Local Government Corporation Resource 2018

NextGen – Fiscal Year End Local Government Corporation Resource 2018

NextGen – Fiscal Year End Purchase Orders Default GL Accounts GASB54 Reporting Create Fiscal Year Roll Balances Year End Audit Files

Points to Remember Review and Balance Accounts: Amendments to Current FY budget Expenditures that are over budget Liabilities that need to be cleaned up All Entries Complete All cash accounts &/or bank accounts should be reconciled Liquidate PO’s that do not need to carry forward into the new FY

Nextgen Purchase Orders Year End No AP year- end process to complete in Nextgen PO’s will pay as current year or prior year based on the dates used for the Purchase Order Nextgen does not require running the PO Close Option

Purchase Order Scenarios June is open : then Customer Can do the Following: Add, Liquidate, and Issue Payments with a June Date June is open, Current FY is open, New FY-YR created (which would open July): Continue to add PO’s, Liquidate PO’s and Issue Payments dated June or July June is Closed - CANNOT- add a PO, Liquidate or Issue Payments with a June Date ALL WORK must be dated with a day in the new FY If you have a PO that needs to be entered as a prior year PO you can select the flag for Prior year PO when adding it into Nextgen. The system will then treat that PO as a Prior Year PO

Balancing Purchase Orders The Difference between EC Previous Year Reserve (34120) and EC Previous Year Control (14600) should be the actual outstanding amount of all PY PO’s Balance of EC Previous Year Reserve (34120) should only change throughout the year if a Prior Year PO is deleted. EC Previous Year Control (14600) normally only has debit entries. Credit entries would only be voided checks or JE’s for audit adjustments, etc. Balance of EC PY Reserve (34120) should only change throughout the year if prior year PO’s are deleted.(Debit 34120 & Credit 39000 for amount deleted)

PO Balancing Report

PO Balancing Report Search for P.O. Balancing Report Double Click Report to Open

PO Balancing Report Select Year from Drop Down Then Click “Next”

PO Balancing Report If the Calculated Difference Column has an amount listed- recommended these be resolved as differences may lead to future balancing issues. We recommend that you do this on a monthly basis to keep this cleaned up throughout the year.

PO Balancing Run a Statement of Expenditures from the Financial Management – Reports menu to view your Outstanding Encumbrances.

PO Outstanding By GL Account Report Compare the totals on the YTD Outstanding Encumbrances from Statement of Exp. Report to the sum of the obligated and unliquidated columns from this report- if different look at next slide

Differences Look at each PO on the outstanding report to see if in fact they are outstanding or should be liquidated. If those PO’s are in fact outstanding but the reports aren’t matching- Entries can be made to correct this- Call LGC if you need help.

PRIOR YR PO BALANCING Run PO Outstanding by Gl Account Report Leave Blank field “From Purchase Order Date” Field “Thru Date” Use the last day PO yr (6/30/16) Run a Balance Sheet or Trial Balance From FM Menu Compare the sum of the Unliquidated totals which should equal the difference of the Reserved for Enc. Prior Year Account (34120) and Exp Chgd to Reserve for Prior years Account (normally 14600) Equation: Outstanding PO Total=Account 34120- Account 14600

How to use PO Outstanding Listing by GL Account Report? For fund 116 the total Outstanding PO is $4,225.77 Unliquidated PO’s + Obligated Amount = Current Year Po’s Should match the following accounts on the Trial Balance report

Trial Balance Report (FM- Reporting)

Beginning YR End Process Create Fiscal Year This can be done prior to closing June or the fiscal year Create Fiscal Year can be done multiple times This must be done before any entries are made in July for the new fiscal year All Periods must be closed and should be balanced before you close the fiscal year

Click Contents from NG Ribbon Bar- Tools Tab HELP!!! Click Contents from NG Ribbon Bar- Tools Tab

Default GL Accounts VERIFY Default GL Accounts are set up correctly. These must be set accurately for the year end balances to roll properly Run a Default GL Account Exceptions Report to see how they are set up

Report- Default GL Account Exceptions 2016-2017

Default GL Accounts To Verify Default GL Accounts Go to the following: Financial Management Administration Default GL Accounts Select the current fiscal year Click Find 2017 - 2018

Default GL Accounts- Tab 1 Tab Screen- General Unless you have Cash On Hand this would be blank

Default GL Accounts- Tab 2 and Tab 3 Tab 2 Account Control Balance Tab 3 Budget Offset

Default GL Accounts -Tab 4 and Tab 5 Tab 4 Prior Year Tab 5 Prior Yr Encumbrance

Default GL Accounts- Tab 6 and Tab 7 Tab 6 – Cash Account Tab 7 – Accounts Payable

Default GL Account – Tab 8 and Tab 9 Tab 8 Purchasing Discount Tab 9 – Federal Reporting

