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.

If your account structure needs to be changed in accordance with the Every Student Succeeds Act (ESSA), refer to the Financial Applications Every Student Succeeds Act Fiscal Year-End Checklist for details on converting account structures.