Note
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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Note
The following non-GAAP reports and , Inventory Report Bundle and GAAP start up features are currently in development

- Depreciation Posting Report (Classic's EISCLS EISDEP projection report)
  - JIRA issue #INV-330; estimated release July 2022Scheduled to be on 1.21.0 release
- Fiscal Year Ending Balances Report (Classic's EISCLS report)
  - JIRA issue #INV-331; estimated release July 2022Scheduled to be on 1.21.0 release

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. JIRA issue #INV-159; estimated release 1.2022.0

- Closing the year will update the life-to-date depreciation amounts for the current fiscal year being closed and also update the fiscal year closed field in Core>Configuration. If the entity is currently on GAAP, the program will also update the beginning balances for the new fiscal year

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 for the coming fiscal year, please contact your ITC to enable GAAP. Otherwise, you are ready to begin processing for the new fiscal year.
- Jira issue #INV-332 enhancements planned for existing GAAP flag; Scheduled to be on 1.21.0 release

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