5/6 - Associated Student Body Year-End Close Procedures

TO:                  Principals, Elementary School Assistants, and Financial Clerks

FROM:             Jodie Macalos

DATE:             May 1, 2017

SUBJECT:         ASSOCIATED STUDENT BODY YEAR-END CLOSE PROCEDURES

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The end of the 2016-17 school year is quickly approaching and it is very important to follow some general guidelines for closing the books of the Associated Student Body (ASB).  Below is a list of the items required to properly close the books for both elementary and secondary schools.  (Inventory Template)  (Reconciliation Checklist)

 

  1. Complete the monthly reports for May as outlined in Administrative Procedure #2250, Student Body Bank Reconcilement, and Administrative Procedure #2251,  Elementary/Secondary Student Body Monthly Statement/Trial Balance.  In addition, attached is a list of suggested items for the monthly reconciliation process.  Retain all reports at the site for audit inspections.

 

  1. Write-off any ASB checkswhich have been outstanding for over six months.  Prepare a journal voucher to write-off these stale dated checks by returning the funds to the original account that was charged for the expense.  In order to track the checks written off, please create a log in Excel file format including the fields noted below.  Throughout the 2017-18 school year, please note any stale-dated checks which were reissued by entering the reissue date and reissue check number.   

 

School Name

Check No.

Date

Amount

Payee

Reissue Date (if applicable)

Reissue Check No. (if applicable)

 

  1. Prepare a check on June 14, 2017, payable to SDUSD to transfer the balance from the Damaged/Lost Instructional Materials and Library Fines accounts (Administrative Procedures #2165 and #2170).  It has been recommended to have four accounts so that funds collected are not commingled.  The four accounts are: 
  • Library Fines
  • Collections for Damaged or Lost Instructional Materials - Centrally Purchased
  • Collections for Damaged or Lost Instructional Materials - Site Purchased
  • Collections for Damaged or Lost Instructional Materials - ITSS Instructional Materials

Please send the check along with the District Daily Remittance Advice, listing the appropriate budget number that is used for purchases (e.g., textbooks, library books, etc.), should be sent to the District Cashier, Fiscal Control Department, Education Center, Room 3251.  A small balance should remain in the Damaged/Lost Instructional Materials accounts to be used for refunds when school reopens in the Fall 2017.

 

  1. Clear all balances in the clearing accounts by issuing a check to SDUSD by June 14, 2017.  Examples of the clearing accounts are Football Gate Receipts, Basketball Gate Receipts, CIF, Cash Over/Short, Use and Sales Tax Payable, JROTC Government Reimbursement, AP Exams, PSAT Exams, ID Cards, Transcripts, General Clearing, etc.   The clearing accounts should always net to zero at the end of the fiscal year.  Send the check to the District Cashier payable to San Diego Unified School District with a copy of the “District Daily Remittance Advice” requesting funds be appropriated to the account indicated.

 

  1. Trust account balances for clubs that have been disbanded or inactive for one year are to be identified and provided to the student council and principal or designee for review.  After the club has been notified and per the direction of the student council and principal or designee, the accounts are to be closed and any remaining funds are to be transferred to the Transfer of Dormant Account (4000).  The transfer must be recorded in the minutes of a student council meeting.  Please refer to Administrative Procedure #2225, Administration of Student Body Funds.

 

  1. The QuickBooks Online Program will automatically close ASB income accounts (4000s) and ASB expense accounts (6000s) into the Income and Expense Summary account (3900) at the end of the fiscal year.

 

Note:  Upon return from summer school or intersession, prepare and record a journal voucher dated July 31, 2017 to close the Income and Expense Summary account (3900) into the ASB General account (3000).

 

  1. Send second quarter sales tax and/or use tax reports by July 10, 2017 to DeAndra Green, Financial Accounting Department, Education Center, Room 3244. 

 

  1. If applicable, send pink copies of the ASB Consultant Forms and Official’s Fee Request Forms prepared since January 1, 2017 to the Accounts Payable Department, Education Center, Room 3141, Attention: Nancy Picone.  If you have already sent in the pink copies of ASB Consultant Forms and Official’s Fee Request Forms, please do not duplicate.

