Beginning the Fiscal Year-End Process

After you complete the prerequisite steps outlined in Prerequisite Processes, you can begin the fiscal year-end process. To summarize, the process:

• Starts in Fund Accounting's Fiscal Year End Processing center.
• Continues with steps in other PowerSchool ERP products you use.
• Returns to the Fiscal Year End Processing center at various stages.
• Concludes with a series of processes in Fund Accounting.

This section covers the procedures for starting the fiscal year-end process in Fund Accounting and, if applicable, Budget Preparation.

1. Use the Start New Year Procedures option in Fund Accounting > Periodic Routines > Year-End > Year End to reset the checkboxes in the Fiscal Year End Processing center.
   This option should only be run once a year. The following steps can be rerun as needed.
2. Create the new year Organization Chart, Account List, and Project List by adding, updating, and deleting records as needed in the appropriate Fund Accounting > Reference Tables and Budget Preparation > Reference Tables options.
3. Create the Expenditure Ledger, Revenue Ledger, and Project Ledger (if needed) using one of the following options:
   
   • Fund Accounting > Periodic Routines > Year-End > Year End > Create New Year Ledgers
   • Budget Preparation > Entry & Processing > Budget Preparation > Budget Administrator > Post Budget > Create
     When you create your Expenditure Ledger, if your organization uses Purchasing's Distribution Templates and the Rollover During Year-end Process checkboxes in the templates are selected, the templates will be created for the new year with the pre-defined accounting distributions.
4. Once the new year ledgers have been created, you can begin entering next year requisitions in Purchasing.
   • If approvals are required, the requisitions must first be approved.
   • You can also use the Purchasing > Entry & Processing > Requisition Processing > Next Year's Requisitions > Copy option to create new year requisitions from existing requisitions.
   • If you use the Warehouse Inventory module, you can also enter warehouse requests in batch.
5. Use the Fund Accounting > Periodic Routines > Year-End > Year End Create New Year Ledgers > General Ledger option to create General Ledger accounts with zero balances for the new fiscal year. When you run the option, accounts will process as follows:
   
   • General Ledger accounts are created for all funds in the new year Organization Chart.
   • Funds from the previous year that do not appear in the new year Organization Chart are documented on an error log.
     You can correct errors and run this option as many times as needed to ensure that all new year General Ledger accounts are properly set up.
6. Once all new year General Ledger accounts are set up, you can enter purchase orders in the new fiscal year while still working in the old fiscal year.
   • If next year requisitions have been entered, they can be converted to purchase orders. These purchase orders will be posted to Fund Accounting in Period 1 of the new fiscal year.
   • If approvals are required, the purchase orders must first be approved.
   • You can also use the Purchasing > Entry & Processing > Purchase Order Processing > Next Year Purchase Orders > Copy option to create new year purchase orders from existing purchase orders.