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Running Month End in the new Year
There is no reason for you to delay processing month end in the new year as you will need to prepare reports to meet internal and external reporting requirements. The only question will be whether you have opening balances entered.
When needing to run month end in the new fiscal year, whether that is in the middle of your first month of the fiscal year or the end of the first month, there are certain items to think about.
Note: It is very important that any employee doing data entry for the old or new fiscal year pay special attention to the posting period they have selected to make sure it is posted to the correct month and fiscal year.
When rolling forward R/E Prior Year, if you select a project/element to roll forward that did not have a budget or prior year in the old fiscal year, we will look at the name of the project or element that is in the master file and use that as the new budget name.
When needing to run month end in the new fiscal year, whether that is in the middle of your first month of the fiscal year or the end of the first month, there are certain items to think about.
- To roll forward (or reverse roll forward), follow the instructions in Help/General Ledger/Year End/Checklists for Roll Forward and Reverse Roll Forward.
- We recommend that you roll forward your revenues and expenses for the projects/elements that did not end on or during your old fiscal year. Rolling forward R/E Prior year performs several steps:
- Budgets and prior year amounts will be rolled forward into the new fiscal year for all of the projects/program elements that were selected. Make sure you do not enter any new year budgets until you have rolled forward the R/E Prior Year.
- Under Tools, Organization, Organizational Info the Start Period, Fiscal Year and Ending Period will be changed to the appropriate dates for the new fiscal year.
- The ending leave liability of the old fiscal year will be posted as the new fiscal year opening liability if your agency charges leave when it is earned.
- A copy of the old year Leave, Fringe and Indirect Cost allocation setups will be saved.
Note: It is very important that any employee doing data entry for the old or new fiscal year pay special attention to the posting period they have selected to make sure it is posted to the correct month and fiscal year.
When rolling forward R/E Prior Year, if you select a project/element to roll forward that did not have a budget or prior year in the old fiscal year, we will look at the name of the project or element that is in the master file and use that as the new budget name.
- Rolling Forward GL and R/E Simultaneously:
It’s recommended to roll forward the General Ledger balances and R/E at the same time. This is important because you are maintaining a record of GL and Program Element codes from each fiscal year, including their active or inactive status. - Impact on Balances:
When rolling forward, balances for items like salary, leave, and indirect costs will carry over from the old fiscal year into the new one. However, since cost allocation control accounts (which manage these balances) haven't been fully closed in the old year, the new year's Balance Sheet will not reflect accurate totals, except for asset and liability accounts. - Benefits of Rolling Forward GL:
Rolling forward the General Ledger balances at this stage enables you to preserve the chart of accounts from the previous fiscal year. This is essential for reference in the new fiscal year, ensuring the correct historical data is available. - Deactivating Old Projects/Program Elements:
By rolling forward the GL at the same time, you also get the opportunity to deactivate any old projects or program elements that are no longer relevant. This action helps maintain a clean and updated combo box (dropdown menu) for account and project selection in the new year, preventing irrelevant options from showing up.
