Trustee Fiscal Year End Process (Rev. 05/24/2017)

Transcription

1 Trustee Fiscal Year End Prcess 2017 LOCAL GOVERNMENT CORPORATION ALL RIGHTS RESERVED

2 Trustee Fiscal Year End Prcess This is a Summary f Events t help yu plan. It is nt a replacement fr the detailed instructins attached. EARLY JUNE Read all Year End instructins 28310, 21100, shuld all be zer Make sure Trial Balance Fund (bttm line) is in balance- shuld be 0.00 Balance ACV accunts Balance Tax Aggregate Warrants and bank statements shuld be in balance. Obtain Flashdrives, Tape, r ther media fr Backups. Ntify Departments f yur year-end cut ff time fr June psting If yur ffice clses early the last day f Fiscal Year, ntify the Public. JUNE 30TH- BEFORE RECEIPTING IN JULY Balance Tax Aggregate reprts BEFORE receipting taxes in July Print paid/unpaid reprts, and any thers yur auditr may require Change Revenue cde and Default Cdes t BEFORE receipting in July Miscellaneus Receipt numbers can be reset fr the new year nw, ptinal. Again, Please make sure 28310, 21100, are all zer/make sure trial balance fund is in balance EARLY JULY Cmbine Tax Relief accunts and befre clsing June Balance all accunts n Trial Balance. Last Chance t make entries in June. Print Extra cpies f MTD Trustee s Reprt, if needed Clse June Clse Year MID/LATE JULY Send Department Balance Reprt fr SDE reprting t the State Send delinquent tax file t the state (ptinal) Click here t prceed t the next tpic.

3 TRUSTEE PREPARATION & CLOSING FISCAL YEAR END Please take a mment t review all f these instructins befre the end f June as there are sme items yu will need t address befre then. BEFORE RECEIPTING IN JULY (check ff the items t keep track f yur prgress) Print Tax Aggregate by Tax Year Reprt befre receipting July 1 receipts. Menus > Reprts > Audit > Tax Agg by Tax Year. Menus > Reprts > Master > Master > Summary > Receipt. Print Paid/Unpaid Listing(s) befre receipting July 1 receipts Print any paid and/r unpaid listings as f June 30 th, per yur auditr requirements, befre receipting any taxes in July. Change Revenue Allcatin # s befre receipting July 1 receipts Yur Revenue Cde fr Prir Year Taxes (40120 fr example) needs t have the allcatin table number updated (40120 was 2015 table, needs t be 2016 table nw). G t the Revenue Cntrl and change the assigned allcatin table #. Menus > System Cntrl > Revenue Change Default Cdes befre receipting July 1 receipts Effective July 1, 2017, yur current year (2016) taxes becme prir year taxes. Yu will need t change yur default revenue cdes relating t 2016 tax revenue (example: change t 40120). Menus > System Cntrl > Default Cdes. If yu cllect City r Special Schl District taxes, yu may be using ther revenue accunts and they will need t be updated as well (40610, 40620, 40630, etc.) Yu shuld d this befre receipting any taxes in the new fiscal year. **If yu frget t d this befre receipting in July yu will need t change r vid & re-key yur July receipts. Print a reprt t check yur accuracy: Menus > Reprts > Other A-L > Default Cde *Nte: Yu d nt want t change yur 2014, 2015, etc. default cdes unless they are incrrect. These shuld have been changed at the end f that fiscal year.

4 Allcatin Tables As a rule, Allcatin Tables shuld nt be deleted nce they have been used, and they rarely get changed. This can result in incrrect entries being made t yur general ledger, r even system errrs. If yu need t create a new Allcatin Table g t: Menus > System Cntrl >Sys Cntrl > Allc Table. Miscellaneus Receipting: Befre receipting miscellaneus revenue in July yu may want t change yur Misc. Receipt Year t Yu will need t change yur Misc Rcp Year t 2017 eventually, either nw (July 1) r when yu lad the Prperty Taxes in the fall. (Yu shuld nt be changing yur Current Tax Year at this time, nly the Misc Rcpt Year.) Whenever yu change yur Miscellaneus Receipt Year t 2017 the system will ask yu if yu want t reset yur receipt numbering prcess back t the Number #0001, r yu can cntinue n with whatever Misc Receipt # yu are n nw by answering N. Menu > System Admin > Cntrl File > Trustee System Cntrl Discunts: If yu ffer an early payment discunt fr 2017 taxes, yu will need t turn ff that ptin fr (We will reset it fr 2017 discunts later in the fall) Menu > System Cntrl > Sys Cntrl > Discunt Key in the tax year 2016 and the mnth(s) that yu ffer a discunt:usually it s 10=Octber and then F6 t Delete that recrd. Review 11=Nvember r any ther mnth(s) yu have ffered discunts, and F6 Delete. Click here t prceed t the next tpic.

