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Inventory Fiscal Year End Checklist

Inventory Fiscal Year End Checklist

Individual ITCs may supply slightly different instructions depending on the policies and procedures of the ITC.  Therefore, these procedures are intended to be general guidelines only.

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. NOTE: The Inventory FYE Report Bundle includes most of the suggested reports listed below; however, the selection options for bundled reports are pre-determined.  If you prefer to run additional reports manually to customize your selections,  the following are suggested: 

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

  • Fixed Asset By Source

  • Fixed Asset By Function/Class Report - Recommended to run all three options

  • Schedule of Change in Fixed Assets Report - 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 - 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: Run the official report

    • Generate 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).

    • If the report does not complete 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.

The Audit Report funs based on the system dates (timestamp), not transaction dates. If there was no activity that occurred within the date range entered, it is possible for this report to show No Data Returned. For districts that have recently started using the Inventory application, the audit report will only show activity for dates after they began entering data into the software.

Further performance enhancements are planned on INV-488 to address the report not completing when generated for a wide date range or large number of records.

  • Asset Listing by Grant/Source

  • Book Value Report:  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: 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

  • Depreciation Posting 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 sent to the System>Document Storage page. A list of reports included in the bundle are listed here.

Document Storage is anticipated to be released June 2025. If the fiscal year is closed prior to Document Store being available, a FYE bundle will be generated and sent to the email in Core > Configuration.

  • 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.

If you do not close a period and open the next period, please keep in mind Beginning Balance and LTD depreciation figures in the new period will not be accurate until the prior period is closed.  Any reports generated in the new period containing LTD depreciation or beginning balance figures will not be accurate until the prior period is closed.

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 generated.

    • The GAAP reports will be available to generate.

    • Once enabled, you may begin processing for the new fiscal year