FMS6 User Guide Year End for Academies

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1 FMS6 User Guide Year End for Academies Author(s): Kath Ryans, MIS Consultant Reviewed by: Michaela Page Publication date: August 2016 Version: 0.1 Review date: website: telephone:

2 Introduction... 4 Preparation... 4 Closedown... 4 Tidying up... 4 Outline of Process... 6 Preparation... 7 Verify current structure... 7 To de-activate a Cost Centre... 7 To delete a Cost Centre... 8 Deleting Ledger Codes... 8 New Year Creation... 9 Creating a New Financial Year... 9 Editing the existing year... 9 Creating the New Year Creating VAT Periods Creating Salary Periods Adding New Structure to the New Year Creating a New Cost Centre Creating a New Ledger Code Creating the Cost Centre/Ledger Links Year End System Check Transferable Processing Outstanding Transactions Orders and Commitments Running the Outstanding Orders Report Invoices (Accounts Payable) Petty Cash Posting Petty Cash Expenditure Posting Petty Cash Reimbursement Posting Unposted Journals Non Invoiced Income Paying In Unposted Receipts Accounts Receivable (AR) Invoices Invoiced Income Paying In Unposted Receipts Debtor Review Bank Reconciliation Processes Page 2 of 45

3 BACS Payments VAT Claims Personnel Links Salary Commitment - Personnel Links Close Down Preliminary Close Down Open the New Financial Year Running a Preliminary Close After the Preliminary Year End Cross Year Symbols Accrual and Prepayments Creating Entries Using Reversing Journals Checking the Journals in the New Year Running the Depreciation Process Run the Depreciation Process for the Current Financial Year Reversal of Depreciation Process Run the Asset List Report Running Further Preliminary Close Downs Funds and Retained Earnings Identifying Retained Earnings Balances Opening Balance Journal Tidying Up Final Close Down Completion of Financial Statements Final Close Down Page 3 of 45

4 Introduction There are three main sections to the process. Preparation Closedown Tidying up Preparation This phase can begin up to three months before the start date of the new year and involves: reviewing the closing year with a view to getting rid of redundant structure reviewing transactions in the closing year to getting rid of redundant, out of date or duplicated items creating the new year, running the checks and resolving any issues they reveal adding new structure to the new year as required calculating an estimate of the Carry Forward preparing the budget for the new year and installing it reducing or prohibiting ordering some six weeks before the end of the year chasing overdue payments and paying in all income promptly chasing suppliers concerning unpresented cheques or delayed invoices Closedown This phase begins ideally on the 1st September. It commences with the running of the Preliminary Close and continues for about a month. Care must be taken as there will be two financial years open and users should check they are working in the correct year. This period involves: Running the first Preliminary Close Preparing Accruals and Prepayments and entering the Reversing Journals Running a Preliminary Close whenever significant changes are made in the closing year Entering or completing the Budget in the New Year Preparing Reports as required by Governors, Accountants and the EFA Tidying up This period can stretch for several months into the new year although, it should ideally be completed within three months of the beginning of the new year. Activities involved are: Finalising the Carry Forward Revising the Budget, amending where necessary and fixing it Resolving any miscoding issues highlighted by the accountants Page 4 of 45

5 And it ends with the running of the Final Close that locks that year down. Only Reports and viewing transactions can be done once the year has been closed. Nothing can be altered and a Finalised year cannot be re-opened. Each academy may have different account policies so no specific advice will be given on accounting practices. Any accounting assumptions made in the guide are for example purposes only. If you are in doubt of any of your own academy policies then it will be necessary to seek advice from your accountants. Tips: Work methodically through the process, ticking off the elements as you go. Use the index to this manual or the overview on the next two pages for your checking sheet. Document everything and keep it all in a single file with any exchanges with Managers or Accountants. Report frequently, run off the Summary Trial Balance and Cumulative Expense Analysis before and immediately after the first Preliminary Close as well as whenever significant activity has taken place. Page 5 of 45

6 Outline of Process Activity date Old Year New Year Review Existing Structure and identify elements to be removed. Impose a moratorium on orders unless for emergencies Pay all Invoices and bank all income promptly Review outstanding transactions, orders, invoices, cheques and income invoices and chase or cancel/write-off Start work on the Budget and Carry Forward estimate Create New Year, VAT Year and Salary Year (if needed) Add New structure for new year. Any new structure created in old year must be copied into the new one Add preliminary budget to New Year Identify any orders or income unlikely to come into the school by 31 st August. Use these to begin an Accrual list Identify payments or Income relating to activities in the new year. Use these to build a Prepayments list Contact Accountants to find out whether they want these lodged in period 12 or 13 Late June Early July July End of July August Midnight 31 August Chase bank and Payroll provider for necessary Salary details and Bank Statements for August. Make sure you have entered details of both Funding and Salary If Accountants require it enter Reversing journals for Accruals and Prepayments Run of VAT claims for August Last week of August First week of September Carry out the first Preliminary Close All Ordering, Invoicing, Cheque Processing, VAT reporting and Bank Reconciliation must now be done in the new Year. Only Journals can be entered in the old year and a Preliminary Close should be run each time. Install the Preliminary Carry Forward into the Budget plan and enter a budget into the new year or remove the tick for Cost Centres where orders must be placed. Enter Accrual and Prepayment journals if not already done then run a Preliminary Close Run of Reports for Accountants Carry out any amendments required Run off Reports for EFA and review them Run Final Close September September November Page 6 of 45