5 BEFORE CLOSING THE MONTH OF JUNE Please cmplete all f these steps befre starting the June Mnth End clse. Check supplies - Yu will need Flashdrives, tapes r ther media t hld 3 backups. If yu are using 1 Flashdrive t hld all 3 backups, yur flashdrive shuld be at least 16G. Review All Reprts - Crrecting entries must be psted befre the mnth f June is clsed Sme imprtant factrs t cnsider are listed belw. Review May and June s Trial Balance and Mnth-t-Date Accunt Analysis Crrect any mistakes that may have been made during the year. Pay special attentin t balances in #14310, 21100/22200, 28310, and *If yu use , leave as is. Balance will rll ver t new tax year. Als check that the Trial Balance Fund (bttm line) is in balance. ACV Accunt Balances * If yu have nly ne accunt balance n yur Trial Balance fr ACVs (11410), skip t the next step (Trustee Reprts).* Many f yu have an accumulated balance in tw accunts fr cllectin f ACVs. This will list as Accunts Receivable #11410 and These tw line-items shuld be cnslidated befre ging t the next step. The fllwing Jurnal Entry shuld be made and dated in June prir t clsing the mnth. Credit fr the balance amunt in this accunt (t zer it ut) Debit fr the same amunt abve. This will zer ut the accunt and list 1 ttal fr the amunt f utstanding ACV s in # * If yur cunty pays tax relief, yu will need t d the same if yu have mre than ne accunt fr yur cunty tax relief.

6 Trustee Reprts Befre clsing June, yu may need t print cpies f the MTD Reprts frm the Mnths past fr all Departments. Once the year end is cmplete the MTD reprts are n lnger available fr reprint. Menus > Accunting > Reprts > MTD Trustee s Reprt Y-T-D RDB Reprt One cpy f the Y-T-D RDB Reprt (Receipts, Disbursements, & Balances) will be printed with the year end reprts. If yu need Mnth-Range RDB s print them befre clsing June. Match them t ttals n the Trial Balance. Summary Audit Net Change Reprt This reprt list changes made t tax recrds usually as a directive frm the Tax Assessr s ffice and is ften asked fr by auditrs. Yu can get this by ging t: Menus > Reprts > Audit > Summary Net Change Check fr Unprrated Receipts Daily > Day End > Unprrated Receipts Unrecnciled ACV Listing If the State f TN still wes yu payments fr ACV s and yu have been recnciling them n the cmputer, it is suggested yu print ut a list f unrecnciled ACV s. This ttal shuld crrespnd t the amunt shwing n yur Balance Sheet fr accunt Menus > Reprts > Other > ACV Year-End Cst Center Reprt If yu need a Cst Center Reprt fr year-t-date activity, yu can get this at: Menus > Accunting > Reprts > Standard Reprts - Enter #03 fr Desired Reprt Order.

7 Run a 12 Mnth Bank Analysis Menus > Accunting > Reprts Run Any Additinal Reprts as required by yur lcal ffice befre clsing Purging Psting Jurnal This is a gd time t purge the Psting Jurnal if yu dn't purge n a regular basis. D this befre beginning the mnth-end clsing prcess fr June. Menus > Accunting > Transactins > Purge Psting Jurnal > "Dn't Print" IMPORTANT - Have yur backup tape(s)/cd s/usb s ready and available befre cntinuing t the next phase. Yu will be asked t make three separate backups during this prcess. A daily backup is sufficient fr each prcess. Backups will be made at these pints in the prcess; 1. Befre clsing June 2. After clsing June/prir t clsing the fiscal year, and 3. After clsing the fiscal year. Yu will be instructed hw t label these backups in yur clsing instructins. Cunty Audit recmmends these backups be kept ff-site fr several years. A fire-prf safe r depsit bx in anther cunty building is ne suggestin f ffsite strage. D nt assume that a lcked cabinet r vault are sufficient. Remember that the heat generated during a fire can reach temperatures that can damage yur backup even if the flames dn t reach it. It is als recmmended that yu keep a weekly backup ff-site. ** Nw that yu have cmpleted the Preparatin Prcess (all the previus pages) yu are ready t start the June Mnth End Clse, and then the Year End. These are 2 separate prcesses and d nt have t be cmpleted at the same time. Hwever, nce June is clsed yu will nt be able t pst any mre changes t the Fiscal Year. Click here t prceed t the next tpic.

