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It's the season for thinking about year end.
DataTeam has put together some tips and helpful reminders
that will help closing and opening the year go smoothly.
Opening New Fiscal Year
(For detailed procedures, refer to pages MG 3-1 to 3-2
in FA2 manual.)
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Remember, two fiscal years can be
open at the same time. You must select the year you want
to work in before you can proceed. (See
Fig 1-1) |
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You do not have to close
your last fiscal year by any specific date. That means
you can hold off closing it until you are completely ready. |
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It is very important to back-up your
data. The program will prompt you several times -- heed
it's warning.
>
Learn more about backing up data |
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FIGURE 1-1
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Enter Purchase Orders in the
New Fiscal Year When You're Ready
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These purchase orders will not have any
effect on the current year's budgets or reports. |
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Current year POs can be paid in the next
fiscal year, so they do not need to be reentered. |
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When processing POs, make sure to check
your form supply including checks, POs, and direct deposit
slips. It's important to reorder ahead of time so that
you don’t run out.
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Order forms now
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Begin Preparing FY 2004 Budget Numbers
(Refer to Reports section in FA2 manual for reports that
can aid in this process. Section RE in FA2 manual)
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Enter new fiscal year budget numbers when
available. |
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Select the fiscal year you want to
work in before you edit any figures. (See
Fig 1-2) |
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FIGURE 1-2
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Balance Outstanding POs and Vouchers to Cash
Summary
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Balance on a monthly basis, helping to
ensure accuracy and making the end of the fiscal year
easier to tackle. |
Ensure the Prior Year Account Balances are
Correct
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Use the Budget Summary of Funds
and Outstanding PO reports to confirm the balances. |
Balance Cash Summary to the Reconciliation
Journal and the Bank Statement
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This is another task that should be done
on a monthly basis to keep your work accurate throughout
the year and ensure the end of the fiscal year goes smoothly. |
>
Top 10 List of Things to Remember when Opening and Closing
a New Year
(Quick Tips, eNews, Summer 2002)
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