7 Preparation Verify current structure Before creating the new year take the opportunity to check the structure you are already using. Are all the Cost Centres being used? Particularly those created for Curriculum or Trips & Events. It may be that some could be deleted. Do not add new structure that is solely for the new year. This should be created in the new year once created. Please note: when structure has been used, you will be unable to delete it for two full years. To de-activate a Cost Centre To delete the Cost Centre/Ledger code links, Select Tools General Ledger Setup and tab 6: C/Centre Ledger Links. This will display a list of the existing links. It may be useful to change the sequence to Cost Centre Description to find the appropriate cost centre. Locate the first link against that cost centre and click the Delete icon. FMS will not delete links if they have been used during that financial year, part of a standard template, user defined report or service term mapping. Once all the links with that cost centre are removed move to tab 2: Cost Centres Locate the Cost Centre and highlight it Click the s icon Page 7 of 45

8 To delete a Cost Centre 1. Select Tools General Ledger Setup Tab 2: Cost Centres 2. Highlight the Cost Centre to be deleted. If it is within a Cost Centre group (folder) double click on the folder to open it than select the Cost Centre. 3. Click the icon to delete the cost centre. 4. Repeat for any other Cost Centres then click Save Deleting Ledger Codes When a new Ledger Code is no longer required 1. Select Tools General Ledger Setup Tab 5: Ledger Codes. 2. Locate and highlight the Ledger Code to be deleted 3. Select the icon. 4. Repeat for any other codes then click Save Please note: if the Ledger Code is still linked to any Cost Centre or has been used in the past two years (even if it is to add a budget then take it away) you will be unable to delete it. Page 8 of 45

9 New Year Creation When a new year is created all the Funds, Ledger Codes, Cost Centres and the links between them are duplicated. Once created this structure can be added to or amended. Creating a New Financial Year Before commencing this process it would be advisable to create a backup of FMS. Select Tools FMS Transactions Backup and click the Yes icon to start the backup. Once complete, a message will be received advising you that the backup is complete and the name of the backup file. This file will be located on the SQL Server machine that FMS is installed on. Editing the existing year 1. Select Tools Define Financial Years Define/Edit Years to display the Define Years screen 2. Edit the current financial year by clicking the Edit icon at the side of the screen 3. The screen shown in the following will be displayed: 4. If Asset Management is activated, ensure that the fixed assets cost centre has been assigned as above. A fixed assets cost centre is required as part of the asset management setup Click Save to save the details Page 9 of 45

10 Creating the New Year 1. Select Tools Define Financial Years Define/Edit Years to display the Define Years screen. 2. Highlight the current year 3. Add the new financial year by clicking the icon at the side of the screen The screen shown in the following graphic will display: Input the following: a) Year description: b) Number of periods: 12 Please note: If your previous financial year has more than twelve periods (due to becoming an academy), unless the number of periods are changed to twelve then it will attempt to create a financial year with the number of periods originally selected for the previous year c) Select the Calendar Month d) Next Year Begins: e) Select Check Spending Against C.C f) Select Order Book Open g) Only select Order Book Open Restricted Users, if you are using restricted access for Budget Holders h) Record Deliveries think carefully before triggering this. Once switched on it has to stay for the entire year. It imposes another step between ordering and invoicing. Page 10 of 45

11 i) Select Copy Service Term Mappings (if applicable) Select Copy Fixed Assets Cost Centre (depreciation is now available to set as Yearly or Periodic) Click Save to save the details. There may be a short delay, be patient The following screen will be displayed, as shown below. The new year will be visible, shown status of Not Started. When the year is in this state, modifications to the structure, cost centre allocations, salary projections and salary calculations can be completed. No financial transactions can be undertaken. Click Save Creating VAT Periods Once a new Financial Year has been created a new VAT year MUST be created. 1. Select Tools Define VAT Periods... to display the VAT Periods screen. 2. Click the green plus + icon to add the new year s VAT periods. Page 11 of 45

12 By default the Copy from Previous Year is selected as it is assumed that the school wishes to run VAT reports off on a similar time scale as the previous year. Options are available for quarterly, monthly or a set number of days. If you are uncertain of what the requirements are it would be essential to seek advice from the accountants. 3. Normally one would select Monthly, however seek advice before selecting 4. Click Save to complete the process. Page 12 of 45

