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Q:  Can it really be that time already?

A:  Yes! 

The close of another fiscal year, June 30, is quickly approaching.  There are some key components in making your fiscal year end a smooth one. We encourage you to review these check points sometime between now and then, preferably as soon as possible.      

Prevent July payrolls until STRS Advance has been completed #6282; 6.89.0

Review, Reconcile, and Verify - FYE related USAS prep -  Pat

• 5109 - Period H changes  
• 4648 - 7/1 cash beg balances bug
• 5093 - tra/adv not included in fed ass’t
• Accounts Payable Report GAAP FYE 

As you prepare for fiscal year end, here is some information to keep in mind for USAS ….

You can prepare your requisitions now for the new fiscal year, dating them 7/1/23, as long as your July 2023 Posting Period has been created and is OPEN.  If July is not opened by the User, the system will automatically Open the July posting period during the process of closing June which also closes the fiscal year.  The USAS Requisition Approval Workflow can also be utilized while still maintaining the 7/1/23 requested PO date entered when preparing the requisition. 

The All Amounts Zero parameter on the Appropriation Resolution Reports has been updated to include accounts that may add up to zero, but were being previously being excluded because the ending balance was zero.   For example, if an account had ($1000) appropriated with $1000 Prior FY Carry Over, the Appropriation of zero (0.00) will now be correctly reported on the Appropriation Resolution report.

After reviewing the Fiscal Year’s revenues and expenditures, the user should review their Federal Funds and create their FY23 Federal Assistance Summary record under the Periodic menu in USAS.  This information will be included in the EMIS extract.  By check marking the box  the EMIS extract will indicate that the district/entity has expended more than $750,000 of federal funds in one year and thus, requiring a Single Audit to be performed.  This is a more extensive Audit and was previously called the OMB Circular A-133 Audit.   After creating the Federal Assistance Summary record, you can now clone the FY22 Federal Assistance Detail records to help create the same records for FY23.  You will need to edit the cloned record to include the new Cash Account and figures.   You may manually enter these Federal Contributions Received and Expended, but the system will populate the figures at the time when the Cash Account is selected.  You can also set up an Account Filter for the Non-5xx cash accounts that may be needed to also include.  To include these non-5xx funds, set up an Account Filter for read only access for the Fund needed such as:   

Important !   After your initial set up of your Federal Assistance Detail records, if expenditures or revenues change for any accounts reported, additional steps are needed to update the Federal Assistance Detail record’s figures. Please edit the record, click off the Cash Account assigned to the record and then re-select the correct Cash Account to update the figures.  You may also update  these manually.  The figures will exclude any Transfers/Advances.  You can verify the figures pulled in with the Cash Account on the Core>Account menu or via reports (i.e. Budget/Revenue Summary).  

NOT done ! 

As you prepare your Period H collection data, and prior to pulling this information from the SIF, keep in mind that the EMIS Fund Category value on the Cash Account (previously used to populate the ODE Brief Description) and Payables amount (optional ODE Element QC260) will show zero and will not be required per the EMIS updates 23-86 and 24-51 respectively.

The Accounts Payable report is also a report that should be generated and reviewed.  The report default populates the last day of the fiscal year but may be edited.  This report generates a report showing all payable amounts as of the last day of the fiscal year for GAAP reporting.  

• Flag items as not encumbered as of this date?: If running the report for outstanding purchase orders after the end of a fiscal year and the report should show the actual amount which was encumbered as of June 30th then this should be left checked. Otherwise, uncheck this option. 
• Include invoice date in selection?: Leaving this unchecked will cause the report to select items with received dates prior or equal to the user specified date. Checking this option will cause the report to select items with both received and invoice dates prior to the user specified date.