Fiscal Year
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A fiscal year displayed on the grid is the entire fiscal year for which transactions can be posted. When posting a transaction, transaction dates will be required to be in an open fiscal year. You may have more than one fiscal year opened simultaneously but only one fiscal year can be current. An open fiscal fiscal year allows you to post transactions in that contain dates within that year. The The current year can be an open or closed fiscal year (you do not need to re-open a fiscal year to make it current).
he DATSCN also contains the capitalization criteria. This is comprised of a dollar threshold and a life limit. These values are determined and set by Board policy. The figures put in these fields will determine which items will be capitalized and included on the GAAP schedules. If a value is entered for the life limit it becomes necessary to enter a value for the useful life on the item screen records. Items must meet both criteria in order to be capitalized.
The Fiscal Year Grid contains the Inventory Fiscal Years currently on f
Inventory Configuration is used to set up the configuration for the Inventory system. The settings in this option directly controls some of the operations of the inventory system. It is located under Core>Configuration.
- District IRN is the IRN for your district as assigned by the State.
- District Name is the name of your district as you would like it to appear on the report headings.
- Last Fiscal Year Closed is the date of the last fiscal year closed. This field is required. This date reflected is based on the fiscal year marked current in Core>Fiscal Years.
- Foundations is a percentage used on the Inventory Insurance Values Report to determine the amount of building value to exclude as foundations. You should consult your insurance provider to determine if they want a reduction for the foundations and what that percentage should be.
- GAAP Flag will be active (checkmarked) if migrating from Classic and your EIS GAAP flag was set to "Y". If you are not migrating from Classic EIS,...need steps. (classic documentation... the beginning of the first year the district goes on GAAP. This flag is set to "N" during the pre-GAAP period. Once the flag has been set to "Y" you will be able to generate all of the schedules required for GAAP. Certain restrictions are also activated upon turning the GAAP flag on. Many of the fields are no longer modifiable and transaction records must be posted to track changes being made.)
- Using USAS Function Codes, if checked, determines whether you intend to use the standard USAS codes for the function/activity codes. It is not mandatory to use USAS codes for Inventory reporting.
- Using Received Date determines what date will be used as the acquisition date when adding items from the pending file. If checked, the Either the invoice date or the received date can be pulled onto the
pending file to be used as the acquisition date. Enter "Y" if the received date is to be used as the acquisition date. Enter "N" or leave the prompt blank if the invoice date is to be used as the acquisition date.
The information contained d. DATSCN contains the flag that determines whether your district's files are on GAAP reporting or not. Normally the flag is set to "N" during the pre-GAAP phase of initially getting set up on the EIS system. Once you are ready to start GAAP reporting, your system manager will set the flag to "Y". At this point certain restrictions are put into place. Many fields that were once modifiable now require transaction records to be posted to make modifications. These transactions are used to track the changes for the GAAP schedules. It also becomes necessary to post acquisition transactions for each new item being entered on the system. Please refer to the "EIS and GAAP Reporting" chapter of the EIS User Guide for more information on fields required for GAAP reporting and the constraints that are put into place once the flag is set to yes.
The DATSCN also contains the capitalization criteria. This is comprised of a dollar threshold and a life limit. These values are determined and set by Board policy. The figures put in these fields will determine which items will be capitalized and included on the GAAP schedules. If a value is entered for the life limit it becomes necessary to enter a value for the useful life on the item screen records. Items must meet both criteria in order to be capitalized.
DATSCN Field Definitions
- Capitalization Criteria is the criteria set forth by the board to determine the items that will be included as capitalized assets on the GAAP reporting schedules.
- Dollar Limit is the minimum dollar amount for any item entered on the system to be considered capitalized. Using the sample screen above, any items with an original cost less than $500.00 would not be considered capitalized.
- *Life Limit* is the lowest useful life for assets to be capitalized. It is a threshold based on the number of years of useful life. If a life limit threshold is used, it is necessary to enter a value for the useful life of an item on the item screen record using EISSCN/ITMSCN in order for the item to be capitalized.
- Highest Tag No is the highest tag number currently in use on the EIS system. This field is automatically updated when adding a new item through EISSCN. If this field is not initially set through EISMNT/DATSCN, the highest tag number will appear as '00000000001' in EISSCN. Once a new item is added, the field will be automatically updated.
- Using USAS Function Codes determines whether you intend to use the standard USAS codes for the EIS function/activity codes. Enter "Y" if you wish to use the USAS codes or "N" if you will be using different codes. It is not mandatory to use USAS codes for EIS reporting but most districts do.
- Using Received date determines what date will be used as the acquisition date when adding items from the pending file. If checked, the received date entered during AP Invoice processing will be used. If left unchecked, the invoice date will be used.
miscellaneous notes
Inventory Fiscal YearIf migrating from Classic, Classic's current fiscal year and capitalization criteria will be imported and will appear on the grid. For example, if my 'last year closed' in Classic EIS is 2020 (which means I'm currently in FY2021), upon import to Redesign, the current and open year displayed on the grid will be 2021. It will also import the dollar and life limit from Classic's EISMNT>DATSCN and display them on the grid.
Creating a Fiscal Year/Open Period
In order to enter transactions for a particular year, the fiscal year (period) must be created. The period will automatically be at an 'open' status when it's created. If the period has been closed and a transaction needs to be posted in that period, you can re-open the period. NOTE: We recommend re-closing the period after the transaction has been made.
Closing a Fiscal Year
It is not necessary to close a fiscal year before opening the next period. However, if you prefer to close a period after you have completed processing and balanced for the year, you can do so. A pop-up window will be displayed confirming that you want to close the fiscal year. Click 'Yes' to continue to close. When closing the year, it will automatically generate the Inventory Report Bundle which is accessible under....
Making a Fiscal Year Current
To make a period current, click on 
for that particular FY on the grid. NOTE: Only one fiscal year period may be made current at a time.
Deleting a Fiscal Year
You may delete a posting period if you created the year in error. The system will only allow deleting if there are no transactions referencing the fiscal year.
More Information on Fiscal Year
The import process will create the current Classic EIS fiscal year on the grid only. Any previous years will not be displayed on the year.
Inventory Fiscal Year and USAS-R
Inventory does not need to be need to be closed for the fiscal year when the USAS-R fiscal year is closed. The closing of USAS for a fiscal year has no effect on Inventory closing. You should continue adding all items for your current EIS processing Inventory fiscal year. Once all items are entered, you can follow the closing procedure and then proceed with entering inventory items for the next fiscal year.
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