INSTRUCTIONS
Before you begin:
- Verify that your server got a good backup the previous night.
- Begin a New Accounting Year in the morning.
- Run Check for Updates (File menu) to verify all features and data are up to date.
- Verify everyone is logged out of the system (FAS). The system can only close when closer is the only user logged into the system.
Step 1: Prepare and Verify
- Check the funds’ settings. From the Chart of Accounts menu click on Edit Fund List. Make sure the End of Year Budget Behavior is correct. If this setting is not correct for a fund it will not close correctly.
- Verify the Control Accounts match your budget (Expenditure Control, Revenue Control, Appropriation Control).
- Verify any open POs. If there are any open POs on Appropriation Reserve account, they will be moved to Accounts Payable in that fund for your new year. Close them if possible.
- Do not leave any PO’s open on Revenue Accounts!!
- Do not leave any PO’s open on accounts that are over-expended!!
- Verify what in the current budget is being transferred to the reserve budget (i.e. Grants)
- Do not have any pending checks waiting to print.
- Verify your Open PO Total to your Encumbrances Payable on the Trial Balance for each fund. If they do not match it is indicative of a problem. Call MSI.
- Make any adjustments to your budget so you do not have any over expenditures. (Although you can close with over-expenditures it will show on your new year General Ledger- resulting in being flagged by your auditor!)
Step 2: Close Each Fund.
- A fund can be closed manually, or the system can do it.
If the system closes the fund:
- All revenue will be closed to Fund Balance.
- All unspent Appropriation Reserve Budget will be closed to Fund Balance.
- All unspent current budget will be transferred to Appropriation Reserve Budget.
- Any over-expenditures on the current budget will be moved to Over-expended Appropriation on the general ledger.
- Any over- expenditure on the Appropriation Reserve Budget will be moved to Over-expended Appropriation reserve on the general ledger.
- All open PO’s on the Current budget, will be transferred to the Appropriation Reserve budget for the following year.
- All open POs on the Appropriation Reserve Budget will be transferred to Accounts Payable.
IMPORTANT: These changes happen between the two years.
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