Fiscal Year-End Supporting Detail Instructions – FY08

ABS needs your assistance in providing supporting details on the fiscal year end request document(s) that were sent out by email on Monday, July 21, 2008. This information is needed for inclusion in the fiscal year-end workpapers that must be submitted to the external auditors. This year, we changed the process from paper forms to electronic Excel files for ease and efficiency.

1. Program/Project Fiscal Managers for FOPPS that have balances in accounts that requires supporting details will receive an email with attached Excel files requesting details in support of those balances. If you receive more than one email, they are not duplicates—don't delete them! The number you receive depends on how many different account types have a balance for which you are responsible. Each Excel file contains one or more account code for that account type (A/R, Allowance for Doubtful Accounts, Unearned Revenue, Deposits Held in Custody).

2. Each Excel file displays a Contact name. This name reflects the current Program/Project Fiscal Manager. If this name is wrong, please do not correct it on the spreadsheet. Instead, send a separate email correction to accounting@colorado.edu. (In cases where the Manager position was vacant, the email was sent to the Program/Project Fiscal Principal.)

3. If you have more than one FOPPS with a balance in a particular account code, each FOPPS will be listed on a separate row on the same spreadsheet for that account code. Each row displays the Balance amount taken from the Balance Sheet Detail statement as of June 30, 2008.

4. Enter detail information directly on the spreadsheet from your monthly statement data or internal records that support the Balance for each FOPPS. Note: You will have to insert enough rows beneath each FOPPS row to accommodate the number of records for that FOPPS. (How to insert rows in Excel.)

5. If your support documents do not total to the Finance System balance, prepare an adjusting entry in the new fiscal year to correct the account balance to your detail. Please make a note of this on the spreadsheet and provide the JE details (journal ID & date).

6. Enter the name of the person who prepares this information on the Preparer line at the top right of the worksheet.

7. Further instructions for each supporting detail worksheet appear below. You may not receive all of them—only those of yours that have account balances.

Accounts Receivable

In the top Receivables section, list the transaction date, names of individual customers, and dollar amounts that they owe to you as of June 30, 2008.

In the bottom Write-Offs section, list the transaction date, names of individual customers, and dollar amounts that were written off during this fiscal year (7/1/2007 – 6/30/2008). Remember to provide ABS with the Central Collection Services’ (CCS) approval for your A/R write-offs. If no write-off activity occurred in this year, please indicate that on the request document.

Important Notes:

1. If you received a request for details for Account 012901–AR-BRS RECEIVABLE and need assistance, please contact the Bursar Accounting Control Office. brs.accounting@colorado.edu. Or call Somchanok Sitchawat 303-492-6483 if you have questions.

2. Please disregard account code 012701–AR-CU FOUNDATION. There are no supporting details required from departments on this account.

Allowance for Doubtful Accounts

Provide detail information for additions, write-offs, and recoveries during fiscal year 2008. The ending balances of allowance are shown on the request document.

Unearned Revenues

Include a statement to explain the unearned revenues activities and the methodology used to calculate the balance.

Deposits Held in Custody

Please email the completed documents to accounting@colorado.edu by Friday, August 1, 2008.
If you prefer, you may print and send the documents via campus mail to the address below.

If you keep your records in your own Excel worksheet, you may send those in place of those sent to you by ABS. Verify that it reconciles to the Balance and be sure to include the FOPPS/Account Code combination.

Feel free to call your area accountant if you need any help in finalizing the support detail or have questions. Please send any paperwork or hardcopies to ABS – Diana Vidal, 579 UCB.

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