Prerequisite Processes

Texas Customers: Please refer to the Texas Fiscal-Year End Processing document.

At the end of the fiscal year, you need to complete a series of processes to close the old year and prepare the PowerSchool ERP System for the new year. In general, fiscal year end processing involves:

• Generating reports to verify the accuracy of the past year's data. You may also run additional reports at any given stage, but the ones mentioned are either essential or highly recommended.
• Setting up new records, updating existing records, and deleting records that are no longer needed.
• Running options to carry forward required information.

The steps outlined throughout this guide are intended as a quick reference. Do not attempt to run the procedures mentioned using this document alone.

Important
If you encounter an out-of-balance condition at any stage of the fiscal year-end process, contact PowerSchool for assistance.

Prerequisites
Before you begin fiscal year-end processing, complete the following steps:

1. You may choose to retain the last automated nightly backup until you have completed this process successfully.
2. If your organization encumbers payroll, review the Fund Accounting Profile to make sure the account numbers in the Enc Control, Pay Res For Enc, Res For Enc, and Pay Enc Cntrl fields are different.
3. Run the Fund Accounting > Reports > System Maintenance > Check Ledger Balances > Per Fund option to verify that all funds are in balance.
4. Run the following Fund Accounting > Reports > Audit Trails report options to verify your budget codes are in balance:
   • General Ledger Audit Trail
   • Expenditure Ledger Audit Trail
   • Revenue Ledger Audit Trail
   • Project Ledger Audit Trail (if applicable)
5. Run Payroll table reports by selecting Human Resources > Reference Tables > Payroll, selecting a table option, generating a list of table records, and then clicking Print.
6. Run the Budget Preparation > Entry & Processing > Budget Preparation > Budget Administrator > Extract Information option to extract accounting data from the current fiscal year from Fund Accounting and build a new budget year work file in Budget Preparation. You can build a new budget year only once.
7. Add new organizations, accounts, and projects to the Budget Preparation System for the next fiscal year using the appropriate Budget Preparation > Reference Tables > Reference Tables options.
8. Add new ledgers to the Budget Preparation System using the Budget Preparation > Entry & Processing > Budget Preparation > Budget Entry option.