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general:financeeoyprocess:beforeyoubegin
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Review the following information and/or complete the following steps before you begin the Finance EOY closing process.

Terms:

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 Fundvs. 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).
• The 5XXX-8XXX account balances are created (the Create 5XXX-8XXX field is automatically disabled).
• The budget amounts that match the ending balances in the historical file ID are set up for the 5XXX-8XXX accounts. For example, if only $8,000 of a $10,000 grant has been received, then the difference of $2,000 is established as the estimated revenue.
• The difference between revenue and expenditures will post to the Obj.Sobj in the Actual Fund Balance Obj.Sobj field on the Finance > Tables > Account Codes > Fund tab.
• In the new historical file ID, accounts are inactivated for all continuing funds. Incremented funds remain active.
• Only purchase orders that include continuing funds are re-encumbered. Purchase orders that are split-funded and include funds where the fiscal year is only being incremented will be deleted. For example, if a purchase order is split between 211 (continuing fiscal year) and 199 (incremented fiscal year), then you will have to re-enter the purchase order in the new file ID.
• Be aware that purchase orders containing continuing funds will be displayed in both the historical and new current file ID but should be paid in the new file ID.
• The fiscal year is not updated on credit memos.
• The fiscal year is not updated on outstanding Accounts Receivable invoices.
• The fiscal year is not updated on payroll and PMIS distributions.

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 fiscal year is incremented on outstanding Accounts Receivable invoices.
• The fiscal year is incremented on the payroll and PMIS distributions for active employees only.
• Only purchase orders that include continuing funds are re-encumbered. Purchase orders that are split-funded and include funds where the fiscal year is only being incremented will be deleted. For example, if a purchase order is split between 211 (continuing fiscal year) and 199 (incremented fiscal year), then you will have to re-enter the purchase order in the new file ID.

The following are optional:

• Carry Forward Balances
• Create 5XXX-8XXX Accounts

general/financeeoyprocess/beforeyoubegin.txt · Last modified: 2022/06/10 18:52 by emoreno

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