General Ledger Fiscal Year End Closing out 2004

WELCOME! To the Year End Workshop. During this workshop and presentation, references will be made to the “current year” and “next year” or “new year”. CURRENT Year will be the Fiscal Year beginning July 1, 2003 and ending June 30, 2004 (referred to as 2004) NEXT or NEW Year will be Fiscal Year beginning July 1, 2004 and ending June 30, 2005 (referred to as 2005).

This Presentation will cover the following procedures: Year End ProceduresYear End Procedures Office Manager FunctionsOffice Manager Functions

Office Manager To access Office Manager, select option #50 – Office Manager, from the General Ledger Main Menu.

Division Definitions Option #02 in Office Manager. Your general ledger system may contain multiple divisions. The division record holds the name of the account control field, requirements for the handling of packets, ledger description settings, and codes for budget transactions. The year-end roll process does not affect the division definition. UPDATES: None required.

Fiscal Year Definition Option #03 in Office Manager. Each year must carry a specific name to direct the storing and retrieval of transactions. If required by your site, multiple fiscal year names may exist. The fiscal year definition will carry the beginning and ending months and years, the last and next year information, the YTD file suffix, and the names of the four budget prep fields.

Fiscal Year Definition (con’t) The roll control file option creates the new fiscal year records based on the information stored in the current year fiscal year definitions. UPDATES: None required. We do ask you to verify its correctness on the "next year" field in the fiscal year definition prior to the start of the year-end process. If you are uncertain what the screen should contain, communicate with your year-end contact person.

Fiscal Period Definition Option #04 in Office Manager. The fiscal period definition holds the descriptive name, from and through posting dates, posting status, and a schedule of a maximum of five fiscal year names and period sequences. The roll control file option creates the new fiscal period records based on the information stored in the current year fiscal period definitions. UPDATES: None required.

Account Structure Option #05 in Office Manager. Each part of your account number will have a definition under account structure. The screen will show the beginning and ending position, the left/right/no alignment code, the center character and position, the prefix and suffix separators, modified budgeting characteristics, and the payroll/personnel interface flags. The roll control file option creates the new structure records based on the information stored in the current year account structure definitions. UPDATES: None required.

Account Type Definition Option #06 in Office Manager. This parameter carries a schedule of account types used to categorize the ledger files. Examples of account types are A for Assets, L for Liabilities, R for Revenues, and X for Expenditures. The account type definition screen contains the chart type, ledger type, flags for handling the reverse signs in inquiry and reporting, the debit or credit indicator, flag for rolling balances at year-end, the budgeting use indicator, and the allow encumbrances flag. The roll control file option creates the new account type definitions based on the information stored in the current year account type definitions. UPDATES: None required.

Account Descriptions Option #07 in Office Manager. The requirement for an account description is regulated by the response to the Validate? field in the account structure definition. If field number 1 is the fund number and the validate question is set to Y (yes), each fund number must be entered. The account description record contains a description and optionally the account type code. The roll control file option creates the new account descriptions based on the information stored in the current year account descriptions. UPDATES: None required.

Account Control Option #08 in Office Manager. The account control parameter carries critical settings for the operation of each account control field. The questions seen here from screen one regulate the operations.

Account Control (con’t) Screens two and three carry account numbers for cash general fund, prior-year encumbrances, receipt accrual, etc. The roll control file option creates the new account control records based on the information stored in the current year account control definitions. UPDATES: None required. We do ask you to check the field on screen two named "Year End Closing" prior to the start of the year-end process. The parentheses to the right of the name should contain X's. Type X's ignoring the periods or dashes you cannot type over. These dashes and periods are the separators defined in the account structure parameter and you must type X's until the field is filled.

Alternate Ledger Keys Option #09 in Office Manager. The alternate ledger keys are used when a different sequence is desired in reporting. The roll control file option creates the new Alternate Ledger Keys based on the information stored in the current year Alternate Ledger Keys UPDATES: None required.

Transaction Codes Option #10 in Office Manager. Transaction codes are used to categorize and control the effect of transactions. The transaction code record contains the name and description of the code, the transaction group identifier, default debit of credit, period range, action type (same, opposite, or blank for none), and the schedule for auto entry transactions. The roll control file option creates the new Transaction Codes based on the information stored in the current year Transaction Codes. UPDATES: None required.

Transaction Groups Option #11 in Office Manager. Transaction group codes are used to group transaction codes for journal printing purposes. The parameter holds the transaction entry settings on the reference, check number, notes, and debit/credit fields, flags for automatic reference numbers and automatic increment numbers, the next reference number, cash disbursement and cash receipt indicator, use summary entries flag, summarize entries by date flag, and special settings for document printing and control. The roll control file option creates the new Transaction Groups based on the information stored in the current year Transaction Groups. Updates: None required.

Cash Accounts Option #14 in Office Manager. The cash accounts record holds the link between the ledger code for cash and the bank account code. The roll control file option creates the new Cash Account records based on the information stored in the current year cash account records UPDATES: None required.

Closing Account Definitions Option #15 in Office Manager. The closing account definition is used most commonly to close the revenue and expenditure accounts against the fund balance. It can also be used to close the revenue and expense accounts to a special reserve account for the new year. Example - the State gives a special funding for firefly studies, which must be carried forward at year-end closing to a special reserve account. The revenue and expense accounts would be set to close to this special account. When the balances are rolled at year-end, the income and expense accounts would be reset to zero and the result of options would be shown in the reserve accounts rather than the regular fund balance. The roll control file option creates the new Year End Closing Definitions based on the information stored in the current year-end closing definitions. UPDATES: None required.

Closing Account Definitions (con’t) We do ask you to verify that each fund involved in the year-end closing process has closing account definitions for the revenue and expense ledgers. If you have created a new fund/funds sometime in the current year, it will be necessary to create a closing account definition for the revenue and expenditure ledgers of the new fund/funds.

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