You are on page 1of 4

Financial Closure Checklist: How to verify data and run reports prior to

checking the boxes?

Data Cleanup exercise to fix wrong COA in GL has been completed (UNDP
non cash based Projects and MSA, for any reversals of prior year transactions
please check with FPG HQ)
1. Download GL Report
(https://intra.unops.org/apps/reporting/Pages/ReptGL.aspx?Menu_ID=12)
2. Verify that all transactions have the correct COA
3. In consultation with FPG HQ, for incorrect ones, prepare GLJE to move the
transactions to the right COA
4. For UNDP-non cash based projects, no adjustment is required which affect a
closed year. Nevertheless for any adjustments to UNDP non cash based
projects, please consult FPG HQ.
Any unspent balance of funds in operational advance and / or petty cash
has been refunded to the UNOPS Local Bank Account.
1. Check that the balance under below mentioned accounts is zero
74605
74610
74615

Prepaid Project Expenses


UNOPS Prepaid Operational Exp
Prepaid Miscellaneous Expense

2. If there is a balance, it should be cleared


There are no outstanding balances against balance sheet accounts
1. Verify that there are no balances under below mentioned accounts;(refer to
Project Balance Sheet Accounts)
11015
14056
14057
14060
16065

Petty Cash
VAT/Sales Tax
Petrol Advance
Receivables Due in One Year
Prepaid Voucher Modality

2. Balance under any other account will be reviewed and cleared by FPG upon
notification from PCT .FPG will be notified for clearance of balance sheet
account once financial closure checklist is completed in PCT by RFMOs.

Advance financing account 51045 has been cleared


1. run GL report
2. balance under 51045 should be 0
3. if the funds havent been recovered, please contact the client
4. contact FPG HQ for clearance, if any.

No open A/P Vouchers (pending posting, in budget check error etc)


1. Run the below 2 reports
Data Quality - AP Voucher details
https://intra.unops.org/apps/reporting/Pages/ReptQual_APVoucher_Details.asp
x?Menu_ID=37
Make sure no vouchers are pending posting or in budget error
Data Quality - AP Vouchers not in Pay cycle.
https://intra.unops.org/apps/reporting/Pages/ReptQual_UnpaidAPVoucher_Det
ails.aspx?Menu_ID=4050
Make sure that no voucher under the project is among the vouchers which
appear under the AP vouchers not in Pay cycle report.

All deposits / contributions are received from the client as per the project
agreement. (Not applicable for non cash based projects)
1. Run GL
2. Check account 51005 that the funds are applied correctly

No AR-Direct Journals that might be in budget ERROR, i.e. confirmed but


unrecorded miscellaneous receipts
All AR journals remitted to UNOPS local bank accounts are reflected in Project GL. To
ensure no direct journals are in error or un-identified.
1. Run a report in the following link to ensure all ARDJ are applied complete and
valid budget-checked

https://intra.unops.org/apps/reporting/reports/ReptDepositErrors.aspx
This report gives you all pending local deposits where you can check the
local account.
2. Clear any exceptions.

No open POs (all POs paid or closed)


1. Run the following report for each year from the inception of the project till
closure, using the link
https://intra.unops.org/apps/reporting/Pages/ReptQual_PO_Details.aspx?
Menu_ID=38
1. Make sure that all POs have valid-budget checked and are closed

No pending GLJE (all GLJE have status posted or un-posted)


1. Run the following report using the link
https://intra.unops.org/apps/reporting/Reports/ReptNotPostedJournals.aspx?
Menu_ID=1250
2. Clear any exceptions

Allocable charges have been applied correctly


1. Make sure the allocable charges are posted in the GL for all periods. For the
last reporting period, make sure the journal for allocable charges that starts
with ALLOC appears in your GL
2. If not, it may be assumed that no transaction occurred / no allocable charges
are posted. Then, contact FPG HQ. If there are expenses recorded in a quarter
then there should be allocable charges booked as well.

The quarter in which the last transaction incurred is closed


The Chief of Accounts in FPG HQ informs all RFMOs when each quarter is closed.

All payroll charges have been posted


Run the following Project Payroll Report to ensure all payroll charges are posted to
the project. The report provides amounts for each month and if the charges for any
of the month are missing, please contact FPG HQ.
https://intra.unops.org/apps/reporting/Pages/ReptPayroll.aspx?Menu_ID=22

Correct Management Fee is calculated for each year and overall


1. Check in the GL that the management fee applied to the project is according
to the agreed rate as per the project agreement

Interest income is allocated as per the agreement with the Client


1. Run GL and check account 53060 , 53045 and 21030
2. Interest posted to Account 21030 will be refunded and is not for project use.
3. Interest was allocated on a yearly basis until Y2011. However, starting Y2012
Interest is posted on quarterly basis whenever possible.