GASB54 How to handle GASB54 entries (YF Transactions= GABSB54 Fund Balance Spread) Roll to New Year: If you choose this method, the GASB54 entries for reclassifying these accounts must be posted before you close the last period of your fiscal year. Also, the flag “Include GASB54 Adjustments in Beginning Balances” needs to be checked in the account control table.   Reporting Only: If you Choose This Method GASB54 entries to reclassify the Fund Balance accounts can be made before or after you close the fiscal year.   Flag -“Include GASB54 Adjustments in Beginning Balances” needs to be un-checked in the account control table.   NOTE:  The encumbrance entries (YE) will not roll in beginning balances.  The prior year encumbrance account will report as normal and not spread in the new year, even with the flag “Include GASB54 Adjustments in Beginning Balances” checked.

GASB54 Closing Entries Before you make the GASB54 entries (whether before or after year end), you must Generate GASB54 Closing entries Financial Management Period End Generate GASB54 Closing Entries This option generates a closing entry using a YC transaction type that mimics the year end closing entry that closes out the revenue/expenditure accounts to fund balance. The entries will be posted in the last period of the fiscal year that is ready to be closed and it allows you to see the anticipated fund balance totals. This entry only affects the GASB54 reports.

GASB54 Balance Sheet Financial Management Reporting Reports You may print, view or export the GASB54 Balance Sheet before making entries. This will show you the anticipated fund balance totals and can be used as a basis to calculate your GASB54 entry. Financial Management Reporting Reports

GASB54 Balance Sheet Find and Open the GASB54 Balance Sheet Report Criteria: General Tab Report By: Period Fiscal Year: Select the current fiscal year Thru Period: Select the last period of your fiscal year Check mark the appropriate account controls Advanced Tab Select Account Types: Assets, Equities, and Liabilities At the bottom of the screen check Show Revenue and Expenditure Totals Any Finance Office

Create Fiscal Year

Create Fiscal Year Financial Management Period End Year End This has to be executed before any entries can be entered for the new fiscal year.    Creates all administration tables for the new fiscal year Rolls the ACTIVE and INACTIVE account control (funds) that are flagged in the Account Control Administration table . If you used the NextGen Budgeting option the fiscal year may already be created. It can be ran multiple times. Any accounts added since will be added this time. Financial Management Period End Year End Select Current Fiscal Year New Year Appears by Defaults Anywhere County 2017-2018 2019 2018-2019

Roll Balances 2017-2018 Financial Management Period End Roll Balances Select Fiscal Year Select Account Controls (as needed) Note: This option can be executed at any time before the year end is started. You should view a balance sheet for the new fiscal year after executing the Roll Balances option to verify the new balances. If corrections are needed you can make them and roll the balances again.

NextGen – Fiscal Year End Click Each Link as it becomes available moving from the top to the bottom 2017 - 2018

You may do the year end process one account control at a time Year-end Reminders You may do the year end process one account control at a time Make sure all of your account controls are listed. (If one is missing you may not have closed all of the periods for the fiscal year)

Year End If you have already created the new fiscal year, you will be prompted.   Click Yes to create or update the new Fiscal Year.

NextGen – Fiscal Year End Scan for un-posted transaction – If any exists, this option will allow you to print a report of them.   Post Transactions If unposted transactions exists, this option allows you to post or delete them (If greyed out after scanning, that means there are no unposted transactions) 2017 - 2018 Unposted TR exists, NG will take you to the Batch search for unposted- Open batch and delete or post- when finished NG will take you back to Period End Process

Year End This option will display/print a Year End Balance check. Verify the closing accounts are correct and the balances are as you expected. This will list the accounts that are flagged to close, as well as your closing fund balance and prior year purchase order accounts.  

Year End Click Print Year End Reports: This option will print your year end reports. Select the Year End Report Package Click Next The Year End Reports will display, you may print them or save them to a PDF. Click Finish when done.  

Year End Click Complete Year End: This option flags year end as closed on the account control.   Note: Once you have completed the year end, print a balance sheet for the new fiscal year to verify the balances are as they should be.  

NextGen – Fiscal Year End If YR-End Process is started, it can be saved and finished later. To Find it- Click FIND – Search for existing batch that has is still “Open”   Anywhere County Anywhere County

Backup reminder Remember- These should be kept offsite in case of a fire or natural disaster See Auditor for Requirements Three Backups Before June is closed Before Year End Closing Post Year End Closing

Audit Files SDE, YTD Audit File, and STATEPC exports are under this option. Financial Management Period End Audit Files

Audit Files User can save files to variety of locations. SDE, YTD Audit File, and STATEPC exports are under this option. User can save files to variety of locations. Options can be run at any time.

QUESTIONS ???

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