Closedown Bulletin 13:- March Supply Costs (2)
Posted on 2 May 2014 by education.finance
There appears to be some confusion over how to treat the supply entries in FMS.
If your trial balance does not match up with the latest finest reports that you will have downloaded from the SecureNet finance reports community you will need to check which supply codes are different and using the voucher report identify the amounts that are missing from your old year FMS.
You will need to enter a reversing journal in FMS on the relevant codes with the contra entry on CRED
In the old year
1) Focus, General Ledger Manual Journal processing.
2) Add journal and choose reversing.
3) Narrative end of year supply entries
4) Select reversal year as 2014, the old year month as 12 or 13 depending on whether preliminary closedown has been run and the reversal period as month 1 in 2014.
5) Finish the journal template and then add the relevant ledger codes as debits
When you have entered all the missing debits on the supply codes you will then need to add a line which credit off the full amount of the journal on the code CRED.
Once the journal is balanced you will then be able to Save and post the journal.
You will then need to reconcile the supply entries in 2014 that are currently sitting on the suspense file
If you are changing your cost centre structure in the new year enter the entries in the old year as direct central payments and in the new year enter the reversing credits as a direct central payment with a minus sign in front of the amounts.
If you have any queries as to how to deal with these entries please contact your Babcock Finance consultants.
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