2016 Resource NG Trustee Fiscal Year End 3/29/2016

Transcription

1 Local Government Corporation Resource 2016 NextGen Trustee Year End Year End Process Steps Prior to Closing June Year End actually starts before you close the month of June. Start reviewing the TB for any accounts that you would want to merge or close and do those entries before closing June. If you need to close any bank accounts, you may want to transfer the balance before closing the year. If you have two accounts with balances for tax relief, you will likely want to move the balance in the account to the account so you have a zero balance in your tax relief account when you start receipting for the new tax year. (11410 is the account state tax relief usually posts to when you apply tax relief and if you record your payments from the state on miscellaneous receipts, that usually posts to ) Run any reports required by your auditor Review the accounts that should carry a zero Balance: 28310, 21100, 29900, City Tax Funds, etc. Check for Unposted/Open Transactions Balance Bank Statement, Cash On Hand, ACV accounts. Run the Trial Balance or Balance Sheet. The ending balance should be $

2 Check the department balances on the June Trial Balance or Balance Sheet against the department balances on the MTD Reports for June Trial Balance The MTD Recap items should match back to Journals and Disbursement Reports, if no manual entries. Department Disbursement Status Report YTD RDB and Trial Balance reports should also match (if correct Transaction Types have been used) Trial Balance 2

3 Lets not forget about the Year End steps to take in the Trustee menus.. Run any Paid / Unpaid tax reports for year end. Check to make sure your Tax Aggregate is in balance Make sure that the paid and unpaid amounts on your aggregate reports balance back to paid and unpaid reports. Also check to make sure the net increases and decreases on the aggregate balance to the net increases and decreases on the Trustee Transaction Audit report. Current taxes become Delinquent on July 1. Your Distribution in NextGen should already be set to use the on receipts dated July and forward. You can check this by going to Trustee > Admin > Distributions > key in the year, click Find, open a line item to check the Revenue Code and effective date. You can use Next on the ribbon bar to move to the next record. The New Tax Year needs to be set up before July. You can set this up any time in June. Trustee > Administration > Tax Years Click Find Then choose the current tax year (2015) and open it Choose the Options Wheel and Copy to New Tax Year The dates should be Copy From 2015 & Copy To 2016; click copy You will be asked if you are sure you want to copy answer Yes The New Tax Year is created. The beginning aggregate totals will load in when the taxes are loaded later in the year. Click Save & Close in the ribbon bar to close the screen. 3

4 Allocation Table If you have your new tax rate and split out of the taxes for the 2016 tax year, you can set that up now. If you have any other revenue allocation tables that require adjustments before receipting for the new year, make sure to enter those changes as well. Menu > Trustee > Administration > Allocations From the Options Wheel, choose Print Allocation Report to use last years table as a guide for account numbers to use for commission function. In the Allocation Search screen, choose New from the Ribbon Bar. Key in the description and choose either Manual or Automatic for the Calculation Method. Automatic will take the Tax Rate and calculate the percentage for you, just provide the amount of money for each Department. If you have calculated the percentage already, choose Manual and key in the detail. Enter your tax rate. Select the Department, Commission Function, Object and rate/percent for each department for your tax allocation. If you have more than one tax rate, you will need to set the allocation up for each one. Tax Distributions These can be set up now or when the tax file is loaded. To set up your Distributions for the new tax year, you must have your Allocation Table created. Menu > Trustee > Administration > Distributions Choose the Current Year and Find 4

5 Copy Distributions From Previous Tax Year Choose Copy Tax Distributions from the Options Wheel Key in the Year to Copy To > 2016, and then the Year to Copy From > 2015 Select all the Distribution Types Choose Next and then Finish, receive Confirmation and Close. The Distributions Copy process copies over your distributions to the new year with the same information they had for the year they were copied from. The tax rates and allocation tables will need to be updated with the new year info. Key in the new Tax Year and Find. Double click on the first record to open it. For this example the Revenue codes would be correct for the 2016 taxes, but the Tax Rate and Allocation tables are not. Enter the new years tax rate and select the correct allocations. 5

6 The effective date and revenue for prior year should have copied from the previous year with the year on the date advanced to the next year. Make sure this is correct. Note: If you started setting up the distributions and had not yet set up your allocation table for the year, you can click on the ellipsis in the allocation field and choose to add a new allocation. To save time instead of clicking Save at the top, choose Next from the Ribbon Bar. You will be prompted to choose Yes or No to Save Changes, and then the next Distribution will pull into the screen. Continue this process until you have updated all the Distributions. Financial Management needs a few items set before you can enter anything in the new year. This can be done in early June well before time for year end closing. Menu > FM > Period End > Create Fiscal Year. Enter your information and choose Next Note: The Year to Roll will be The new Fiscal Year will show as Review the summary and choose Finish Please wait while the New Fiscal Year is being created Close 6

7 Roll Balances This can also be run at any time before the Year End. Rolling balances allows you to run a Trial Balance for July with up to date Beginning Balance amounts. The option can be ran multiple times. If you haven t closed out and you have entered additional transactions for June, you will need to roll balances again before running balance reports for July so that they will have accurate beginning balances. The year to roll will be Select the Account Control to Roll this will always be 999. Click Next A summary screen comes up Click Finish Please wait while GL Account beginning balances are being generated. Click Close when the process finishes. Before continuing on to the actual Year End closing, here are some Reminders: Print Tax Aggregate as of June 30 Print Paid and Unpaid Receipt Listing as of June 30 If you are ready to start using 2016 for the Miscellaneous Receipts on July 1st you will need to check the Allow Misc Receipting box under TR > Admin > Tax Years > 2016 > Receipting Tab and key in the correct receipt number you want to start the year with. If you are going to start using the new tax year for your miscellaneous receipts starting July 1 st, it is a good idea to have each user that processes miscellaneous receipts to go to Tools (located in the menu on the left hand side of the screen in NextGen) and choose Profiles. Click on Find and double click on their profile to open it. On the Trustee tab, change the Tax Year (Miscellaneous) to Leave the Tax Year (for property tax) at 2015 until the new tax roll is loaded. More Reminders Backups need to be run: before June Close before Year End Close after Year End Close. Make sure everyone else is out of NextGen while processing the Year End. Check the Printer for paper and toner, or create folder for PDF s. Now that everything is balanced, make a backup and close June. After June is closed, make another Backup and begin the Year End Closing. 7

8 Year End Close in NextGen Financial Management > Period End > Year End Click New in the Ribbon Bar Choose Put a check mark in the box for 999 County Trustee Click to Create Fiscal Year Choose the Year to Roll and click Next Message shows that New Fiscal Year Already Exists, Do you want to Continue Yes. The Create Fiscal Year Summary screen comes up Click Finish and wait while the new Fiscal Year is created The confirmation screen comes up Click Close to return to the year end closing screen 8

9 Click Scan for Unposted Transactions If there are no unposted transactions, the Post Transactions link will be grayed out. Note: You should not have any unposted transactions at this point those would have came up during the June Month End You can skip the Print Balance Check Report Click the link for Print Year End Reports Select your Year End report package. The Reports to print come up in the list. Click Next and wait for the reports to generate (this may take a while).. After the reports are generated, you can choose to print, save to a pdf or both. Click on the link to Complete Year End The Year End screen closes and the process is complete Print a Trial Balance for July and compare the Beginning Balances against the Ending Balances of the June 30 th Trail Balance. If they do not match contact LGC. Make your 3 rd and final backup! Questions? 9