13 Creating Salary Periods This process is only required where SIMS Personnel is linked in to FMS for salary projections, calculations and payments. 1. Select Tools Define Financial Years Define Salary Periods, to display the Define Salary Periods screen as shown in the graphic below. 2. Click the green icon and select the new Financial Year from the browser, then click Save to create the salary periods. 3. Click Save to complete. If links are in place, a message is displayed saying Recalculating Commitment. Adding New Structure to the New Year Where new structure is required for the new year due to changes in funding or managers needs it can be added It is recommended to run off print outs of the existing structure and even the basic reports to help decide how best to make it fit in. The structure reports can be found under: Select: Reports General Ledger Setup then select either, Cost Centre Listing, Ledger Code Listing or Chart of Accounts listing. The first two list the elements and the third shows how they slot together, It is recommended you run the Cumulative Expense Analysis Select: Reports General Ledger Analysis Cumulative Expense Analysis - to see how the structure shows in reports. These should help you decide where the elements are to be added and help you decide things like Code number and Cost Centre Code. Page 13 of 45

14 Creating a New Cost Centre Once you have decided where to add a Cost Centre 1. Select the new Financial Year 2. Select: Tools General Ledger Setup Tab 2: Cost Centres 3. Expand the Curriculum cost centre group. 4. Click to add a new cost centre. Type a code in line with your sequences in the Code field, a name in the Description field then press Tab to auto-fill the Abbreviation field. Holder and Threshold can be left blank, but leave the tick in Check Spending unless there is a good management reason for not verifying commitments against available budget. 5. Click Save to add the cost centre. Page 14 of 45

15 Creating a New Ledger Code To add any new Ledger codes. 1. Click tab 5: Ledger Codes. 2. Click the icon to add a new Ledger code via the Ledger Code Definition Wizard. 3. Select the code type from the drop-down list, and then click Next 4. Select the Ledger Group from the drop down and then click Next 5. Select the Fund from the drop down, and then click Next 6. Type the new Ledger Code in the new Code field and the Code name in the Description field, and then click Finish. 7. Select a spending profile and a default VAT rate. If the code is salary or will not be used on orders blank the Short Code 8. If the code is to be used with more than one fund click the spyglass down the side of the Fund window top select additional Funds 9. Click Save. Please note: once a new Ledger Code is created you will have to revise the Row Sets of any User Defined Reports that you use. Creating the Cost Centre/Ledger Links 1. Click tab 6: C/Centre Ledger Links. 2. Click the icon. The next screen will display all the cost centres in the top left-hand side panel and the ledger codes in the bottom left-hand side panel. 3. Select the cost centre at the top of the screen by either double-clicking or by clicking the right arrow icon. This will then move the cost centre from the left panel to the right panel. 4. At the bottom of the screen find the ledger code(s) and double-click or click the right arrow icon to move from the left panel to the right panel. Page 15 of 45

16 5. Click Create Links. A message will display stating how many links have been created and how many already existed. 6. Click Save to complete the process. Please note: The structure of the accounts will be as per the date the new year was created. If for any reason the structure needs to be added in the old year, the school will need to mirror this in the new year also this does not automatically happen. Once the structure has been added to the old year select: Tools Define Financial Years Update Next Year s Structures. Page 16 of 45

17 Select in sequence: Tab 1: Ledger Codes Tab 2: Cost Centres Tab 3: Groups/Templates Click: Copy Templates and Links Tab 4: invoiced income Click : Copy Books and Products Click Close Be aware that changes to the structure will affect any user defined reports and standard templates. These will need to be amended to bring them back into line with, for example, new cost centre/ledger codes. A useful report to check the structure in place is the chart of accounts listing report. To display the report select: Reports General Ledger Setup Chart of Accounts Listing. Page 17 of 45

18 Year End System Check Once the new year has been created you can begin to make use of this very useful report to identify transactions that might cause problems with the year end and monitor your progress to clearing them all. Ensure you are in the old financial year. Select: Reports Year End System Checks This report gives a list of items that should be resolved before closing the year. While some of the transactions will actually prevent a year being closed there may be other items which will require additional actions before the year end can be processed. Transactions that will prevent a year end close should be processed, that is, deleted, cancelled, posted or authorised before the year can be closed. Transaction type Status on report Action before year end Order Not authorised Delete or authorise AP invoice (local) Not fully authorised Cancel or authorise On hold Change status or cancel commitment AP invoice (central) Not fully authorised Authorise and print authorisation slip or cancel Authorisation slip not printed Invoice on hold Print authorisation slip or cancel Change status, cancel invoice (transferable if authorisation slip is printed). Credit notes Not authorised Cancel or authorise Non-invoiced income AR (invoiced income) Created Created or authorised Delete or post Authorise and print, print or cancel Petty cash Unposted Delete or post All journals Unposted Delete or post Transferable Transactions marked with a T may be transferred and require processing in the new financial year. Transactions marked TS may be transferred as supporting items, for example the order supporting an invoice. At the end of the report, further reasons may be given as to why it is not possible to run preliminary/final close, Example: If ledger codes, cost centres, ledger groups, profile models or journal templates have been added since the new year was defined Select Tools Define Financial Years Update Next Year s Structures. Page 18 of 45

