Pre-Closing Procedures

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

•  1. Please ensure all pending items received prior to June 30th are entered as assets for the fiscal year.  If the PO items were ordered prior to June 30, but are not received until after June 30th, they should be added as assets in the next fiscal year.  Items can be pulled into the pending file,  even though they may not be posted in Inventory until next year, as needed.
•  2. If the depreciation data has been changed so that it is necessary to completely recalculate the life-to-date (LTD) depreciation for one or more items, you may select the desired items from Transactions>Items grid and click 'Depreciate'.  NOTE: Using Depreciate from Transactions>Items grid will affect items that have had improvements (additional acquisitions) added to them throughout the life of the asset causing them to lose their true depreciation history. Please refer to the Items documentation for more information. 
  
•  3. Ensure items that meet or exceed the entity's capitalization threshold are marked as 'capitalized'.  On the Transactions>Items grid, add the 'capitalized' column and filter using the entity's capitalization threshold.  For example if their capitalization threshold contains both a dollar and life limit threshold, enter both and enter 'false' in the capitalized column.  If the query contains items that meet or exceed the threshold amounts but are listed as 'false' under the capitalized column, contact your ITC for further assistance.

Fiscal Year-End Closing

•  4. When all assets have been entered, run any fiscal year-end reports desired. The following are suggested:

GAAP Reports (GAAP must be enabled to run these reports)

• • 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) - 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) - 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)

Non-GAAP Reports

• • 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).
      

      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
    • Depreciation for current FY dispositions by class
  • 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 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.

• 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 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 GAAP 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.