General Ledger End of Fiscal Year Checklist

Note:  Complete the End of Fiscal Year Checklist for General Ledger before completing the End of Month Checklist for General Ledger and after completing the End of Fiscal Year Checklists for Accounts Payable, Payroll, and Fixed Asset Inventory (if applicable).

_____ 1.  Enter outstanding receivables to the current fiscal year for money earned, but not yet received by June 30 (August 31 for Nebraska school districts), if desired.  To enter the outstanding receivables, complete one of the following:  Method 1 - Enter Receivables as Cash Receipts; or Method 2 - Enter Receivables as Manual Journal Entries.

Note:  If you have already received all the money earned this fiscal year, skip this step.

Recommended Method - Method 1:  Enter Receivables as Cash Receipts

Method 1 is the recommended method for school districts to use to enter the receivables as cash receipts.

 

a.  Create a new batch of cash receipts being sure to complete the End of Fiscal Year Options section as follows and then save.

Note:  The Reversing GAAP field is only enabled for those Iowa school districts who have specified they reverse GAAP expense at the end of the fiscal year (the Reversing GAAP field is selected in the System File).

b.  Enter the cash receipts into the batch as normal; for each cash receipt detail line item, specify the appropriate revenue, cash, and receivable accounts.

Steps to Enter Cash Receipts

c.  Once all the cash receipts have been entered, print the desired reports to verify the cash receipts in the batch.

Tip:  Print a Cash Receipt Listing from the Reports menu to view a listing of all the cash receipts in the selected batch, or print the Receivables Report from the Reports menu to view a listing of the receivable entries.

d.  Post the batch of cash receipts.

Note:  When this batch is posted, the revenue accounts will be credited and the receivable accounts will be debited.  

Steps to Post Cash Receipts

e.  Then when the money is actually received (in the next fiscal year), create a new batch of cash receipts (without completing the End of Fiscal Year Options section) and use the Select Receivables for Processing option to bring in the appropriate outstanding receivables; then print and post the batch of cash receipts.

Steps to Select Receivables for Processing

Note:  When this batch is posted,  the receivable accounts will be credited and the cash accounts will be debited.  For Iowa school districts who reverse GAAP expense only, the revenue accounts will be credited and the cash accounts will be debited.

Alternate Method - Method 2:  Enter Receivables as Manual Journal Entries

Method 2 is an alternate method available to use to enter the receivables as manual journal entries, if desired.

 

a. Enter and post the outstanding receivables as manual journal entries to June of the current fiscal year (or August for Nebraska) that CREDIT the appropriate revenue accounts and DEBIT the appropriate receivable accounts.  For Iowa school districts who reverse GAAP expense only, select the Reversing GAAP field on the batch options screen for the manual journal entries batch to reverse GAAP expense the outstanding receivables.  If the Reversing GAAP field is selected, the totals do not post to the revenue accounts, but are reflected on the C.A.R.

Steps to Enter Manual Journal Entries

b. When the money is actually received (in the next fiscal year), enter additional manual journal entries that CREDIT the appropriate receivable accounts and DEBIT the appropriate cash accounts; or instead, the money can be entered as cash receipts by entering the appropriate receivable account number in the Chart of Account Number field and the appropriate cash account in the Cash Account Number field.  For Iowa school districts who reverse GAAP expense only, enter the cash receipts as usual using the appropriate revenue and cash accounts.

_____ 2.  Make any additional year-end journal entries or adjustments, if necessary, by using the Adjust Posted Entries, Manual Journal Entries, and/or Reallocate COA Balances option.

Note:  For Iowa school districts who reverse GAAP expense only, select the Reversing GAAP field on the batch options screen for manual journal entries to reverse GAAP expense the entries within the batch.  If the entries are reverse GAAP expensed, the totals do not post to the expenditure accounts, but are reflected on the C.A.R.  Also, be sure to specify the correct fiscal period (for example, 06/yyyy) for the Processing Month for the batch of manual journal entries to post the reverse GAAP entries to this fiscal year or the previous fiscal year.

Steps to Adjust Posted Entries

Steps to Enter Manual Journal Entries

Steps to Reallocate COA Balances

_____ 3.  Generate the annual report and GASB 34 reports using the appropriate instructions for your state to determine which account numbers are generated as invalid (meaning that they are not included on the report).

Note:  For Iowa, Missouri, and Nebraska school districts only, after the annual report is generated, the appropriate file must be uploaded to the state‚Äôs website for verification of account numbers; for Iowa, a test file can be created within the annual report option to submit to the state for verification of account numbers.

_____ 4.  For any invalid account numbers, make correcting manual journal entries using valid account numbers OR complete a crosswalk to change the account numbers.

Crosswalk Options

_____ 5.  Re-generate the annual report and GASB 34 reports after correcting the account numbers.

_____ 6.  Complete the End of Month Checklist for General Ledger.

General Ledger End of Month Checklist

_____ 7.  Print the desired Account Inquiry - Fiscal Year report (from the General Ledger screen, Reports menu, Account Inquiry Reports) specifying 06/yyyy as the Processing Month, with yyyy being the year you are closing.  For Nebraska school districts only, use 08/yyyy as the Processing Month.

Steps to Print a Report

_____ 8.  Print the Cash Receipt Listing by Receipt Number (from the General Ledger screen, Reports menu, Data Entry Reports) for Posted selecting all the months in the fiscal year.

Steps to Print a Report

_____ 9.  Print the Manual Journal Entries Listing - Detail (from the General Ledger screen, Reports menu, Data Entry Reports) for Posted Including Adjusting Entries selecting all the months in the fiscal year.

Steps to Print a Report

_____ 10. Print the Check Register by Type (from the General Ledger screen, Reports menu, Check Reports) for Posted selecting all the months or check dates in the fiscal year.

Steps to Print a Report

_____ 11. Make a backup.

Note:  This backup should be kept in a safe place for 5 years.

image\btn_mini.gif Steps to Backup

_____ 12. If there are funds in the Fund File in General Ledger with the Automatically Start New Fiscal Year field not selected, check to see if the Fiscal Year Begin and End dates for the next fiscal year display in the Fund Years List if those funds will be used again next year.  If the dates for the next fiscal year do not display for those funds, complete the Start New Fiscal Year option at this time and be sure to only select the applicable funds.

image\btn_mini.gif Steps to Start New Fiscal Year

_____ 13. Enter the budget for the next fiscal year, if desired; and then post.

Steps to Enter a Budget

Note:  To use the current year's budget figures again next year (or to change them by a percentage), complete the Budget Transfer Options option for the new budget.

_____ 14. To post additional journal entries to a previous month or fiscal year, complete the manual journal entries as normal being sure to select the correct fiscal period (in the previous fiscal year) as the Processing Month.

Note:  For Iowa school districts who reverse GAAP expense only, select the Reversing GAAP field on the batch options screen to complete reverse GAAP entries for the previous month or fiscal year.  If the adjusting entries are reverse GAAP expensed, the totals do not post to the expenditure accounts, but are reflected on the C.A.R.

Steps to Enter Manual Journal Entries

_____ 15. To print reports for a previous month or fiscal year, select the dates for the desired month (in the previous fiscal year) and print the report as normal.

Steps to Print a Report

_____ 16. For Iowa school districts who reverse GAAP expense only, the following reports can be printed to show (or include) the reversing GAAP entries.

Note:  Include "Reversing GAAP Entries" and the current fiscal year dates in the sub heading when printing the reports to stipulate the reports include the reversing GAAP entries.

Steps to Print a Report