Fiscal Close Checklist

This checklist will help you navigate through your fiscal close. To keep your funds accurate it is important to clean up any fund data you don’t want brought forward into the new fiscal year’s funds.

• You may want to suspend ordering for a few weeks/months (the period of time is best judged by you) before your fiscal close to allow any outstanding material and invoices to arrive and be processed.

• All invoices dated in the current fiscal year must be entered/reviewed and closed before your fiscal close.

• Any invoices dated for the new fiscal year should not be entered, or should be left open, until after your fiscal close is complete.

If you use Direct Charges, you will need to run a Direct Charges report and a Line Item report in order to see all expenditures and encumbrances for your funds. It is not currently possible to include both line item and direct charge data in a single report. Some helpful reports are listed below. (The report version number is not cited here. That is the last two digits of the report identifier.) There are many other reports available in the Reports module.

You will want to look at your fund summary and compare the total expenditures and encumbrances with your town’s/school’s expenditure reports if you reconcile the two. You may already be receiving a fund summary report on a regular basis.

• You no longer have to run a report to see your fund summary. You can now print a summary of your funds or download the summary as a .csv file from the Funds tab in Fund Administration.

• If you would rather run a report ACQ-01, ACQ-02, or ACQ-03 give you an overview of your funds.

You can also configure a fund summary report in the Funds tab in Fund Administration.

• ACQ-16: This “Soup to Nuts” report gives you a tremendous amount of information about your line items. The report should be run across all your funds, for all statuses (on-order, received, canceled, and pending-order). Some things to look at in this report:
  • Check to see what is still encumbered: Sort the Encumbrance column to pull all encumbered line items together. 1 = encumbered, 0 = expended, blank indicates the line item is pending.
  • Check to see what is still Backordered: Sort the Cancel Reason column to pull backordered line items together. Decide if these should be canceled or carried over to the new fiscal year. You should notify your vendor before you cancel a line item in Evergreen in case cancellation isn’t possible.
  • Check that received items have been invoiced: Sort the Line Item Status column to pull received line items together.
    • Received items should have been invoiced and should list a Vendor Invoice ID, Invoice Date, and Closed Date.
    • If the Closed Date is blank, the invoice needs to be closed.
    • If you see an Encumber/Paid Amount is $0 and there is a “0” in the Encumbrance column, this means that no money was expended for that line item. Contact NOBLE to have these fixed.
• ACQ-25: This report is a list of all encumbered items. When creating the report enter the following statuses: on-order, received, cancelled (this will catch anything that has a backordered status)

• ACQ-33-01: This report looks at all Direct Charges including Blanket Orders.

The date may be an estimate at first but should be finalized as you get closer to completing your preparations. Be sure to inform your staff of the final date and let them know that no acquisitions functions should be performed on that day until they receive word that fiscal close is complete.

• Be sure all paper invoices for the current fiscal year have been entered into Evergreen and closed.
• Be sure all EDI invoices for the current fiscal year have been reviewed and closed. Funds will not be disencumbered and expended if the invoice is not closed. See How to Retrieve Open Invoices
• Do not close any invoices dated for the new fiscal year
• Helpful reports:
  • ACQ-12-02-A: Lists closed invoices
  • ACQ-12-02-B: Lists open invoices
  • ACQ-06-04: Finds line items that have funds from the wrong fiscal year.

• If there are any funds you don’t want to bring over to the new fiscal year, set both Propagate and Rollover to “false” for that fund.
• You will also need to mark unwanted funds inactive. This can be done at any time as long as you are sure there will not be any further activity in the fund. Marking the fund in active will remove it from your fund dropdown menus.

• Option 1: Activate all pending POs just before fiscal close. Funds will automatically be updated to the new fiscal year during the fiscal close process. If you have set warning and stop percentages in your funds, this method may not work for you, as you will, most likely, exceed those percentages and be stopped from activating a PO. You do have the option of removing the stop percentages and then re-adding them after fiscal close.
• Option 2: After fiscal close, apply the appropriate funds for the new fiscal year to your pending POs, then activate the POs.
• Option 3: Set up select funds for the new fiscal year and apply them to POs that will be activated after fiscal close is complete. The Propagate and Rollover settings for these funds, and the matching funds from the current year, should be set to false. Encumbrances for the funds for the current year should be $0. If you have line items still encumbering money in these funds, update the fund in those line items to the fund for the new fiscal year. Since the funds set up for the new fiscal year will be active, funds for both fiscal years will appear in your fund dropdowns.

When you are satisfied that everything is in order, Perform Your Fiscal Close Needs link

• Credit money to your Funding Sources.

• Allocate money from your Funding sources, to your Funds.

• Activate any Pending POs being sure to update funds first, if necessary.

• Update the Fiscal Year field in all scheduled acquisitions reports. Needs link

• Invoices dated within the new fiscal year may now be entered and/or closed.

• If you use Distribution Formulas and have set funds in them, these funds will need to be updated to the new fund for the new fiscal year. Currently, funds in distribution formulas do not automatically get updated. They will still have the previous year’s fund set. When you go to edit the distribution formula, you will see that the fund field will appear to be blank. The fund for the past fiscal year is actually still set, but not visible, because it was set to inactive during the fiscal close process. So be sure to click the Fund drop down and select the appropriate fund.