NextGen Trustee Class Fiscal Year End Steps Prior to Entering July Transactions Steps Prior to Receipting in July Before Closing June Closing the Fiscal Year

Fiscal Year End – Steps to Complete Prior to Entering July Transactions Before entering any transactions for July, you will need to Create the New Fiscal Year – You do not have to be ready to close the current fiscal year before creating the new one. Financial Management – Period End Create Fiscal Year Select the Fiscal Year that you will be closing as the “Year to Roll” The New Fiscal year will default in for you Click “Next” to continue

Prior to Entering July Transactions A Summary Screen comes up Make sure the New Fiscal year is correct and click “Finish” A confirmation screen comes up indicating that the new year was successfully created. Click “Close”

Prior to Entering July Transactions Roll Balances NOTE: This option can be run at any time before the year end is started.  You can run a Trial Balance for the new fiscal year after running the Roll Balances option to see the new balances.  If you find corrections that need to be made, you can make those corrections and roll the balances again for updated totals. Click “Roll Balances” from the Period End Menu Select the fiscal year you will be closing as the “Year To Roll” Select the Account Control to roll (this will be code 999) Click “Next”

Prior to Entering July Transactions A summary screen comes up Make sure the information on this screen is correct Click “Finish” When the confirmation screen comes up indicating that the balances were rolled successfully, click “Close”

Fiscal Year End – Steps to Complete Prior to Receipting in July Print your Tax Aggregate Report(s) before receipting July receipts Trustee – Reporting – Reports Tax Aggregate Report – Detail – this report is comparable to the Tax Aggregate by Tax Year report from FlexGen Tax Aggregate Report – Summary – this report is comparable to the FlexGen Tax Aggregate Report Tax Aggregate Report by Tax Type – this report can be used to run an aggregate report for a specific tax type, most often used by trustee offices that have SSD taxes. Print Paid/Unpaid Listing(s) you may need before receipting July Receipts Print any paid and/or unpaid listings as of June 30th, per your auditor requirements, before receipting any taxes in July. The Property Tax Roll Report is a summarized property tax report that can be ran for paid, unpaid, credit balances or all property taxes.

Prior to Receipting in July Check Distributions (default codes) before receipting July receipts Your distributions should already be set up to post to the prior year revenue codes starting July 1st. To confirm this, go to Trustee, Administration and select Distributions. You can do a “Find” for the current tax year and double click on each distribution that you need to check.

Prior to Receipting in July Each distribution that needs to have a prior year code beginning July 1st should have a revenue/allocation line with the prior year code and an effective date of July 1st.  If you don’t have the prior year line set up, you will need to add it. Allocations – You should not delete any allocation tables once they have been used and they normally aren’t changed (other than for ADA adjustments). If you need to create a new allocation table for the fiscal year, go to Trustee, Administration, Allocations. Select “New” from the ribbon bar to add the new allocation

Prior to Receipting in July Miscellaneous Receipting If you want the tax year for your miscellaneous receipts beginning July 1st to be for the next tax year, you will need to Create the New Tax Year. If you continue to receipt miscellaneous receipts under the current property tax year until you receive your new tax roll, you can wait until you are ready to load your new tax roll to set up the new tax year. Create New Tax Year Trustee – Administration – Tax Years Click “Find” to display tax years & Double Click on the current tax year to open it

Prior to Receipting in July Click on the Options Wheel in the ribbon bar and select “Copy to New Tax Year” The Copy To New Tax Year window will appear Make sure the Copy From Tax Year and the Copy To Tax Year fields are correct and click “Copy”

Prior to Receipting in July You will be asked if you want to copy the tax year Click the “Yes” button to create the new tax year. The new tax year is created with the information filled in based on how the previous tax year was set up. Be sure to check dates and make any necessary corrections. Aggregate totals will pull in when the new tax year is loaded.

Prior to Receipting in July Go to the “Receipting” tab and click on the “Allow Miscellaneous Receipting” check box so you can receipt miscellaneous receipts for the new tax year. Note: The next Miscellaneous Receipt Number defaults in as 1 for the New Year. If you need to continue with the next number from the previous year, you will need to enter the next number in this field. Click on Save and Close in the Ribbon Bar to exit from the new Tax Year

Before Closing the Month of June Review All Reports - Correcting entries must be posted before the month of June is closed Before closing the month of June, review May and June's Trial Balance Reports and Account Analysis Reports.   ANY MISTAKES MADE DURING THE CURRENT FISCAL YEAR, NEED TO BE CORRECTED BEFORE CLOSING THE LAST PERIOD OF YOUR FISCAL YEAR.  Enter the corrections as journal entries and process them.  Pay special attention to balances in  #14310 (or 14320), 21100/22200, 28310, and 29999.  Also check that the Trial Balance Fund (bottom line) is in balance. ACV Account Balances If you have a balance in 11410 and 11410-999 for tax relief, you should move the balance in the 11410 account to the 11410-999 account (JE - Credit 11410/Debit 11410-999)   If your county pays tax relief, you will need to do the same if you have more than one account for your county tax relief.  You may be using 11440-999 for your county tax relief when the tax relief is applied as well as to receipt your payments from the county.  If this is the case, you will only have one account and will not need to make an entry.

