Private note - needs links added once other pages are done. And possibly sub pages
Overview of Conversion Process - Old Model to New
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The system will close the change in net assets to a net assets account. The default account will vary for the fiduciary funds, depending on fund type. The close to accounts selected as the default accounts are “Held in Trust for Pension Benefits” for pension trust funds, “Held in Trust for Pool Participants” for investment trust funds, “Held in Trust for Scholarships” for private-purpose trust funds, and ‘Undistributed Monies” for agency funds. A different full accrual close to account can be established for each fund and will be used in lieu of the default when it is entered in the fund set-up screen.
Other Setup Issues
The GAAP Setup menu allows a user to edit his profile (address, phone number, etc.) and to change his password.
As part of the process of filing the annual general purpose external financial statements, one must attach the MD&A and the notes to the financial statements. This is simply a matter of directing the system to the word file that contains the MD&A and to the word file containing the notes to the financial statements. The Upload Fiscal Year’s MD&A and Upload Fiscal Year’s Notes process are found in the GAAP Setup menu. If one needs to revise either the MD&A or the notes to the financial statements after they have been uploaded, one uploads the new (revised) word file, which will replace the old file.
The GAAP Setup menu also contains the process to flag the entity’s fiscal year as completed.
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Rollover from prior year and rollover from old GAAP will also be initiated through the Open a New Fiscal Year process in the GAAP Setup menu. For the second year on the system, the first year ending balances would be moved forward as the beginning balances. For the first year on the system, old GAAP will provide the beginning balances that are available from the old GAAP system. See "Upload from Old GAAP" for further guidance.