19 This will ensure that these are copied across into the new year. This option will also need to be selected to ensure that paying in books or products added since the new year was created are also copied across. Processing Outstanding Transactions As the year end draws near it is advisable to review all outstanding transactions. Review the dates of outstanding transactions. Investigate why it is outstanding and, if necessary cancel the items. Orders and Commitments As the end of the financial year approaches it is a good opportunity to look at all outstanding orders and ensure that they are still valid. Review the dates of outstanding order. Investigate and a decision made on whether they should be cancelled or transferred into the new financial year. Orders that have a state of authorised, printed or partially invoiced will be transferred to the new financial year on the first preliminary close down. Any outstanding Commitment will be wiped from the Closing Year and added to the new year. Orders with a state of Not Yet Authorised or On Hold cannot be transferred and would prevent a close down from taking place. These orders need to be dealt with by either deleting or authorising them. Running the Outstanding Orders Report A useful report is available to list all the outstanding orders. This will show all not yet authorised, authorised, printed and partially invoiced orders. Select Reports Accounts Payable Purchase Order Reports Purchase Orders. Select Outstanding Orders on the Report Criteria screen. Click OK to display the report on screen. Unauthorised Orders will always appear at the top Page 19 of 45

20 Invoices (Accounts Payable) Before a financial year can be closed all suppliers invoices have to be in the correct state. Any invoices that have a state of Fully Authorised will be transferred to the new financial year on the first preliminary close down. Paid invoices will only be transferred if they are a support item for an unpresented cheque and they will not be included in the Actual total for the relevant Cost Centre in the new year. Invoices with a state of Unauthorised or On Hold cannot be transferred and would prevent a close down from taking place. These invoices need to be dealt with by either cancelling or authorising them. Credit Notes present particular problems and need reviewing very carefully. If they relate to a supplier you use a lot they can be allowed to transfer into the new year. Petty Cash Before a financial year can be closed any unposted petty cash transactions need to be dealt with. Any unposted petty cash expenditure needs to be posted or deleted otherwise the close down will fail. Make sure the cash in hand figure on FMS should match the actual value of the petty cash held in the petty cash tin/safe. It may be necessary to also complete a reimbursement if you want your petty cash balance returned to your maximum float level. Posting Petty Cash Expenditure To complete the year end process it is necessary to ensure that there is no unposted petty cash expenditure. Select: Focus General Ledger Petty Cash. A list of petty cash transaction will appear similar, as shown below. Page 20 of 45

21 Posting Petty Cash Reimbursement Example To complete the year end process it is necessary to ensure that a petty cash reimbursement is completed to bring the petty cash yearend balance up to Select Focus General Ledger Petty Cash. 2. Click the Add Record icon, select Reimbursement and click Select. 3. Type into the Amount field. 4. Select the open cheque book into the Cheque Book field. 5. Type Cash into the Cheque Payee field. 6. Type Petty Cash top up into the Narrative field. 7. Click Save and click Yes to post the transaction. Page 21 of 45

22 Posting Unposted Journals To complete the year end process it is necessary to ensure that there are no unposted journals. 1. Select Focus General Ledger Manual Journal Processing. A list of unposted journals will appear, as shown in the graphic below. If there are any Unposted or incomplete journals they will be visible. A U will display for unposted in the status (S) column. If an Unposted journal needs to be removed, for example, it was started in error, highlight the unposted journal and click the minus icon at the top of the screen. Page 22 of 45

23 Non Invoiced Income Paying In Unposted Receipts To complete the year end process it is necessary to ensure that there are no unposted receipts. Before a financial year can be closed it is necessary to ensure all Non-invoiced Income receipts entered have been paid in and all paying in slips have been posted. 1. Select Focus Non Invoiced Income Receipts. A list of unposted receipts will appear, as shown below. If there are any unposted receipts these will be visible on this screen. To view Paid In receipts, change the View to Paid In. Click the Tag All icon to tag the receipts. Click the Pay In icon to select the School Fund Bank Account destination. Click Save Type something relevant in the Reference field. Ensure that the total cash and total cheques are entered correctly in the Control Totals fields. Page 23 of 45

