Year End Close Workshop May 14, 2018 Afternoon Session 1:30 PM - - PowerPoint PPT Presentation

CITY & COUNTY OF SAN FRANCISCO

Office of the Controller & Office of Contract Administration

Year End Close Workshop

May 14, 2018

Afternoon Session 1:30 PM

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Agenda

• Reporting
• Retention & Escrow
• Joint Check
• Construction in Progress Process & Capitalization
• Project Background
• Relate Projects to Assets
• Assign Transactions to Assets
• Asset Management
• Place Asset into Service

Reporting

• Report Examples --

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Reporting

Trial Balance List of Cash Accounts & Details Equity in deposits & investment details Operating & Non-Operating Expense Details Payroll Expense Details Operating & Non Operating Revenue Details Inventory details by product/item Workers Compensation and General Liability Claim Details List of Draws Accounts Receivable Details List of federal and state/local contributions List of Capital Assets (includes beginning assets for all years) List of Capital Assets end of year List of Capital Assets Additions List of Capital Asset Transfers List of Capital Assets Disposals List of Capital Assets Depreciation Schedule of Prepaid Expenses Accounts Payable and Accrued Liabilities Schedule Cash Register Subsequent to Year End New Hires and Terminations during the Year All enrolled members as of year end

• Trial Balance (nVision)

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Reporting

• Payroll Expense Details

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Reporting

• Payroll Expense Details

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Reporting

Retention on Converted POs

Job Aide: Data Cleanup – Retainage/Liens

• Job Aide –

 https://sfemployeeportalsupport.sfgov.org/support/home Procurement Purchase Orders Data Cleanup Only: Retainage/Liens

• All retention lines have been closed or cancelled other than a few POs with

budget check errors.

• Retention lines cancelled will need a contract clean-up
• For converted retention still needs to be paid, departments should use direct

vouchers using the account codes (e.g. Retainage Payable) listed in job aide

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Retention on Converted POs

Retention

Construction/Contract Payments

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Retention

Establishing Retention 1.

• 1. Set up retention using Payment Term ID in Procurement

Contract and/or PO

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Retention

Establishing Retention

• 2. When making payments, PS populates Payment 1 for regular payment

and Payment 2 for retention. Make sure to “Hold Payment” for Payment 2.

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Retention

Establishing Retention

3.

• 3. Record a journal entry in GL module to reclassify retention from Voucher Payable to

Retainage Payable. Put Voucher ID in “Open Item Key” field for tracking.

Account PS Account Code Debit Accounts Payable 200002 Credit Retainage Payable 200040

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Retention

Releasing Retention

• 4. When ready to release the retention, uncheck “Hold Payment” for Payment 2 and

change the Scheduled Due date to the desired payment date.

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Retention

Releasing Retention

• 5. Reverse the journal entry that reclassified retention from Voucher Payable to

Retainage Payable Acco count unt PS Acco count unt Code de Debit bit Retainage Payable 200040 Credit dit Accounts Payable 200002

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FAMIS Code FAMIS Descrip ription tion FSP Account

• unt

FSP Account

• unt Descrip

cription tion 204 CT RETAINED PERCENTAGE IN ESCROW 200030 Retainage Payable‐Escrow 204PWZ001 DPW CT RETAINED PERCENT IN ESCROW 200030 Retainage Payable‐Escrow 205 CONTRACTS PAYABLE RETAINED‐CCSF 200040 Retainage Payable 243 LIENS PAYABLE 201670 Liens Payable

Selection of Retention / Escrow Account Codes

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Escrow

Paying Contractor & Third Party (Escrow)

Pay contractor using Payment 1. Add a pay line (Payment 2) to pay the escrow. Make sure to change the Remit To field to the supplier ID for the escrow bank.

Joint Check

• In the

e event vent that at a payment yment must t be made de throu

• ugh

gh a joint nt chec eck to to both th the e primar mary y and nd the e sub b contr tract ctor

• rs,

s, the depar artment tment shou

• uld

d follow low the e steps teps below:

• w:
• 1. Department submits a joint check Supplier ID request with the sub-contracter’s legal

name to the Supplier Management Team (“SMT”).

• 2. SMT adds an address (with “Joint Check” as the description) with the alternative name

being the sub-contractor’s name.

• 3. When making the voucher payment, the department should select the address that

says “Joint Check”.

• The check will be printed with both the prime contractor and sub-contractor’s

names.

• 4. Department requests the Cash Disbursement team to hold the check and arrange

pickup.

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Joint Check

Construction in Progress

Process & Capitalization

Andrea Gremer

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CIP

Objectives

By the end of this session, participants should understand the flow of transactions through project costing (and the appropriate analysis types) to Asset Management for capital project capitalization.

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Project Background

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CIP

Project 10030450 - PW MTA Fac MME Phase 2

Transaction List

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CIP

Project 10030450/Act 0003 - Transaction List

Total $2,318,504.69

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Relate Projects to Assets

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CIP

Define Asset in Project Costing

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CIP

Relate by Asset

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Assign Transactions to Assets

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CIP

Assign Transactions

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CIP

Assign Transactions

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CIP

Assign Transactions

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CIP

Assign Transactions

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CIP

Assign Transactions

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CIP

Once Transactions are Assigned

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Interface, Interface, Interface

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Asset Management

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CIP

Asset Cost History

Summarized by Chartfield

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CIP

Line Item Chartfields

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Place an Asset into Service

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CIP

Recategorize an Asset - Cost

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CIP

Update Category from CIP

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CIP

Check Your Work – Review Cost

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CIP

Update Depreciation Attributes

Same date as recategorization

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Capital Assets Details Report

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CIP

Report – Capital Asset Details

Reporting Tools > Query > Query View

• Report Name: FSP_AM_CAPITAL_ASSET_DETAILS

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CIP

Report – Capital Asset Details

Enter Start Date / End Date / Dept