Fiscal Year End Checklist

The Fiscal Year End procedures for the Invision™ Fund Accounting Workbench module are fairly simple and can be completed in a couple of hours. The ease and accuracy of the process fully depends on your preliminary work and understanding of the process.

There are several ways your system can be initially set up. Some customers have a prior year company, some do not. For those users who do have a prior year company, many pay invoices out of the prior year instead of holding the invoices to be entered in the new year. In addition, reports can be run from the prior year. Other customers prefer to use Dual Fiscal Years so they can see in Current year what is still outstanding in Prior year.

Fiscal Year End Process Checklist Fiscal Year Procedures for Dual Fiscal Years
Part 1 - In the Current Year
Sequence	Program	Initials
1.	Enter and post purchase orders.
2.	Enter and post invoices.
3.	Pay invoices through Accounts Payable.
4.	Check the Fiscal Year End Flag during the Company Control Options Maintenance.
5.	Make a Fiscal Year End Backup Tape.
6.	View AA File Copy Maintenance and GL File Copy Maintenance to check that the proper files will be copied.
7.	Run Save Prior Year Files for Appropriations.
8.	Run Save Prior Year Files for General Ledger.
9.	Run Year End Clear Routines for selections 1 - 6. 1. Vendor Master Fiscal Year End 2. Appropriation Master & Monthly Files 3. Expense Distribution File 4. Revenue Master & Monthly files 5. Revenue Distribution File 6. Mark Open POs as Prior Year POs
10.	Set Encumbered Balance Forward.
11.	Reset Unencumbered Balances.
12.	Reset Balance of Estimates.
13.	Reset Appropriation Masters.
14.	Reset Open PO Amounts.
15.	The current year is now empty. You can enter new appropriation and revenue amounts by updating from the Budgeting module or by entering the amounts manually during Appropriation Entry, Mid Year Appropriation Entry and Revenue Master Maintenance. Tip: Run the Inquiry Cross Reference Build before entering purchase orders or invoices.
Part 2 Closing of Old Fiscal Year
1.	Balance and print the following reports in the prior year: Expense Distribution report vs. Appropriation Control report Revenue Distribution Report vs. Revenue Control Report GL Appropriation Control account vs. Appropriation Control report GL Revenue Control account vs. Revenue Control report Note: Maintain a final hard-copy of each report for a complete audit trail.
2.	Reset Fiscal Expended Amounts in the current year.

Fiscal Year End Process Checklist Fiscal Year Procedures for Non Dual Fiscal Years
Part 1 - In the Current Year
Sequence	Program	Initials
1.	Enter and post purchase orders.
2.	Enter and post invoices.
3.	Pay invoices through Accounts Payable.
4.	Check the Fiscal Year End Flag under .OPTIONS.
5.	Make a Fiscal Year End Backup Tape.
6.	View AA File Copy Maintenance and GL File Copy Maintenance to check that the proper files will be copied.
7.	Run Save Prior Year Files for Appropriations.
8.	Run Save Prior Year Files for General Ledger.
9.	Run Year End Clear Routines for selections 1 - 5. 1. Vendor Master Fiscal Year End 2. Appropriation Master & Monthly Files 3. Expense Distribution File 4. Revenue Master & Monthly files 5. Revenue Distribution File
10.	Reset Unencumbered Balances.
11.	Reset Balance of Estimates.
12.	Reset Appropriation Masters.
13.	The current year is now empty. You can enter new appropriation and revenue amounts by updating from the Budgeting module or by entering the amounts manually. Tip: Run the Inquiry Cross Reference Build before entering purchase orders or invoices.
Part 2 Closing of Old Fiscal Year
1.	Balance and print the following reports in the prior year: Expense Distribution report vs. Appropriation Control report Revenue Distribution Report vs. Revenue Control Report GL Appropriation Control account vs. Appropriation Control report GL Revenue Control account vs. Revenue Control report Note: Maintain a final hard-copy of each report for a complete audit trail.
2.	Reset Fiscal Expended Amounts in the current year.

Overview