24 Click Save at the top and then Print & Post on the upper right-hand side. Click Close to close the Paying in Slip screen and all the outstanding receipts will disappear as they have been paid in. Accounts Receivable (AR) Invoices Invoiced Income It is possible to issue accounts receivable invoices right up to the date of the 31st August. After this date, staff members should be producing the AR invoices in the new financial year. All AR invoices should be authorised and printed before 31st August. Only the paying in books are transferred at the year-end by selecting FMS. As there are strict rules concerning invoice, receipt, pay in, period and tax point dates, the system check report in FMS should be run before 1st September. This will identify any invoices, credit notes, receipts and pay in slips which require printing and posting. Please note: These should be printed and posted before attempting to close the financial year, as preliminary close will fail if there are any created items that have not yet been posted are found. When the old year is closed either through preliminary or final closure, invoices are not transferred into the new year. This does not mean, however, that they are not available when entering a receipt for payment received in the new financial year. A list of all outstanding invoices and receipts is available for matching to payments. Please note: If a credit note or write-off is required for an AR invoice in the new financial year the AR invoice will need to be transferred into the new year. This is achieved by changing back to the appropriate year in FMS and opening the Accounts Receivable module. Locate Page 24 of 45

25 the invoice in question, highlight and click the Write-Off icon. A message will be displayed asking if you want to copy the invoice into the next financial year. Clicking the Yes icon will move the invoice into the next year. The invoice can then be dealt with in the normal way in the new year. Paying In Unposted Receipts If there are any unposted receipts in Accounts Receivable they will need to be paid in before a year end can take place. 1. In FMS select Focus Accounts Receivable (Invoiced Income) to open the Accounts Receivable module. 2. Select Focus Receipts and search for any receipts with a status of Created. These will cause a problem with the end of year. They need to be paid or cancelled. Receipts browse. 3. Select Focus Pay In to display the Pay In browse. 4. Click the icon to add a Pay In Slip. 5. Select the appropriate pay in book in the Book field. 6. Type the total amount in the Control Total field. 7. Click the Receipts field browser icon, then select all the available receipts and click Save. 8. Click the blue tick icon to save and the Post Pay In Slip icon to complete the pay in. Debtor Review It is recommended that the Aged Debtor report is reviewed and any debts that are considered unrecoverable are written off within the current financial year before year end. This needs to be confirmed by your accountants. Page 25 of 45

26 In Accounts Receivable select Reports Aged Debtor Report. Click OK on the report criteria screen to display the report, similar to the graphic shown below. Exit the Accounts Receivable module. Bank Reconciliation Processes Normally a final bank reconciliation would be completed at the end of the financial year. It will be necessary to ensure staff members have a financial statement that goes up to the 31st August. If possible download a statement from your banking up to this date rather than waiting for the traditional paper copies to arrive. It is essential that staff ensure that the final balances are correct. The bank reconciliation can be added through Focus General Ledger Bank Reconciliation. Once the bank reconciliation is complete it is usually necessary to obtain a report of all the unpresented transactions. This can be obtained via Reports General Ledger Bank Historical Unreconciled Bank Transacts. Select the bank account if necessary and the correct period. Click OK to produce the report. When the first preliminary close down is undertaken, all unreconciled items will transfer to the new financial year. It is therefore good practice to check the Unreconciled Transactions report to see if anything needs to be cancelled. Select Focus Accounts Payable Cheque Processing. Select the relevant cheque run or use Find Cheque Number. Once the cheque has been located click the Cancel Cheque icon and confirm the cheque needs cancelling, then enter an appropriate entry into the Audit log. Cancel the invoice and order if the commitment is no longer required. Please note: It is recommended that you speak with your accountants to ensure that you are aware of all the necessary reports required following the bank reconciliation. BACS Payments BACS runs and payments are not transferred from one year to the next. Therefore, it is essential that all BACS transactions are reconciled before running preliminary and final close. Page 26 of 45

27 If you decide to run a preliminary close within one calendar month of year end or a BACS run within the last month of the year, a warning message will be displayed advising to ensure that all BACS transactions and possible contra transactions have been reconciled to the bank statement. This does not apply to failed BACS files, as these never appear on bank statements. However, it is quite possible for a BACS file to appear on one bank statement and any contra records for BACS transactions which have failed to appear on a later statement. Once a preliminary close has been run for the previous financial year, staff will only be able to view BACS payments. No further processing for the year may take place. Ensure that all BACS transactions have been reconciled, as outstanding BACS files will not be transferred to the new year. VAT Claims It will be necessary to ensure the final VAT claim has been produced for the financial year. This may be the last quarter or month for the year, depending on the frequency of claim. The earliest this final VAT report can be run is the 1st September. The appropriate VAT report will need to be run depending on whether the school is VAT registered or not. The various VAT reports are found under Reports VAT and either VAT Reports or VAT 126 Report. For the purposes of this training course delegates will not run these reports. Personnel Links If using personnel links, it will be required to clear any outstanding salary commitments within FMS. This would be done once all salary payments have been completed or if salary payments are made in a different way but commitments appear for salary calculations. If there are any outstanding salary commitments these need to be cleared before the final close down (it does not prevent a preliminary close down). Salary Commitment - Personnel Links 1. Select Focus Personnel Links Salary Projection. 2. Click the Clear Commitment icon at the top right of the screen. Check each month for any outstanding commitments by clicking in the Commitments For Period field. If there are any outstanding commitments then click the Tag All and Clear Commitments icons for each period. Page 27 of 45