Before Closing the Month of June Reports - Run any reports required by your auditor and/or your local office.   Common reports that your auditor may require or that you may need for balancing: Trustee Transaction Audit Report - This report is a summary of the net changes to property taxes Unprorated Transactions Report – This report is a listing of any unprorated receipt transactions.  If there are any transactions listed on this report for the fiscal year you are about to close, you will need to prorate those transactions before proceeding. Unreconciled Tax Relief Report – If the State of TN still owes you payments for Tax Relief and you have been reconciling them on the computer, it is suggested you print out the Tax Relief Report for those records that have not been reimbursed by the state. The total on this report should correspond to the amount showing on your Trial Balance or Balance Sheet for account 11410 (For the Unreconciled Tax Relief Report, choose the Tax Relief Report and run it for Applied Type of “Applied” and Type of “Not Reimbursed” for applied date range of the fiscal year you are about to close) After you have made sure everything is correct and in balance, close the month of June as you would any other month (Financial Management, Period End, Period End)

Closing the Fiscal Year Run a Pre Year End Backup Make sure everyone is logged out of NextGen until you have completed the close. This is to insure that no one attempts to post to the general ledger while you are closing or print on your printer while you are printing end of the year reports.  It will also help with the speed of the process. If you choose to print the year end reports rather than saving them to a PDF, check your printer and supplies.  Be sure you have plenty of paper and ink/toner. Go to Financial Management, Period End, Year End If you have previously started the year end process, but not finished it yet, you can do a find for the fiscal year and select it to continue the process

Closing the Fiscal Year To start the Year End Process, click on “New” in the Ribbon Bar Click the check box for the account control to select it for closing

Closing the Fiscal Year Year End Process Steps You will click on the hyperlink to launch each step, not the box to the left Click “Create Fiscal Year” The Division, Year to Roll, New Fiscal Year, and New Fiscal Year Definition should default in for you. Click “next” to continue If you previously created the New Fiscal Year, you will get a message saying the New Fiscal Year already exists Answer “Yes” to continue.

Closing the Fiscal Year A summary screen comes up Make sure the Fiscal Year information is correct Click “Finish” to create the Fiscal year When the confirmation screen comes up, click “Close”

Closing the Fiscal Year Click “Scan For Unposted Transactions” – This option will scan for un-posted transactions for all users If unposted transactions exist “Post Transactions” will be available for selection.  Click the hyperlink and follow the options to post. (If the Post Transactions link is “grayed out”, there were no un-posted transactions found) Print Balance Check Report –  Trustee offices do not need to complete this step – skip to the Print Year End Reports step. Click Print Year End Reports - This option will print your Year End reports.   Select the “Year End” report package from the dropdown arrow A list of Year End Reports to print will be displayed Click “Next” to create the reports

Closing the Fiscal Year You will see a screen indicating that the system is processing the reports Depending on the size of your data files, it may take a while for your reports to generate When the reports come up in the preview, you can choose to Print or Create PDF Click “Finish” to return to the Year End menu when you have finished printing or saving your Year End Reports

Closing the Fiscal Year Click “Complete Year End” to finish the process You will be returned to the Year End screen Click the Back Button or the Close Button on the Ribbon Bar to close the Year End screen Note:  Once you have completed the year end, print a Trial Balance or Balance Sheet for the new fiscal year.  Verify the balances are as they should be.  The beginning balances on the July Trial Balance should be the same as the ending balances for your June 30th Trial Balance. If you have posted July transactions, you will need to run the Beginning Balances Balance Sheet for July to compare the July Balance Sheet beginning balances to the June 30 Balance Sheet. Run another “Daily” backup and label it "Post Year-End Closing”.

Fiscal Year End Department of Education Reporting Your office should have received a notification from the Department of Education stating that eReporting would no longer be required. You will, however, be required to submit a file via e-mail that includes revenue totals by fund for the BOE departments. This is due by July 10th. LGC is creating a new report option in NextGen that will provide the information required for the Department of Education reporting. The “Trustee Department Balance Report” will be available to you before the July 10th reporting deadline. You will be able to save the report to a pdf file to e-mail to Brenda Pursley at the Dept of Ed.

Questions?