| Note |
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Individual ITCs may supply slightly different instructions depending on the policies and procedures of the ITC. Therefore, these procedures are intended to be general guidelines only. |
Pre-Closing Procedures
The following pre-closing procedures can be completed any time prior to closing the fiscal year.
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- Asset Listing by Grant/Source (Classic's EIS203)
- Brief Asset Listing Report (Classic's EIS304): Recommended to run the following: (the five reports should include capitalized items only and Status Codes of Active, New, Excess Asset Held for Sale, and Excess Asset Not in Use (with the exception of the disposition report)
- Brief Asset Listing sorted by fund
- Brief Asset Listing sorted by function
- Brief Asset Listing sorted by asset class
- Acquisitions for current fiscal year
- Dispositions for current fiscal year
- Book Value Report (Classic's EIS305): Recommended to run the following using current Fiscal Year (xxxx) for the reporting date. The four reports should include capitalized items only and Status Codes of Active, New, Excess Asset Held for Sale, and Excess Asset Not in Use for the full reports, and Status Code Disposed for the disposition reports.
- Book Value Report sorted by function
- Book Value Report sorted by class
- Depreciation for current FY dispositions by function
- Depreciation for current FY dispositions by class
- Inventory Audit Report (Classic's EIS801): Run the official report
- Recommend running the official option for ALL report types (leave 'select report type' blank to include all of them) and enter a date range for the entire fiscal year (Start Date 07/01/xxxx and Stop Date 06/30/xxxx).
- Fiscal Year Ending Balances Report (Classic's EISCLS report)
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- Depreciation Posting Report (Classic's EISCLS EISDEP projection report)JIRA issue #INV-330; Release 1.23.0
- 5. Under Core>Fiscal Years, close the current fiscal period by clicking the Close icon.
- The Inventory FYE Report bundle will automatically generate when the posting period is closed. The bundle will be emailed in a zipped format.
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- 6. Under Core>Fiscal Years, click Create to create the new fiscal year period. The existing dollar and life limit thresholds will carry over to the new year. Click the open folder
to open the new year and 
to make it the current period. - 7. If you are going to begin GAAP reporting in the coming fiscal year, please contact your ITC. ITC assistance is required in order to enable GAAP. Otherwise, if you're already on GAAP in Inventory, you are ready to begin processing for the new fiscal year.
- Core>Configuration Enable GAAP option (Classic's EISGAAP equivalent)
- JIRA issue #INV-332; Estimated release 1.24.0
- Core>Configuration Enable GAAP option (Classic's EISGAAP equivalent)