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29 Close Down Preliminary Close Down To complete the preliminary closure it is necessary that the system check report run earlier now no longer reports any issues. Run the report to ensure all is as it should be. It is important to check the second page of the report for non-transaction reasons why preliminary/final close cannot be run. An example follows of what may be reported in this section. Open the New Financial Year If the new financial year has not been started, then the following will need to be completed. 1. Select Tools Define Financial Years Define/Edit Years. 2. Highlight the new financial year. 3. Click Open Year to change the state to Started. 4. Click Save. Running a Preliminary Close When necessary reconciliations have been completed, for example, VAT submittals and reports, you will be in a position to complete the first preliminary close down. After this first preliminary only year end adjustment transactions (journals) can be carried out in the closing year. This may involve audit/accounting adjustments where necessary. All normal processes Page 29 of 45

30 such as Ordering, Invoicing, Payments and Bank Reconciliation have to be carried out in the new Year. Please note: Bank reconciliation cannot be undertaken in the old year after the first preliminary, as all unreconciled transactions and bank balances are automatically carried forward at this time. Therefore, it is very important that the bank balance reconciles to the actual bank statement at this point. Before undertaking any preliminary close in school it is advisable to ensure that a suitable backup is made of the FMS data. This can be completed by selecting Tools FMS Transaction Backup. Click the Yes icon to complete. 1. Select Tools Define Financial Years Define/Edit Years. 2. Highlight the year old, then click Preliminary Close. 3. The following warning message may be received, as shown in the graphic below. Page 30 of 45

31 4. Click Yes. Running of the depreciation routine (if applicable) will be covered later. The dialog as shown in the graphic below will display. 5. If there is a red cross in any of the boxes, click Report to print a report which will advise why this part of the preliminary has failed or click Cancel to exit. The option to continue is not available if there are any failed areas. Make any adjustments by revisiting the areas that have failed and start the preliminary year end procedures again. 6. When all green ticks display, as displayed in the graphic shown below, click Continue. Page 31 of 45

32 7. The following screen will appear 8. Select the Transfer all Central Invoices radio icon and click Continue to display the Preliminary Close screen, as shown in the graphic below. 9. Green ticks should be obtained against each process. If a red cross appears, it means that the business rules for the process have not been achieved. These areas will need to be revisited and the appropriate adjustments made. The option to Perform Close is not available if there are any red crosses. Click Cancel to exit or click Report to find out the reasons for failure. Once all the green ticks are in place click Perform Close. Please note rebuilding summary totals can take several minutes to complete. Page 32 of 45

33 10. Click Yes in response to the following prompt: The year will then be Preliminary Closed and it will say Closed Not Finalised. Page 33 of 45

34 After the Preliminary Year End After the preliminary closure has been run, FMS moves into period thirteen. It may still be necessary to make adjustments to the accounts on the old year. Functions permitted in the previous financial year after preliminary close are listed in Appendix E. Each preliminary will produce journals to update the balances in the new year and adjust the balance sheet codes accordingly. To undertake year end adjustments ensure you are in the old financial year Select Focus General Ledger Manual Journal Processing. Click the + icon to add a journal, as displayed in the graphic below. Year end adjustment journals enable you to post entries against income and expenditure codes but also the bank account(s); payroll control, asset and liability codes. It is not possible to post against VAT, petty cash, creditor/debtor control accounts or retained earnings codes. The year end adjustment reversing journal will enable you to complete reversing journals between period thirteen of the old year and the new year. The ability to add an opening balance journal is for academies only and will appear only at the end of their first year. In following years it will be unavailable. Cross Year Symbols Any orders or invoices transferred to the new year will appear with cross year symbols. This helps when transactions are cancelled in the new year, for example, an unpresented cheque. The symbols used are as follows: Old Year T - indicates that the listed item has been transferred to the new year and requires additional processing. TS - indicates that a copy of the item has been transferred to the new year as a supporting item. TR - indicates that a transaction has been copied in support, then cancelled. New Year F - indicates that the listed item has been transferred from the old year and requires further processing. FS - indicates the item has been transferred from the old year as a supporting item. FR - indicates a transaction has been copied from the old year in support and the item it was supporting has been cancelled. Further processing may be required. Page 34 of 45

