ASCENDER - Finance End-of-Year Process

Created: 05/10/2019
Reviewed: 06/07/2024
Revised: 06/11/2024

The purpose of this document is to guide you through the process of ending the old fiscal year 2023-2024 (FY 4) and beginning the new fiscal year 2024-2025 (FY 5). LEAs must be in the last accounting period prior to beginning this process. The following processes are covered in this document:

  • Copy the 2023-2024 fiscal year (FY 4) funds to a new historical file ID 4 so that you can continue to access FY 4 data.
  • Close the 2023-2024 accounts for revenues, expenditures, other resources, and other uses in file ID C.
  • Copy the balance sheet accounts (cash, accounts payable, etc.) from 2023-2024 (FY 4) funds to fiscal year 2024-2025 (FY 5) funds in file ID C.
  • Delete all FY 4 transactions and funds in file ID C (the transactions are still accessible in file ID 4) unless the LEA chooses to keep some FY 4 funds open with prior year transactions.
  • Move the approved budget for FY 5 to Finance file ID C.
  • Prepare to move next year payroll to the current year payroll.

❏ August year-end LEAs should ensure that the August payroll accruals are processed and interfaced to Finance. Reference the August Accruals document for more information.

❏ June year-end LEAs should reference the EOY Accruals for June Year-End Schools document to address payroll accruals.

This document assumes you are familiar with the basic features of the ASCENDER Business system and have reviewed the ASCENDER Business Overview guide.

Some of the images and/or examples provided in this document are for informational purposes only and may not completely represent your LEA’s process.


Prerequisites

Prerequisites:


Before You Begin

Before you begin:


Finance EOY Process

Prior to beginning this process, complete all end-of-month closing procedures except the final accounting period. Both the current and next accounting periods should be 06 for June year-end LEAs and 08 for August year-end LEAs.

Accounting Periods

  1. Perform an export.
  2. Generate, print, and review Outstanding Purchase Orders Report.
  3. (If applicable) Reverse purchase orders.
  4. Address unprocessed payment authorizations.
  5. Review and print credit memos.
  6. Review budget amendments.
  7. Delete existing pending payables.
  8. Verify actual fund balance obj.sobj codes.
  9. Delete unused funds.
  10. Review file IDs.
  11. Delete file IDs.
  12. Correct out-of-balances.
  13. Verify that all fund totals are zero.
  14. Close fiscal year.
  15. Log on to current file ID.
  16. Verify/update Finance options.
  17. Correct out-of-balances.
  18. Verify bank account group fund fiscal year.
  19. Move Budget to Finance.
  20. Verify Budget moved to Finance.
  21. (If applicable) Address due to funds for credit cards.
  22. Update payroll clearing fund/year.
  23. Update accrual expense table.
  24. (If applicable) Clear/move NYR requisitions to CYR
  25. Update Purchasing cutoff date.
  26. Update user accounts.
  27. Notify Human Resources/Payroll department to proceed with first payroll.
  28. (If applicable) Perform Asset Management EOY steps.
  29. (If applicable) Update Grants and Projects tables.

Post-Finance EOY Process Tasks

  1. Create ASCII file

Additional Resources

The below document can be used by LEAs bringing forward balances from the historical file ID after the Fiscal Year Close process is complete.

Roll Balances Supplement