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HomeMy WebLinkAboutCoHnect News email 10.01.25CoHnect News email 10/1/25 Aloha Everyone! Please be sure to read to the bottom of this CoHnect News so you do not miss the important announcement related to the attached GASB template. “CoHnect with Us” Tuesday Talk Below is a summary of the “CoHnect with Us” Tuesday Talk for 9/30/25. 9/30/25 Zoom Recording 1. GL Issues: Timing issue causing duplicate expenditures a. In the GL, expenditures are not clearing in a timely manner. b. This is causing a duplicate expenditures effect, thus impacting account balances and putting them into an overdrawn state. c. CherryRoad is working to address this issue. d. Contact Jon Arbles or Reid Sewake to assist, should you encounter overdraft errors or fund check errors. 2. Budgetary Control issue: a. Some are experiencing the issue of not being able to drill down to the itemized details. b. Troubleshooting ongoing. 3. Payroll update: a. Parallel Testing is ongoing. b. Full payrolls being run through Test site and comparing gross and net results to Eden. c. Fixes are being applied as issues present themselves. 4. Payroll Testers UPDATE a. A few payroll testing scripts were missed during Phase 1 of testing. b. Invite from Reid going out for the October 7 presentation of CherryRoad going over these test scripts at 10:30AM. c. Please attend if you can. 5. QBE Functions in CoHnect Demo CoHnect QBE Cheat Sheet.docx 6. Reminders Regarding Year-End Closing: Please submit Accounts Payable and Retention Liabilities and Single Audit Reports to Reid as soon as you can. Announcement GASB statement No. 87 We will once again be collecting information on all leases, where the County is the lessor or lessee (e.g. copiers, equipment, real property). This information is needed for Governmental Accounting Standards Board (GASB) 87, pertaining to leases. Attached you will find an excel spreadsheet to be filled in with the required information for all leases in effect for FY25. Please highlight the updates from the previous year (e.g. new or cancelled leases in FY25) and submit electronic copies of the related lease(s) for the updates only. The lease copies should only include the portions that would document the information listed on the spreadsheet and not the entire lease agreement(s). Please submit the spreadsheet and related copies to Reid Sewake no later than COB October 15, 2025. GASB statements No. 94 and 96 GASB statements No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements and No. 96, Subscription-Based Information Technology Arrangements were first released for Fiscal Year 2023. We are reaching out to see if any of your agreements are applicable to these GASB statements for Fiscal Year 2025. Please review the scenarios below and let me know if your Department or Agency has any agreements that are applicable. First, is GASB Statement No. 94, Public-Private or Public-Public Partnership Arrangement (PPPS). The County could be either party in the agreement (transferor or contractor). A PPP is an arrangement in which a government (the transferor) contracts with an operator (a governmental or nongovernmental entity) to provide services by conveying control of the right to operate or use a non-monetary asset, such as infrastructure or a capital asset in exchange for payment. 1. However, if the relationship meets the definition of a lease, which is that the contract conveys control of the right to use another entity’s non- financial asset (the underlying asset) for a period of time, then it should be reported to as part of GASB 87 leases 2. If you believe that you have such an arrangement (better to assume that you do than to assume that you don’t), please REPLY to this email so that it will have the proper subject line and include a short summary of the key terms (such as asset involved, payment terms, term of arrangement and any other critical information) and a copy of the executed agreement in place during the period of 7/1/24 to 6/30/25. Second, is GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITAs). A SBITA is defined as a contract that conveys control of the right to use another party’s information technology software. 1. The subscription term includes the period during which a government has a noncancellable right to use the underlying IT assts. The term also includes periods covered by an option to extend (if it is reasonable certain that they government or vendor will exercise that option). 2. Don’t include arrangements already reported as a lease under GASB 87 3. If you believe that you have such an arrangement (better to assume that you do than to assume that you don’t), please REPLY to this email so that it will have the proper subject line and include a short summary of the key terms (such as asset involved, payment terms, term of arrangement and any other critical information) and a copy of the executed agreement in place during the period of 7/1/24 to 6/30/25. Please respond to me for your entire Department/Agency regarding both GASB statements above by COB, October 15, 2025.