Accounting Procedures Handbook

12 LIABILITIES f. Utilizing G/L Accounting System data for Accounts 1P130 and 1V220, prepare the BC/ BS liability and fixed charges spreadsheet and forward to the Comptroller for review. 4. LONG TERMDEBT A. General Procedures Performed by Employee Benefits Analyst 1. Accrued Attendance Incentive Stipend (prepared annually): a. Retrieve previous year’s file and spreadsheet. b. Review negotiated agreements for any changes affecting the benefit of the various bargaining units. i. Unit 1- See section 14.08 of contract ii. Unit 2- See section 5.5 of contract iii. Unit 3- See section 9.09 of contract c. Employees retiring after at least 15 (unit II & V) or 20 years of service with accumulated sick leave exceeding the balances and meeting other contract criteria. i. Unit I - paid $25 for over 150 days ii. Unit II - paid $40 for over 200 days iii. Unit III - paid $20 for over 150 days (10-month employees) iv. Unit III - paid $20 for over 200 days (12-month employees) d. Obtain database file for attendance stipends. A separate file is run for each Unit. e. Request number of employees for each Unit from Human Resource database – Employees by Job Classification. Update Database sheet. f. Obtain the "Stipends Paid during current FY" spreadsheet from Payroll. Copyfile into spreadsheet. g. Copy imported information by Unit into appropriate sheet. Revise formulas as needed. h. Update Accrual sheet in Excel file for total employees, paid employees and average stipend paid. i. Using the G/L Accounting System, update spreadsheet with attendance stipends paid for the fiscal year. Confirm that paid amount is flowing to the accrual sheet by formula j. Review average values and input estimate for current liability. k. Complete summary page & review for reasonableness. l. Prepare journal entry via BusinessPlus workflow for approval by Comptroller. 2. Accrued Compensated Absences (prepared annually) a. Retrieve previous years file and Excel spreadsheet. b. Review negotiated agreement for any changes affecting the benefit. c. Update Accrual sheet in Excel file of beginning balance d. Using the G/L Accounting System, update spreadsheet with compensated balances paid for the fiscal year. Confirm that paid amount is flowing to the accrual sheet by formula. e. Obtain report “Value of Benefit Days” from Payroll. Copy last page. Input total into Historical data sheet. f. Review average values and input estimate for current liability. g. Complete summary page & review for reasonableness. h. For final Year End calculation, prepare journal entry and submit for approval via BusinessPlus workflow.