COST REPORTING

Actuals and estimations of final costs for the period being reported must be reflected as accurately as possible for every budget line item. See Period Closing section below for specifics. Please reach out to the FES Production Finance Executive with any questions regarding cost reporting.

Weekly Cost Report calls will be scheduled by FES Production and include FES Production Finance and the Post-Production Executive. Cost reports, trial balance, and general ledgers are required in advance of all cost report calls.

The following reports must be submitted to FES:

• Cost Report (INSERT APPENDICES LINK HERE TO A13.3) - Comprised of both summary and detailed reports (which include actual payroll from all prior weeks). Provide both a .pdf version and an excel version of the cost report. The excel version must be an initial .xlsx file exported from the accounting software and not a .pdf converted into .xlsx.
• Trial Balance/Balance Sheet - Showing assets, liabilities, and negative costs that tie to the Cost Report. These are due upon request as well as final delivery.
• General Ledger Report - A full General Ledger "bible" is to be submitted with all Cost Reports as requested. 

Deadlines are as follows:

• Initial Cost Report and General Ledger – DUE: Final prep week or earlier if requested.
• During Principal Photography – DUE: Weekly on designated day set forth by FES.
• Post – DUE: Bi-Weekly starting two weeks after wrap.
• Final – DUE: Once all work is complete from Producer.

Upon request, Producers must supply an open Purchase Order detail, and Check Register detail.

DELAYS IN SENDING COST REPORTS MAY RESULT IN DELAYS IN PRODUCTION FUNDING OR FINAL PAYMENT TO PRODUCER.

Should the production receive or spend funds from FES in multiple currencies, please discuss with the FES Finance and Production Executive on how to set up the cost report.

PERIOD CLOSING 

Please consult with your FES Production Executive on your closing periods and your payroll periods. 

Unless otherwise agreed, it will be assumed that Cost Reports will be generated weekly after period closing. 

BANK RECONCILIATIONS 

Signatures are required for all production payments. Either the Producer, UPM, or Production Accountant must sign. 

All bank statements need to be reconciled monthly. The bank reconciliation must be submitted to the FES Production Finance Executive upon request and upon complete delivery.

ASSETS AND KIT FEES

• Generally, hero props, wardrobe, etc. should be kept until picture lock, then sold as a savings forproduction. Non-hero, non-descript background items can be sold immediately.
• Employees renting kits to production must provide a list of equipment included in the kit. 
• Any payments for services rendered or rentals greater than $600.00 per year require that a 1099 is provided to the payee.

JOURNAL ENTRIES

Reclassification of any amount from one account to another should be done via journal entry to track changes and a log of journal entries showing a paper trail of changes should be maintained with the production’s books.

Additionally, journal entries should always be made to record production advances from FES to Producer, debiting the cash account and crediting production advances, correcting accounting errors, and actualizing FES direct paid costs. The production advances account should always match the amount received in funding from FES or instruments utilized by FES for funding (loans, etc.). In the case of co-productions where funding is received from multiple sources, these should be segregated by source to tie to the amounts funded from the various sources.

PETTY CASH & P-CARDS

FES allows P-cards to be used for petty cash purposes. The vendor needs to be approved by your lead Production Executive. If required prior to budget greenlight, please ask your Production Executive, who will approve and source this. 

During pre-production, the accountant must submit a list of who might need a P-Card for FES Production and Post Executive approval. 

P-cards must be reconciled weekly with the Production Accountant. 

All receipts submitted for reimbursement must be originals. Copies should not be accepted. Production is responsible for securing all petty cash in a secure location. Any cash distributed must be signed for by the individual receiving it. 

Petty cash advances should not be expensed when provided, but rather they should be booked to the Balance Sheet and journaled into expenses after receipts are submitted. When cash is advanced from one person to another, that portion should be shown as an advance to the recipient, reducing the amount of the first person’s advance. One person should not submit receipts for someone else’s cash advance. 

PURCHASES REQUIRING APPROVAL

The following items are not valid for payment without prior written approval of the FES Production Executive. 

• Alcohol and/or tobacco
• Gifts
• Handwritten receipts and credit card statements
• Meals for those receiving per diem
• Prescription drugs
• Wrap party