Review the following information and/or complete the following steps before you begin the Finance EOY closing process.
Term | Description |
---|---|
CYR payroll frequency | Current year payroll frequency in Payroll. |
June Year-End (early fiscal year) | A Finance fiscal year that runs July through June. |
Export | A backup file of data as it stands at the time it is exported from the system. Export or backup files can later be used to restore data to its original state at the time of extraction. |
File ID C | Current year file ID in Finance. |
Historical file ID | Refers to any prior year file ID that is not the current year file ID. |
LEA (Local Education Agency) | Refers to the educational entity (e.g., charter, district, etc.). |
NYR payroll frequency | Next year payroll frequency in Payroll. |
August Year-End (standard fiscal year) | A Finance fiscal year that runs September through August. |
EOY Processing Flowchart (prints separately)
IMPORTANT
Consider the following information when closing the fiscal year:
❏ Will you select to increment or continue funds on the Fiscal Year Close utility?
❏ Review each action and the related tasks to assist in making your decision.
Note: For continuing funds, verify that there is not a balance in the Budget offset account (e.g., 3700) prior to running the Fiscal Year Close process. If there is a balance prior to running the process, the fund will be out-of-balance by the amount from the Budget offset account.
Continuing Fund | vs. | Increment Fund |
---|---|---|
Continuing funds are funds that will be continued into the new fiscal year (i.e., funds maintaining the fiscal year even after the LEA begins the new fiscal year). If a fund is continued, the following actions are automatically completed when the Fiscal Year Close utility is processed:
• The 1XXX-4XXX account balances are carried forward (the Carry Forward Balances field is automatically selected).
| Incremented funds are funds that will be incremented in the next fiscal year (i.e., funds that will change their fiscal year at the same time that the LEA’s new fiscal year will begin). The increment option is not available if the incremented fund already exists. For example, in September 2023, funds 211/3 and 211/4 already exist; therefore, 211/3 can only be continued or deleted. If a fund is incremented, the following actions are automatically completed when the Fiscal Year Close utility is processed:
• The fiscal year is incremented on credit memos.
The following are optional:
• Carry Forward Balances
|
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