 

  1. Athletics Reimbursement claims are to be mailed to the Accounts Payable Department by June 9, 2017 and the Athletic Clearing Account(s) must be cleared.  Attached to this memo is a Word file that is to be used in preparing the athletics reimbursement claims.  The Fiscal Control Department can deposit these checks over the summer.  Please provide a deposit slip and inform the Accounts Payable Department that Fiscal Control Department will be making the deposit for you. 

 

  1. All 2016-17 ASB invoices must be paid, however, if there are unpaid invoices prepare a journal voucher to record the payable amounts; debit the appropriate accounts and credit Accounts Payable.  Please prepare an Accounts Payable schedule with the information noted in the table below, for liability payments due as of June 30, 2017.  The total on the schedule should agree with the total reported on the trial balance and balance sheet.  Please retain the Accounts Payable schedule for audit purposes.  For sites that pay for Blue Bear services, please ensure the renewal bill will not arrive during the summer to prevent your services from being discontinued or lost.  Please send a copy of the Accounts Payable schedule to DeAndra Green in the Financial Accounting department.  Please note that the accruals should be reversed as of July 1, 2017.

 

School Name

AP Vendor

Invoice Date

Amount

 

  1. For any money owed to the ASB and not received by the close of school, an Accounts Receivable account should be opened in the asset section.  Prepare a journal voucher; debit Accounts Receivable and credit the appropriate revenue accounts.  Please prepare an Accounts Receivable schedule with the information noted in the table below, for money owed to the ASB as of June 30, 2017.  The total on the schedule should agree with the total reported on the trial balance and balance sheet.  Please retain the Accounts Receivable schedule for audit purposes.  Please send a copy of the Accounts Receivable schedule to DeAndra Green in the Financial Accounting department.  Please note that the accruals should be reversed as of July 1, 2017. 

 

School Name

AR Customer

Invoice Date

Amount

 

  1. A physical count of inventory for ASB Stock/Store must be done by the ASB and filed in the Financial Office before leaving for the summer break.  Prepare a journal voucher to adjust the inventory account balances in QuickBooks.  Attached is a file that can assist in the inventory calculations.  Please refer to Administrative Procedure #2360, Inventory of Student Body Merchandise. 

 

  1. For High Schools: Per Site Operations Circular #1026, send checks for Advanced Placement (AP) fees and/or International Baccalaureate (IB) fees to the District before June 14, 2017.

 

  1. Change funds are not required to be deposited, however, please reconcile your change fund and safeguard the money in a safe.

 

 

  1. Year-round schools must complete the June 2017 bank reconciliation(s) before leaving for the summer.

 

  1. Upon posting all activities for June, prepare and retain at your site the following:

 

A.      Trial Balance

B.      Pink copies of June Student Body and District Funds Receipt or daily sales report with adding machine tape total

C.   Journal Vouchers

D.   Pink Deposit Slips

E.      Balance Sheet

F.       Profit and Loss

G.     Inventory count of ASB and club/shop account materials for sale (Administrative Procedure #2360)

H.     Student Body Preliminary Budget for the 17-18 School Year (Administrative Procedure #2227).

 

17.  Complete the following and file with your accounting records:

 

List of unused Student Body and District Funds Receipt

 

      From Receipt No. ____________     To Receipt No. ____________

 

            List of unused Supplementary Receipts (Middle and High Schools)

     

      From Receipt No. ____________     To Receipt No. ____________

 

      List of unused Student Body Checks

     

      JP Morgan Chase ASB Checks No. ____________   To No. ____________

     

18.  Advise your Principal where the ASB accounting records are located and, if in a locked area,where the key can be found.

 

Complete the above items and retain all information at your site for audit reviews. 

 

Only copies of the June 30, 2017 bank reconciliation(s) and bank statement(s) (includes checking, savings accounts, investments, etc.) must be completed and forwarded to DeAndra Green, Financial Accounting Department, no later than Friday, September 8, 2017.                                  

If you have any questions, please call DeAndra Green at (619)725-7742. 

 

 

Thank you.