Annual Processes

The following Fund Accounting options are used once a year.

• Use the Periodic Processing menu options to process 1099 forms:

  • 1099 Processing - Set up parameters, maintain records, and generate your 1099 forms.

  • Clear 1099 Amounts - Clear the year-to-date 1099 amounts in vendor records.

  • Modify 1099 Transactions - Update the 1099 types in vendor check transaction records.

• Use the Year End option to close the current fiscal year and begin a new year. The option displays the Fiscal Year-End Processing center, which includes the following options:

  • Start New Year Procedures - Resets the center's options and prevents immediate access to the Update Ledgers and Post Ledgers options.

  • Create New Year Ledgers - Create General Ledger accounts with zero balances for the new year and prepare the system for new year processing.

  • Update Ledgers - Roll your Period 12 balances into Period 1 of the new year, and roll Expenditure Control and Revenue Control balances into the new year's Fund Balance.

  • Post Ledgers - Post approved budgets from Budget Preparation (if used) to your Expenditure, Revenue, and Project Ledgers for the new year.

  • Roll Prior Year Encumbrances - Roll encumbrances from the prior year to the new year, if needed.

  • Interim Close - Allows you to continue entering transactions in Period 13 of the prior year while updating new year balances.

  • Final Close - Roll the balances from Period 13 ledger transactions from the prior year to Period 1 of the new year.