From:	C.D. Crepps
To:	Department Contacts
Cc:	Finance Office
Subject:	year-end special accounting, part 2 of 2
Sent:	THU,JUN20@3:49PM

GREETINGS,

Hope all is well. We are still preparing for year-end and appreciate all the support!

This reminder message is specifically for staff that may assist in the department’s purchasing processes. Please forward to other appropriate staff that may need to receive this message.

I will be periodically broadcasting information to all of you via email, yet please do not hesitate to contact me by phone or email if you should have any questions or concerns for me about what is communicated.

SPECIAL ACCOUNTING
In preparation for our fiscal year-end and extra information needed, please see actions described below. Three areas of concern are:
      a. payments to make
      b. payments to receive
      c. other special accounting
      d. unused postage and other prepaid amounts
      e. inventory stock of supplies, materials, fuel, or other items

The subject of this message includes parts d and e from the above list. The remaining items were discussed in a separate email sent a few weeks earlier.

Forward all this information described below to me. This information will be among many other items that we will share with the financial auditors.

D. YEAR-END UNUSED POSTAGE AND OTHER PREPAID AMOUNTS

- EITHER LATE ON JUNE 28 or EARLY ON JULY 1 -
In preparation for year-end, special year-end accounting is needed for items paid in advance (considered prepaid amounts). For example, postage is added to postage meters prior to postage being used. This postage is being prepaid (or pre-funded). If you have a postage meter, an account with the postmaster, or any other account with a “prepaid” or unused balance, please make adequate preparations to take steps on either late on June 28 or early on July 1 to document that balance of prepaid amounts.

If you have a postage meter, an account with the postmaster, or other account which includes monies advanced to pay for future postage or other expenditures, printout a report showing the unused balance as of the end of day on June 30. Send this report to me (chris.crepps@montgomerycountync.com). This report should include all additions to the postage meter or account through June 30 and all uses through June 30 and should exclude any activity after June 30.

For a report from a postage meter, we recommend that you either 1) generate this report label late on June 28 and avoid using any more postage until the first business day of the new fiscal year OR 2) avoid using any postage after the last business day of the old fiscal year until after generating this report label early on July 1. The report label from the postage meter should show "current funds available" or a similar referenced amount. For an accurate June 30 balance, these are the best times to generate this report.

On accounts with the postmaster or any other business wherein you pay in advance of the amount being used, you should get a monthly or quarterly statement on a regular basis. If you don’t have a monthly or quarterly statement for June 30, you’ll need to request one that shows the unused balance as of June 30. An example of an account with the postmaster is likely one wherein payments are made in advance, then the postmaster deducts amounts for mail addressed to your department yet postage is insufficient, to ensure mail is delivered timely to your department.

In addition to the balance, an activity report is also needed. Year-end reports on these prepaid (or pre-funded) accounts should also include all additions to and deductions from the account since the previous June 30 (from June 30 of last year to June 30 of this year).

E. YEAR-END INVENTORY STOCK OF SUPPLIES, MATERIALS, FUEL, OR OTHER ITEMS
Also, special year-end reporting is needed for items kept in inventory or stock. If you have any items in inventory or stock, you should be recording and tracking items being added and being removed from the inventory or stock. Please send reports showing the beginning list at the end of day on June 30, 2018, the additions during the fiscal year, the removals during the fiscal year, and the ending list at the end of day on June 30, 2019. Each list should have values such that the value of the beginning list, plus the value of additions, less the value of removals, equals the value of the ending list.

CONTACT ME
I am available for one on one discussion and will gladly assist you in any way necessary. We appreciate your time and cooperation with handling these special matters.

Best regards,
--CD