8 TRUSTEE JUNE MONTH-END CLOSING Clsing the mnth f June and the fiscal year are separate prcesses. It is recmmended that the tw prcesses be dne at the same time. If time des nt permit, the prcess culd span several days as lng as there is n activity in the system between the start f the June clse and the end f the Year End. ** VERY IMPORTANT ** Make sure that Everyne is lgged ut. The nly persn lgged int FlexGen shuld be the ne persn cmpleting this Mnth End and Year End prcess. Review June Trial Balance Reprt fr Accuracy Backup files (#1) Create yur first daily backup tape. It shuld be labeled June 30, 2017 Pre- Mnth End Backup- D Nt Destry". Keep this backup in a safe place. Mnth End Clse: Menus > Accunting > Perid End Fllw the mnth-end steps: Warrant Listing Summarized Receipt Listing Purge Warrant Files (12 mnth lag recmmended; clsing June purge thrugh June 2016) Purge Receipt Files (12 mnth lag recmmended; clsing June purge thrugh June 2016) Mnth End Clsing -- N crrectins can be made after starting this prcess. Step 1: Scan fr Unpsted transactins Step 2: Trustee Reprts Step 3: Accunting Reprts Step 4: Clear Accunting Flags

9 Backup files (#2) Make a daily backup and label it as "Pre-Year-End Backup , D Nt Destry". Place this backup in a safe place. This cmpletes the Mnth End Clse fr June. If yu want t take a break befre starting the Year End prcess this will be the best time t d s - but nbdy shuld be lgging in and wrking during this break. The next step is the Year End and nce started it shuld be cmpleted as sn as pssible. If yu stp in the middle f the Year End and g hme fr the evening, Nbdy Shuld Be Lgging In T FlexGen t d any wrk until that final Year End step has been cmpleted. Yu will lse critical data, and will have t restre frm a backup and begin ver. Click here t prceed t the next tpic.

10 TRUSTEE YEAR-END CLOSE: EVERYONE ELSE NEEDS TO BE LOGGED OUT OF FLEXGEN. Step A: > Menus > Accunting > Perid End > Cpy Files t Wrk Directry Select the ptin t Cpy Files t Wrk Directry. Step B: > Menus > Accunting > Perid End > Year End Clsing Select this ptin t get the fllwing menu items: #1 Scan Fr Unpsted Transactins This will scan the accunting files fr entries that have nt been psted. If n errrs are fund, the status will be 'COMPLETE'. If unpsted transactins are reprted, they must be analyzed befre cntinuing. #2 Accunting Reprts If yu are needing mre than 1 cpy f these reprts wait fr step 2 t stp printing, and then g back and select it again. This will print 5 reprts in the fllwing rder: 1) YTD Receipts, Disbursements, and Balances Reprt (RDB) 2) Year-T-Date Trustee s Reprt 3) Trial Balance June 30, ) Balance Sheet June 30, ) YTD Accunt Analysis #3 Clse Accunts This cpies the General Ledger and Transactin File t a Histry File. This ptin will als reset the general ledger balances fr the new year. #4 Accunting Reprts (After Clsing) (again, if yu are needing mre than 1 cpy f these reprts, wait fr step 4 t stp printing, and then g back and select it again) This will print a Trial Balance and a Balance Sheet dated July 1, IMPORTANT: (Step 4 cntinued) Check this Trial Balance t be sure the YTD debits/ credits are zer. Als, the beginning and ending balances shuld be the same. Cmpare the July 1, 2017 Trial Balance t the nes printed at June Mnth-End clse. Verify that the ending balances frm the June 30th Clse match the beginning balances fr July 1 st. If they d nt match, stp right here and cntact LGC.

11 #5 Create STATEPC Audit File This creates a file fr state audit. Yu will nt be prmpted fr a diskette at this time. #6 Update Transactin Psted File This prcess updates the transactin file with transactins fr the new fiscal year. Step C: Backup Files (#3) Make yur last daily backup. This is yur July 1, 2017 starting pint. Label the tape "Beginning Fiscal Year , D Nt Destry". Keep this backup in a safe place. This Cmpletes The Year End Clsing Prcess!

12 Supprt and Navigatin Cntacting Tech Supprt Lcal Gvernment Crpratin Sftware Help Desk Supprt: :00 a.m. - 5:00 p.m. Central Time Visit ur website t request supprt nline: LOCAL GOVERNMENT CORPORATION