90.1.5 Monitor and Closeout Project

1

Review Project Financials

The Agency PC Processor will monitor Project financial activities using a variety of Florida PALM online screens and reports (see figure 11).

Corrections to project transactions must be completed within the source modules.

FCO projects will be reviewed and monitored using the 90.1.6 – FCO Certification Forward Request subprocess.

Updates or changes needed to the project budget must be completed within the Project Costing budget pages.

The Agency PC Processor is responsible for running financial reports again and reviewing after changes and corrections are complete to ensure everything is corrected.

2

Prepare for Financial Closure

The Agency PC Processor will review the Project End date to determine if the Project has expired or is nearing expiration.

If the project is expired, or near expiration, the Agency PC Processor will review financial reports to determine if the project is ready for closeout. This process includes ensuring that all outstanding receipts owed to the agency and debts owed to vendors in relation to the project, are received and fully processed.

3

Notify Agency PC Adjustment Processor to adjust for Unallowable Transactions

If unallowable charges are discovered, the Agency PC Processer will notify the Agency PC Adjustment Processor to adjust as needed.

4

Select Transaction to Adjust

If Unallowable charges are identified, the Agency PC Adjustment Processor will use the Adjust or Add transaction pages in PC to record correcting entries for original transactions that occurred in a previously closed period.

If a transaction was originally recorded in the current fiscal year and only one or more values within the PC ChartFields (PC Source Type, PC Category, PC Subcategory) need to be adjusted, the PC Adjustment Processer will use the Adjust Transaction page in Project Costing to make the update.

The PC Adjustment Processer will use the available fields to search and select the transaction to be adjusted.

5

Update PC ChartFields

The PC Adjustment Processer will record the new PC ChartField values for the selected Transaction. Upon selecting the Finish button, the system will generate a correcting entry.

6

Review the Adjustment Transactions for Accuracy

The PC Adjustment Processer will review the transactions, including the system generated reversal of original entry, and the corrected entry with the newly assigned PC ChartField values. The user will ensure the entries are correct and reflect the new values as intended.

If the adjustment is not correct, the PC ChartField values should be updated to reflect the accurate values.

7

Process Adjustment Transactions

Once the adjustment is confirmed as correct, the Agency PC Adjustment Processer will save the adjustment. This will commit the reversing transaction and the correcting transaction, where only the PC ChartFields are adjusted, to the Project Transaction table. This adjustment will not be reflected in the GL Journal Details table.

8

Create a New PC Transaction

If the original transaction to be corrected occurred outside of the current fiscal year, and correction is needed to Statewide Financial Reporting elements, such as GL BU, Fund, Budget Entity, or Category, then the correction must be completed in the original source module or through a GL Journal.

If the original transaction to be corrected occurred outside of the current fiscal year, and correction is needed to Agency ChartFields such as Organization, Grant, Contract, Project, Activity, OA1 or OA2, then a correcting entry may be entered into the Project Costing module using the Add Transaction page. This scenario would occur during closeout to adjust for agency reporting (e.g., Federal or State).

9

Record a Reversing Line

The Agency PC Adjustment Processor will record an entry to reverse the original transaction, using the original transactions accounting details and the opposite number sign for the amount.

10

Record the Correcting Line

The Agency PC Adjustment Processor will record the correcting entry to enter the transaction with the appropriate Agency ChartField values.

11

Add Additional Transaction Details

The Agency PC Adjustment Processor will record any additional information on each transaction to cross reference the correction. This information may include a journal, voucher, PC Transaction ID, or other reference.

12

Adjust Accounting Date

The Agency PC Adjustment Processor will adjust the Accounting Date on each transaction to ensure the appropriate Accounting Period is recorded.

Note: The Accounting Date within PC is independent of the GL Accounting date. Within the PC Module, an Accounting Date that references a closed GL Accounting Period is permitted.

13

Process Transactions

The Agency PC Adjustment Processor will initiate the Processing Transactions process to commit the transactions to the PC Transaction Table.

Transactions added to Project Costing will not be reflected in the GL and are for agency reporting adjustments only. A reversing transaction will not restore Appropriation or Allotment budget within the Commitment Control module but will be reflected within the CC_Proj ledger. Each transaction recorded in the PC module will be identifiable via the Analysis Type of ADJ to identify the transactions as adjustments.

14

Review and Verify Completed Transactions

The Agency PC Adjustment Processor will review the completed transactions, and verify the final entries are recorded correctly, using the online Transactions page within the Project Costing module.

15

Liquidate Remaining Encumbrances

After all Activities have been closed within the project, the Agency PC Processer should ensure that all encumbrances associated to the project are liquidated through either the PO or IU modules.

16

Close Project Activities

Prior to closing the project and marking it as inactive, all Activities must be closed. Closing Activities ensures they can no longer be used on a transaction and remove them from reports for active projects and Activities.

Agencies should have sufficient internal controls to ensure that all transactions associated with the Activity is completed prior to closing. However, an Activity may be reactivated at any time, if necessary.

17

Notify PC Maintainer to Close Project

After all Activities and encumbrances are closed, the Agency PC Processor should notify the Agency PC Maintainer that the project is ready for closing, per internal agency policy and procedures.

The agencies are responsible to ensure adequate policy and procedures are in place to determine the mechanism in which the Agency PC Maintainer is notified.

18

Update Project Status for Closeout

Upon receiving notification, the Agency PC Maintainer will follow 90.1.1 Add or Modify Project subprocess to update the Project Status to Closed. This status will update the processing status of the project to Inactive both in the PC and GL modules. The Project will no longer be available for use on transactions; however, the status may be updated at any time to reactivate the project.

N/A

N/A

N/A

N/A

N/A

R2

PCR001

Project Summary with Details Report - A custom report that displays historical summaries with drill down to detailed data for Revenue, Encumbrance and Expenditure amounts by month, quarter, and year for the life of the project.

Data Warehouse

Monthly

Agency, DFS

R3

PCR008

Project Expenditures Report - A custom report that lists project expenditures by COA ChartField combinations and includes project specific data elements.

Data Warehouse

Monthly

Agency, DFS

R4

PCR010

Budget Cost Review by Period - A report that includes budget to cost variance per each budget item per each period of the project.

Data Warehouse

Monthly

Agency, DFS

R5

PCR022

PC Unpaid Vouchers Report (WorkCenter) – A delivered report to view transactions for active projects that have a Voucher ID, but the Voucher is not paid.

PeopleSoft

Periodic

Agency

R6

PCR029

Project Transaction Report – A report that displays a transaction summary of all projects by analysis type, PC Source Type, PC Category, PC Subcategory.

PeopleSoft

Periodic

Agency

R7

PCR030

Financial Summary Report – Delivered Report that displays a transaction summary of all Activities by analysis type, PC Source Type, PC Category and PC Subcategory.

PeopleSoft

Periodic

Agency

R8

PCR033

Project Flexible Analysis Report – a delivered report that displays transactions based on Analysis Groups.

PeopleSoft

Periodic

Agency

R9

KKR008

Schedule of Allotment Balances report – Custom report reflecting recorded allotments, encumbrances, expenditures, and associated remaining balances for designated time periods grouped by designated ChartFields and ChartField combinations.

PeopleSoft

Monthly

Agency, DFS

R10

KKR018

Agency Commitments Report  - A report that provides encumbrances and payables by ChartField Combinations by budget period(s).

PeopleSoft

Periodic

Agency, DFS

R11

PCR013

FCO Certified Forward Request Detail Report - A report which includes all Projects funded by FCO Appropriations and their balances.

PeopleSoft

Monthly, Annually

Agency, DFS

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

06/27/2024

Original Version