| 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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- Fixed Asset By Source (Classic's EIS101)
- Fixed Asset By Function/Class Report (Classic's EIS102)- Recommended to run all three options
- Schedule of Change in Fixed Assets Report (Classic's EIS103) - Only if on GAAP is enabled - Recommended to run the following:
- Schedule of Change in Fixed Assets by asset class (both summary & detail)
- Schedule of Change in Fixed Assets by function (both summary & detail)
- Schedule of Change in Fixed Assets by fund (both summary & detail)
- Schedule of Change in Depreciation Report (Classic's EIS104) - Only if on GAAP is enabled - Recommended to run the following:
- Schedule of Changes in Depreciation by asset class (both summary & detail)
- Schedule of Changes in Depreciation by function (both summary & detail)
- Schedule of Changes in Depreciation by fund (both summary & detail)
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- 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 GAAPGAAP is enabled, the program will also update the beginning balances for the new fiscal year.
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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're already on GAAP GAAP is already enabled in Inventory, you are ready to begin processing for the new fiscal year.
- If you are going to begin GAAP reporting in the new fiscal year, please contact your ITC. ITC assistance is required in order to enable the GAAP flag. When the GAAP flag is enabled:
- the beginning balances will be set based on the prior fiscal year's transactions.
- a summary report of beginning balances by fund, function/activity, and asset class will be generate.
- the GAAP Reports, which are available from the Reports menu, will be available to generate.
- Once enabled, you may begin processing for the new fiscal year.
- If you are going to begin GAAP reporting in the new fiscal year, please contact your ITC. ITC assistance is required in order to enable the GAAP flag. When the GAAP flag is enabled: