
        3. Need to examine revenue recognition in the end-to-end Billing process
          1. This topic is part of a separate “Billing Accounting Processes” WebEx we will have later in the remediation process
        4. Need more information as it relates to cash reconciliation
          1. This topic is part of a separate “GL Integration and Reconciliation” WebEx we will have later in the remediation process
    2. Year-End Close
      1. Training/Documentation Development
        1. Documentation on year-end and/or post-year-end close correction process for individual modules
          1. Overall correction process documentation
          2. Task specific QRG/Video training content
        2. Document that outlines the different parts of year-end closing and who is responsible for what
          1. Overall year-end process documentation, for example
            1. How are Closing Rules updated?
            2. Who runs year-end close processes?
            3. What happens when the processes are run?
            4. How/when are accounting periods opened and closed?
          2. Task specific QRG/Video training content
      2. Other Discussion Notes
        1. System Process Question for State Board
          1. We are currently closing individual module sub-ledgers prior to closing the GL for adjusting entries
          2. Is it possible to keep modules open later?
          3. If not, need standard processes and documentation for getting corrections into module sub-ledgers
        2. System Process Question for ctcLink Project Team
          1. Legacy has the Close/Open process; does similar functionality exist within PeopleSoft?
          2. College were able to set where certain Accounting segment values (e.g. Departments) were closed to at year end
          3. Answer: PeopleSoft “Closing Rules” provide the same functionality that the Legacy Close/Open process did; how the colleges provide information as it relates to these Closing Rules will be part of our year-end documentation
    3. Inter-/Intra-Agency Transactions
      1. AFRS Reporting needs as they relate to Inter-Agency transactions
        1. When invoicing or billing, need to be able to code that payment in order to identify due-to/due-from other agency
          1. Suppliers
          2. Customers
        2. Student Financials also has due-to/due-from that need to be addressed
          1. External Organizations
      2. Report/Query Development
        1. Need to be able to see due-to/due-from by Agency at a given time
          1. Summary balance by Agency, by Account, by Fund
    4. Unclaimed Property
      1. Documentation/Training Development
        1. Need overall process document for unclaimed property
          1. There are QRGs for stale dating a check, but it does not explain what is happening in the system when this is done (e.g. are accounting entries triggered by this?)
          2. There are QRGs for canceling/re-issuing a check, but it’s unclear if this can/should be done for stale dated checks
          3. There are QRGs for the escheatment process, but it’s unclear how/where this fits into the larger picture of processing unclaimed property
  2. From Open Remediation Tickets
    1. Inter-Fund Transactions
      1. Documentation/Training Development
        1. Would be helpful to have documentation that explains Fund roll-ups for those new to the system

Meeting Action Items and Follow Up

Topic Assigned To Action / Follow Up Item Description
Fund Balancing and Accounting Emmett Folk (ctcLink) Emmett to forward accounting process question about how we are currently balancing to State Board.
Year-End Close Emmett Folk (ctcLink) Emmett to forward system process question about when module sub-ledgers are closed to State Board.

Parking Lot Items

  1. Discussion on revenue recognition in the end-to-end Billing process  will be covered in a separate “Billing Accounting Processes” WebEx we will have later in the remediation process
  2. Discussion on cash reconciliation will be covered in a separate “GL Integration and Reconciliation” WebEx we will have later in the remediation process

Related Concerns or Issues not in Critical Issues Lists or Remediation Tickets

  • n/a

Topics and Associated Remediation Tickets

Accounting Processes

Ticket # Requirement ID Requirement Description Assoc. Topic
19328 GL1 – General “Support fund accounting and roll up accounts by fund.” Fund Balancing and Accounting
19307 GL16 – Accounting Structure “Support the configuration of accounts for use in specific functions, such as suspense accounts, balancing accounts, and interfund accounts.” Inter-Fund Transactions
19317 GL36 – Journal Entry & Processing “Enable the entry of interfund and inter-organization journals (e.g., across a set of books), with automatic generation of intercompany balancing entries.” Inter-Fund Transactions
19298 GL49 – Period & Year-End Processing “Perform year-end processing individually at all System entities which maintain sets of books.” Year-End Close
19303 GL51 – Period & Year-End Processing “Support both hard and soft closes.” Year-End Close
19301 GL52 – Period & Year-End Processing “Define and maintain controls and business rules to assist with and maintain uniform closing processes across organizations.” Year-End Close
19362 GL53 – Period & Year-End Processing “Enable automatic and manual generation of year-end closing journals (e.g., income statement and balance sheet journals) based on user-configurable business rules.” Year-End Close
19330 GL55 – Period & Year-End Processing “Support the generation of financial statements.” Year-End Close
19292 GL56 – Period & Year-End Processing “Support manual and automated opening of the first accounting period in the new fiscal year.” Year-End Close
19359 GL57 – Period & Year-End Processing “Automate the reversal of prior year balance sheet journals and update balances for the new fiscal year.” Year-End Close
19361 GL58 – Period & Year-End Processing “Support all applicable GASB and FASB requirements, including updates.” Year-End Close
19357 GL71 – Inquiry & Reporting “Support for Governmental Accounting, Auditing, and Financial Reporting (GAAFR) guidelines published by the Government Finance Officers Association (GFOA) for financial statements of colleges and universities.” Inter-/Intra-Agency

Unclaimed Property


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