Fiscal Year-End Processing

At the end of the fiscal year, you must run several processes to close the year and prepare the Fund Accounting System for the new year. The Fiscal Year-End Processing center includes the options for running these processes.

Use the Year End option to display the Fiscal Year End Processing page. This page includes options for closing the past year.

Menu Path:  Fund Accounting > Periodic Routines > Year-End > Year End

Prerequisites

Before starting the fiscal year-end process, you must complete the following procedures in Fund Accounting and the other application systems you use. This listing is intended only as a quick reference.

General Cautions

When running year-end processes:

• Verify that all other users are logged out.
• Back up your database frequently to avoid losing critical data.
• If you encounter problems, contact PowerSchool support for assistance.

System Administration

• If you encumber payroll, check the Fund Accounting Profile to make sure the values in the following fields are different: Enc Control, Pay Res For Enc, Res For Enc, and Pay Enc Cntrl.

Budget Preparation System

• Verify that the accounting data for the new year has been extracted.
• Verify that the Organization Chart, Account List, and Project List have been updated for the new year in the Fund Accounting System.
• Verify that the new year's Expenditure, Revenue, and Project Ledgers were created.

Human Resources System

• Verify that the Human Resources fiscal year-end procedures are complete, including the liquidation of payroll encumbrances, if applicable.
• If you are using the Summer Pay Fiscal Year Accruals option, you must complete your final load in order to liquidate the remaining payroll encumbrances.

Warehouse Inventory

• Ensure that unfilled requisitions are processed and departmental billings for filled requisitions are complete.
• Verify that the charges to department budgets have been entered for filled requisitions, inventory adjustments, and stock returns.
• Print all necessary reports.
• Run the Warehouse Inventory > Entry & Processing > Periodic Routines > Year End Procedures option.

Fixed Assets

• Verify the acquisition dates of assets.
• Process depreciation and post it to Fund Accounting.
• Run the Fixed Assets > Entry & Processing > Periodic Routines > Year End Processing option.

Fund Accounting

• Run the Fund Accounting > Reports > Audit Trails options for Period 12 of the fiscal year you are closing.
• Run the Fund Accounting > Reports > System Maintenance > Check Ledger Balances option to ensure the current year's funds are in balance. Before running this report, verify that all users are logged out of the system.

Caution

If you encounter an out-of-balance condition, contact PowerSchool support as soon as possible so the problem can be corrected.

• If you use batch entry, generate and review all batch edit reports to determine if any transactions need to be posted or deleted. These reports can be generated in the following options

  Batch Journal Entries	Batch Manual Checks
  Batch Last Year Journal Entries	Batch Receipts
  Batch Budget Adjustments	Batch Receivables
  Batch Budget Transfer	Batch Encumbrances
  Batch Accounts Payable

• Run the Fund Accounting > Reports > Accounts Payable Reports > Cash Requirements option to see if any payments should be processed. Process the payments as needed.
• Run the Fund Accounting > Reports > Financial Statements > Encumbrance Status Reports option to determine if encumbrances should be closed, paid, or left open. Process the encumbrances as needed.
• Run the desired reports from the Fund Accounting > Reports > Balance Sheets menu.
• Run any other reports you need as a record of the past year's information.