35 Accrual and Prepayments Below is a general definition of accruals and prepayments. You may wish to seek advice from the accountants regarding the appropriate use. There is also the question of when to use them. Some accountants may wish accruals and prepayments declared in period 12 so that period 13 is kept strictly for corrections. Others prefer them done on period 13 so that period twelve represents the true position and period 13 reflects all amendments. Accruals Any goods or services carried out before midnight on the 31 st August technically belongs to the closing year. Where formal documentation such as Invoices has not been received at the end of an accounting period, a reversing journal should be raised. Both expenses incurred for goods and services or income due can be accrued. Effectively you are correcting the accounts for the missing elements. This adjusts the Carry Forward and any End of Year Reports but does not affect the Bank Balance. For example: A supplier delivers a load of chairs on 30 August. At the time of Closedown no invoice has been received. Using a Reversing journal the net value of the chairs is debited from the furniture code and then a balancing line is created crediting the same amount to the Accrue Code. When a Reversing journal is created the user has to specify two financial years and two periods so that when the journal is saved a second copy is also save to the second year and period defined. This second journal is the exact opposite of the first so where that debited furniture and credited Accrual the second journal debits Accrual and credits furniture. This means that in the closing year a charge to the approximate value of the chairs has been deducted from the reserves and increases the apparent amount paid for furniture. But in the new year a credit for the nominal value of the chairs has been placed against furniture so that when the real invoice is paid it has little or no effect on the actuals for that year. Income can appear to have been received in the closing year although it does not actually materialise or enter the bank until late in April when it is recorded in the new year. Prepayments This could be considered as the exact opposite of Accruals. Prepayments relate to amounts paid or received for services due in the new year. A classic example of a prepayment is money collected for an Easter Trip. The income comes in from the parents during the closing year but the trip will not take place until the end of April (in the new year). A Prepayment can be created using a Reversing journal that debits the income code and credits Prepayments in the closing year and the reversing journal credits the income codes in the new year and debits Prepayment. Another example is Insurance. If the full premium is paid on the 1 st June (anniversary of when the school became an academy) it actually covers months in two financial years. As part of the close down process a Reversing journal could be raised for 9/12ths of the cost, crediting the insurance code and debiting Prepayment. When posted this also creates a journal debiting the same amount from the insurance code and crediting Prepayment. Please note: this is an outline of the process. You must discuss with your accountants what and how they would wish you to use these procedures. Page 35 of 45

36 Creating Entries Using Reversing Journals If, after the Preliminary Close, you need to enter an accrual for a late delivery of furniture, this would be entered as a year end adjustment reversing. The use of reversing journals in this instance will debit the ledger code/cost centre combination in the old year and credit the same ledger code/cost centre combination in the new year. Checking the Journals in the New Year Once these journals are posted they can be viewed in the old year and the new year. The old year will be the journal entered. The new year will be the reversal of that journal. Ensure you are in the new year. Select Focus General Ledger Journal Review. Running the Depreciation Process This process can only be run once a year (however, the process can be reversed and rerun if necessary). It also cannot be run until at least the first of the following financial year. A warning message will be received before final close down if the depreciation process has not been run for that financial year. If Asset Management is not in use within FMS then any depreciation of assets will need to be dealt with manually. These would normally be done as year end adjustment journals between the relevant depreciation expenditure codes and the relevant accumulated depreciation asset codes. A typical journal entry may be as follows (the figures are for illustration purposes only). Description Ledger Type Debit Credit Computer Hardware Accumulated Depreciation Asset Depreciation Computer Hardware Expenditure Page 36 of 45

37 Run the Depreciation Process for the Current Financial Year Ensure that you are in the old financial year. 1. In FMS select Focus Equipment Register to open Equipment Register. Select Tools Depreciation Processing. 2. Click the Run Depreciation icon. A message will be displayed saying Journals Posted, click the OK icon. 3. The screen gives details of the last depreciation run and the journal ID for reviewing within FMS. Make a note of the journal ID and click the Close icon. 4. In FMS select Focus General Ledger Journal Review and select Asset Management from the View field browser icon. There will be a depreciation journal for every asset in the Asset Management module that attracts depreciation. The narrative will refer to the period to which the depreciation applies. Highlight one of these journals and double-click. Page 37 of 45

38 This journal shows the depreciation charges against the depreciation expenditure code and accumulated depreciation asset code. The values will be based on the value of the asset, depreciation method and length (remember depreciation is calculated to the day). Please note: Once the depreciation process has been run, it is no longer possible to add assets or existing assets into the Asset Management module. Reversal of Depreciation Process If these figures are incorrect or after the depreciation process is run, staff then realise that they have not recorded some of the assets, it is possible to reverse the depreciation process (if the final close down has not been completed). 1. Ensure that the Equipment Register module is being used. 2. Select Tools Depreciation Processing. 3. Click the Reverse Last Run icon. A message will be displayed indicating that journals have been reversed, click the OK icon, and then click the Close icon. 4. In FMS select Focus General Ledger Journal Review and select Asset Management from the View drop-down list. Highlight the relevant journal for Depreciation Reversal and doubleclick. Page 38 of 45

