Complete only if getting ready to start a new fiscal year.


PRIOR TO LAST DAY OF FISCAL YEAR – PREPARING TO WORK IN NEW FISCAL YEAR



1

Review General Ledger Settings – both General and Budget Settings tabs

 

  • Default Year/Period is what appears on new transactions and needs to be updated manually on the first day of the new fiscal year.
  • Current Year/Period shows how far the months have been closed and rolled. The year updates during Year End Close.

 

  • Verify Budget carry forward method is appropriate for your site. (Important: Do not change this setting. Call General Ledger Support if you think your method is incorrect.)

JC
6/30/23
2

Review Journal Number Control

  • Verify upcoming Fiscal year is set up. (Note: Use Copy to quickly create a new Fiscal year record. If using Contracts module and using future year lines, make sure all future years’ journal numbers are set up.)
  • Verify Start and End dates are appropriate for your site.

 

General Ledger Menu > Miscellaneous Set Up> Journal Number Control


Review Project Journal Number Control (if using Project Accounting)

 

  • Verify upcoming Fiscal year is set up. (Note: Use Copy to quickly create a new Fiscal year record)
  • Review Start and End dates for each period.

Note: This table is set up by Calendar Year.

 

General Ledger Menu > Project Accounting > Project Ledger > Set Up> Project Journal Number Control




3

Review Purchase Order Settings

 

  • Determine if your site wants to restrict creation of requisitions and purchase orders.

Note: This can be done as early as you want to cut off current year purchasing, and this setting applies to users whose Requisition role has Restrict to Creating NY REQS and POs selected.

 

  • Review Next NY requisition number.

 

  • Review Next NY purchase order number.

 

Purchasing > Setup> Purchasing Settings> Requisition and Purchase Order Settings tab

Note: If your site uses Purchasing Departments, you will need to review Next NY requisition number and Next NY purchase order number for each department.

Purchasing Settings > Contract Settings tab

 

  • Verify if your site changes your contract numbers each year.

 

Important: Only update this field after all current year contracts have been created.




4
Review Accounts Receivable Charge Codes

  • The Duplicate option on the AR Charge Code screen copies a charge code from one year to another. Charges are copied from one year to another year only once. It is essential that all data associated with the charge codes you want to copy is correct prior to completing the copy process.

 

  • The program copies the cash account on the AR codes associated with the charge codes, so you must ensure cash accounts on the AR code records are correct for all types of charges being copied. The next time you copy charges into the same year using a different AR category, the program does not copy the fee charges again since charges are copied from one year to another year only once.

 

Note: The existing cash account will be replaced by the cash account from the AR Code if the Reset cash account option is selected, so be sure charge codes either match that cash account or leave the check box unchecked if another cash account is being used.


5

Roll/Partially Roll Contracts

 

  • Verify all open contracts in Munis are in a status of 8‐Posted .

 

  • Verify all contract change orders have been approved and posted or rejected and deleted.
    1. Use the Contract Change Order program to verify the status of all open contracts and change orders.

 

  • Use the Roll to NY or Partial Roll to NY in Contract Change Orders.
    1. This can be done for all open CY Contracts or only the contracts you want to carry forward to next year.

This procedure creates a journal in the current year and/or next year depending on your carry‐forward method, to move encumbered amounts forward and allows NY processing to begin on these contracts.

Partially rolling a contract allows activity to be processed against the contract in both CY and NY during the holding CY open period. Once all processing has been completed for CY, all contracts flagged To be Rolled must be fully rolled to the NY.



ON FIRST DAY OF NEW FISCAL YEAR


1

Review General Ledger Settings

 

  • Verify the Holding current year open checkbox is selected. (See below if not selected.)
  • Review Default Year/Period & Current Year/Period.
  • If your site uses Auto Update, it needs to be rescheduled at the beginning of each fiscal year.

 

Default Year/Period is what appears on new transactions and needs to be updated manually on the first day of the new fiscal year.

 

Current Year/Period shows how far the months have been closed and rolled. The year updates during Year End Close.

 

Use the program Roll Accounting Period to update Default Year/Period.

General Ledger Menu> End of Period> Roll Accounting Period

 

 

Use the program Set Holding Year Open to update Holding current year open checkbox.

General Ledger Menu > End of Period > Fiscal Year End Processing> Holding Current Year Open