Pre-Closing Procedures

The following pre-closing procedures can be completed any time prior to closing the fiscal year.

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• • 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).
      

      Note

      The Audit Report runs based on the system dates (timestamp), not transaction dates. If there was no activity that occurred within the dates of the fiscal year, or the date range is prior to migrating to Redesign, it is possible for this report to show No Data Returned. Further performance enhancements are planned on INV-488. If the report does not run for the full fiscal year dates, smaller date ranges can be used. Running this report manually is optional. A copy of this report is included in the FYE Report Bundle

      
      

  • Asset Listing by Grant/Source (Classic's EIS203)
  • 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 (INV-344)
    • Depreciation for current FY dispositions by class (INV-344)
  • 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
  • Fiscal Year Ending Balances Report (Classic's EISCLS report)
  • Depreciation Posting Report (Classic's EISCLS EISDEP projection report)

•  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 to the email addresses listed under Core>Configuration.

• • NOTE: Once Document Management and Archival is implemented in Inventory, the report bundle will no longer be emailed.  Instead, when the period closes, the bundle will be sent to the Document

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• • Storage automatically and the reports from the bundle will be accessible in a new File Archive option in the Inventory application. 

• • 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 GAAP is enabled, the program will also update the beginning balances for the new fiscal year.

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