1. NextGen – Fiscal Year End Resource 2016 Local Government Corporation

2. Class Outline Points to Remember Default GL Accounts Create Fiscal Year Roll Balances GASB54 Reporting Year End Process Audit Files

3. Points to Remember Create Fiscal Year  You will need to create the new fiscal year before transactions can be posted for July(first period of new year). This can be done prior to closing June (last period) or the fiscal year. Balance Accounts  Review your Balance Sheets, look for over expended expenditure accounts, payroll tax and deduction accounts that need to be paid.  Review outstanding accounts payables and receivables. After you have decided which amounts will be carried over to the new fiscal year, enter and process the appropriate journal entries.  Set up any reserves other than Undesignated Fund Balance, enter them as journal entries and process them to the General Ledger  Be sure all bank accounts/cash accounts are balanced and all transactions have been posted prior to closing June (last period) and the fiscal year. School Payroll Checks  Be sure to run all extra payroll checks for 11 and 12 month teachers. If you need to accrue a payroll, use account number 21200 as the credit amount.

4. Points to Remember Purchase Orders: Balance Current Year Open PO’s to YTD Encumbrances Balance Prior Year Open PO’s to the GL:  Overages on Prior Year PO’s applied to the 14600 will affect the balancing. Voided checks with Prior Year PO’s attached can also affect the balancing. You may need to enter JE’s for these cases.  Outstanding Prior Year PO Balance should = Balance of 34120 minus Balance of 14600. Liquidate or Delete any PO’s you do not want to carry forward as Prior Year PO’s.  Flexgen Purchasing:  The PO file must be closed prior to closing June (last period) and prior to closing the fiscal year.  Zortec Accounts Payable:  Be sure to take care of any invoice accrual or receipt accrual prior to closing June (last period) or fiscal year.  Nextgen Purchasing:  There is no PO closing step in NG Purchasing to roll PO as Prior Year. Close Periods  The month of June (last period) must be closed prior to closing the fiscal year.

5. Default GL Accounts It is important that you verify your Default GL Accounts are set up correctly. These must be set accurately for the year end balances to roll properly. You may pull a Default GL Account Exceptions Report to see how your Default GL Accounts are set up.

6. Default GL Accounts

7. You may pull up the Default GL Accounts per Account Control and edit them if need be.

8. Default GL Accounts Tabbed screens across the top that allow you set/change and confirm the Default GL Account (fund balance), Budget Offset Account, and the Prior Year Account for your prior year PO’s. If your office has Cost Centers and you would like for the Cost Centers to close into a different GL Account, or would like for the closing accounts to detail to the Cost Center, exceptions will have to be entered on these screens.

9. Create Fiscal Year 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 does not hurt to create again. Also if any accounts have been added since it has been ran it will create those.

10. Roll Balances Note: This option can be ran at any time before the year end is started. You can run a balance sheet for the new fiscal year after executing the Roll Balances option to see the new balances. If you see corrections that need to be made, you can make them and roll the balances again.

11. GASB54 How will you handle GASB54 entries? YF Transactions Roll to New Year:  If you choose this method, the GASB54 entries for reclassifying the Fund Balance 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 the GASB54 entries to reclassify the Fund Balance accounts can be made before or after you close the fiscal year.  In this case, the flag “Include GASB54 Adjustments in Beginning Balances” needs to be un-checked in the account control table.

12. 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.

13. GASB54 Balance Sheet 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.

14. BACK-UP Determine the backup media your office will use for your (2) Year End Backups. These backups should be on media separate from your daily backups. With the Year End backup media in place, backup your data and label it "Pre Month/Year-End /Closing". You will run another backup after the year-end process is completed and label it "Post Year-End Closing". These backups should be kept all year (you can reuse the backup media again for the next year’s closing).

15. NextGen – Fiscal Year End Year End You may close account controls individually or all at once. Clicking New from the ribbon bar allows you to start new year end processes. Clicking FIND allow you to search for all year end processes that have been started and not completed.

16. Year End Selecting New from the ribbon bar will display a list of account controls that are available for year end processing. If you are closing all account controls, place a check mark in the top heading box and it will select all account controls. Otherwise, select only the Account Control you wish to close. Make sure all of your account controls are listed. If account controls are missing you may not have closed all of the periods for the fiscal year.

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

18. NextGen – Fiscal Year End Scan for un-posted transaction – Scans for un-posted transactions for all users. If any exists, this option will allow you to print a report of them. The next options will allow you to post or delete them. If there are no un-posted transactions, the next two steps will not need to be executed. Post Transactions This option allows you to post or delete un-posted transactions

19. Year End Print Balance Check Report 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.

20. 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.

21. 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 Beginning Balances balance sheet for the new fiscal year to verify the balances are as they should be.

22. Beginning Balances Balance Sheet Compare this to the ending June Balance sheet to ensure your accounts have rolled as they should. Save a copy of this report with your other Year End reports.

23. Audit Files 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.

24. This completes Nextgen Fiscal Year End. Happy New (Fiscal)Year!!