Statewide Accounting Newsletter Highlights and Preparation Tips for Upcoming Year
Statewide accounting newsletter shares updates on SAAM transitioning to WAAM, year-end close for FY24, and tips for preparing for the next fiscal year. It emphasizes proactive measures like clearing inactive funds, monitoring error reports, and completing balance sheet reconciliations. Additionally, insights on SBCTC System Accounting for FY25, including office moves, grant announcements, and system changes, are discussed.
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Presentation Transcript
One Washington Statewide Accounting newsletter https://ofm.wa.gov/sites/default/files/public/a ccounting/ConnectionNewsletter/Fall24.pdf SAAM changing to WAAM Status of go-live Attestation is still a thing of the future (Near? Maybe / maybe not?)
Year-end close for FY24 The good the bad and the ugly Wins We did close and OFM accepted our data before the very last day (first time in a long time) Direct loans were recorded better OFM exception reports were significantly less than previous years Need to work on Follow cut-off / due date requirements Addressing cleanup work timely rather than at YE Not using reports and tools that are available Not having enough staff to get things done timely
What can we do to prepare for next year? Don t procrastinate! Make sure you have cleaned up all inactive funds / ai s Watch your error reports monthly (and do the fixes) Complete balance sheet reconciliations What will cut-off s look like for closing next year knowing that we will eventually be going live with One Washington?
What is on the agenda for SBCTC System Accounting for FY25? State Board offices have moved Reconciliation help on Thursdays at 10am New grant from NOAa Rumors about travel rules Best Practices One-time suppliers One-time customers Where are we with CLAM (accounting) and sPAM (payroll) https://www.sbctc.edu/colleges-staff/programs-services/accounting-business/ System changes: Control Accounts New journal types SF account changes Asset value changes
