FISCAL-YEAR-END-PROCEDURES

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Main PageBeginning/End of Year ProceduresFinancial Management/Payroll → End of Year Procedures


  • OpenRDA is designed so that you can have multiple months and years open at the same time; therefore, there are not any set rules that need to be followed for opening and/or closing any fiscal period. Nevertheless, there are certain procedures that you may want to follow and/or processes which should be run at the change of a Fiscal Year. Below are some of RDA's tips and suggestions:


Contents

In the month(s) leading up to the end of Current Fiscal Year:


Financial Management


  • Open Financial Year for New Fiscal Year - Creates Year Masters for all account codes for the new fiscal year.
    • NOTE: This step may have already been done for customers using the Budget Prep module. To verify if it has been completed, access Financial Years/Current Month, if Fiscal Year is already listed then Fiscal Year has been opened (date, time and source user would be populated).
    • ROUTE: Maintenance → Financial Years/Current Month → New Year → Open Financial Year




  • Financial Years / Current Month - Default month should be Pre-Year until work is actually entered for the new Fiscal Year.
    • ROUTE: From the Task Bar: Financial Years / Current Month




  • Enter appropriations and estimated revenue - via Journal Entry if not using Budget Prep module.
    • ROUTE: From the Task Bar: Add Journal Entries


•••OR•••


  • Update Financial Management with Approved Budget ID from Budget Prep.
    • ROUTE: Budget Preparation → Update Tab → Financial Management → Appropriations / Estimated Revenue


Payroll


  • Pay Groups - Especially for School Systems - If you need to run payrolls for only 10 month or 11 month employees for July and/or August which need to be expensed to the previous fiscal year, make sure that you have defined your Pay Groups and assigned them appropriately to each job that needs to be paid in each specific group.
    • Tip: Recommend using Post-Year as fiscal month for July and August payrolls. Calendar month should be the month when checks/direct deposits are dated and taxes paid.
    • ROUTE: Setup → Pay Group




  • Pay Masters - Set Historical flags for Pay IDs which have been completed.
    • ROUTE: Maintenance → Set, Change or Clear → Set Historical in Pay Master




  • If encumbering payroll and encumbrances remain after last payroll processed, can run the Financial Management report called Remove Encumbrances from Expenditure Accounts to clear encumbrances.
    • ROUTE: Maintenance → Financial Years/Current Month → Year End → Remove Encumbrances from Expenditure Accounts




At the beginning of New Fiscal Year:


Financial Management


  • Set/Change Default Fiscal Year - Default Year should be new Fiscal Year
    • ROUTE: From the Task Bar: Set/Change Default Fiscal Year OR Maintenance → Financial Years/Current Month → Set/Change Fiscal Year
    • ESS Leave Customers: After changing the Default Fiscal Year, run the Upload GSVs to OpenSS process (from the Personnel or Payroll module, under Setup -> Open Self Serve) to allow ESS to display leave transactions from the new fiscal year.




  • Financial Years/Current Month - Default Month should be first month of Fiscal Year.
    • ROUTE: From the Task Bar: Set/Change Default Fiscal Year OR Maintenance → Financial Years/Current Month → Financial Years/Current Month




  • Financial Years/Current Month - Change Default Month to Post Year for previous Fiscal Year.
    • ROUTE: From the Task Bar: Set/Change Default Fiscal Year ••OR•• Maintenance → Financial Years/Current Month → Set/Change Fiscal Year




  • Inactivate/Close Year - Recommend that each organization wait at least 60 days after a fiscal year ends before running this process. Should be run for previous Fiscal Year when posting completed for that year. (This process inactivates account year masters which prevents accidental posting to prior year; year can be re-opened, i.e. year masters made active, at any time if needed.)
    • ROUTE: Maintenance → Financial Years/Current Month → New Year → Set Beginning Balances



  • Set Beginning Balances - Sets balances in Balance Sheet Codes based on ending balances for previous fiscal year.
    • TIP: Can be run repeatedly, if entries made which change balances for prior fiscal year. (Access to the Set Beginning Balances process is determined for each user in their security profile. If this process is not visible, access the Department/Site tab of the user's security profile and turn on Allow Set/Change Beginning Balances. If you do not have access to security, please contact your supervisor or RDA.)
  • ROUTE: Maintenance → Financial Years/Current Month → New Year → Set Beginning Balances




Purchase Orders


  • Close/Disencumber Outstanding PO's and Re-encumber for next Fiscal Year.
    • ROUTE: From the Task Bar: Close Tab




  • Change Current PO Year/Month - Default Year should be changed to new Fiscal Year, month should be first month of Fiscal Year.
    • ROUTE: From the Task Bar: Change Current PO Year/Month




Vendor Payments


  • Change Current Voucher Defaults - Default Year should be changed to new Fiscal Year, month should be first month of Fiscal Year (leave Calendar Year and Month as true calendar year/month for when checks/EFTs will be dated).
    • ROUTE - From the Task Bar: Change Current Voucher Defaults




Payroll


•••NOTE: Timing is Critical - must be finished with previous Fiscal Year's payroll processing: liability rates must be set for leave liability calculations.




  • Update Salaries and Deductions for new fiscal year - Run processes in Payroll/Position Tracking.
    • ROUTE: Maintenance → Set, Change or Clear → Change Misc Job Rate Amounts (NOTE: Different steps apply if using matricies (salary scales)) ••&•• Maintenance → Deductions → Deduction Descriptions


•••OR•••


  • If using Budget Prep, Update Gross & Rates and Jobs. Deductions are usually always updated in Payroll; not updated from Budget Prep to Payroll.
    • ROUTE: Budget Preparation → Update Tab → Payroll → Jobs ••&•• Budget Preparation → Update Tab → Position Tracking → Gross Rates (NOTE: Additional steps are needed if using matricies (salary scales))




  • VA Clients - Run processes as needed to Set Retirement and/or Life Insurance Salary for VRS.
    • ROUTE: Maintenance → Set, Change or Clear → Life Insurance and Retirement Salary




Leave Management


  • NOTE: Timing is Critical - all leave used must be entered for the previous Fiscal Year, and, no leave transactions can be entered for the new Fiscal Year.




  • Update Leave - Moves all verified, unprocessed leave into the processed column.
    • ROUTE: From the Task Bar: Update Leave Used / Earned




  • Print and archive a Leave Job Summary report to reflect ending balances as of current/previous Fiscal Year, and, verify that there are not any amounts showing in the unprocessed category (as those Leave IDs would be skipped when running the Move Leave Balance process).
    • ROUTE: Reports: Leave Job Summary




  • If there are amounts showing as unprocessed, re-establish unprocessed amounts, then verify and update transactions.
    • ROUTE: Maintenance → Year End → Re-establish Unprocessed Leave Amounts




  • Move Leave Balances - Use to move ending balance from current/previous fiscal year to the beginning balance of new fiscal year or to clear/zero balances as needed.
    • ROUTE - Maintenance → Year End → Move Leave Balances




  • Update Leave - Must be done again after Move Leave Balance process to clear transactions created by this process - update prior to running calculation processing.
    • ROUTE - From the Task Bar: Update Leave Used / Earned




  • Leave Liability - run processes to capture liability, if formulas previously set up, or contact RDA for proposal for Leave Liability calculation processing.
    • ROUTE: Other → Leave Liability




  • Add Leave Earned for new Fiscal Year.
    • ROUTE: From the Task Bar: Earned Tab → Add Leave Earned in Mass




  • Again, please keep in mind that these are tips and suggestions. Your organization's policies may require you to follow different and/or additional procedures.
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