39 Notice that the entries have been reversed. It will now be possible to rerun the depreciation process once any adjustments to the assets have been made. This summary shows the depreciation applied to this asset (reversal and reapplied) for the year. The running balance indicates the Net Present Value at the end of the year. Run the Asset List Report It would be useful at this point to run the Asset List Report to show the Accumulated Depreciation and Net Present Value. 1. Select Reports Asset Asset List and click OK to the Report Criteria. 2. Click the Close icon to close the Equipment Register module. Page 39 of 45

40 Running Further Preliminary Close Downs This area covers the process involved in completing further preliminary close down of the financial year. This is necessary as year end adjustment journals have been posted in the old year. If you do not do another preliminary close down after transactions are entered in the old year such as year end adjustments, a similar message will be displayed as shown in the graphic below. Please note: Before undertaking any preliminary close in school it is advisable to ensure a suitable backup is made of the FMS data. This can be completed by selecting Tools FMS Transaction Backup. Click the Yes icon to complete. Ensure you are in the Closed Not Finalised financial year. 1. Select Tools Define Financial Years Define/Edit Years. 2. Highlight the year Closed Not Finalised, and then click Preliminary Close. 3. Follow the instruction as per previously stated on page 30 Page 40 of 45

41 Funds and Retained Earnings Most academies will have their system configured to use retained earnings. The retained earnings code is automatically attached to each fund created on the system. Using funds and retained earnings allows for easier analysis of the accounts. The retained earnings figure for each fund will essentially show the balance brought forward from the previous year relating to the specific fund. This is particularly useful in providing information for the year end accounts. Each academy will have different requirements for funds and should seek advice from their accountants on funds required. As academies are exempt charities and use the charity SORP (statement of recommended practice) as the basis of their financial framework it would be normal practice to report on the SOFA (statement of financial activities) the following funds: Unrestricted General Funds Restricted General Funds Restricted Fixed Assets Endowment Funds (if applicable) It is often common practice to have an additional fund to reflect the Pension Reserve (although technically this is a Restricted Fund). To identify which funds are set up on FMS: 1. Go into the old financial year 2. Select Tools General Ledger Setup tab 1: Fund Codes to display a list of funds. These funds are just an example (they do not necessarily reflect what is required by an individual academy). These funds can then be attached to any income or expenditure ledger code. These ledger codes can then be attached to cost centres. Once linked, they can then be used to record income and expenditure against the appropriate fund. At the end of the year, in simple terms, the income and expenditure associated with each fund is added up and the balance put into the retained earnings code associated with each fund. This balance and the balance from the previous financial year will be combined and transferred into the new financial year. Page 41 of 45

42 Identifying Retained Earnings Balances The retained earnings balances can be identified in a number of ways. Opening balance journal Balances/Reserves report Trial balance reports. Opening Balance Journal The opening balance journal created as part of the year end process will display the values of the retained earnings. 1. Go into the old financial year 2. Select Focus General Ledger Journal Review to display a list of journals. 3. Locate the Opening Balance journal (it will have a period of 00). There may now be several opening balance journals as any previous ones will be reversed. Locate the most recent one, it will have the highest journal number. 4. Double-click this journal to display the lines of the journal. Page 42 of 45

43 5. Depending on the transactions undertaken during the previous financial year, there may be one or two entries for each retained earnings code. Page 43 of 45

44 Tidying Up Final Close Down Completion of Financial Statements Do not attempt to run a final year end until this balance has been verified by the accountants/auditors. Once a final close down has been completed it is not possible to complete any financial transaction in that year. It would be good practice to complete a preliminary close down just before completing a final close down to ensure that the final opening balances in the new year are as expected. It is also good practice to complete a backup before proceeding and run the year end system check. Final Close Down 1. Select Tools Define Financial Years Define/Edit Years. 2. Highlight the Closed Not Finalised financial year and click the Final Close icon. 3. If the date is within 28 days of the financial year end, a message will be received, as shown in the graphic below. Please make sure you are ready to close the year down as you will not be able to make any further adjustments once this is completed Page 44 of 45

45 4. Staff members will be reminded about running the depreciation process, as this has been completed earlier click the Yes icon. 5. The Final Checks screen will be displayed. Click the Continue icon. 6. Green ticks should be obtained against each process. If a red cross appears, it means that the business rules for the process have not been achieved. These areas will need to be revisited and the appropriate adjustments made. The option to Perform Close will not be available if there are any red crosses. If there are any failures click the Cancel icon to exit or click the Report icon to find out the reasons for failure. Otherwise click the Perform Close icon. 7. Click the Yes icon to the warning message to say final close can be completed. The old financial year will now have a state of Finalised. 8. Click the Save icon to complete. It is now no longer possible to process any transactions in the finalized year. However, it is still possible to run reports as necessary. Page 45 of 45

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