This procedure outlines the steps to be taken to close Inventory for the fiscal year in the Redesign.
Pre-Closing Procedures
The following pre-closing procedures can be completed any time prior to closing the fiscal year.
- 1. Please ensure all pending items received prior to June 30th are entered as assets for the fiscal year. If the PO items were ordered prior to June 30, but are not received until after June 30th, they should be added as assets in the next fiscal year. Items can be pulled into the pending file, even though they may not be posted in Inventory until next year, as needed.
- 2. If the depreciation data has been changed so that it is necessary to completely recalculate the life-to-date (LTD) depreciation for several items, you may select the desired items from Transactions>Items grid and select 'Depreciate'.
Warning Using Depreciate from Transactions>Items grid will affect items that have had improvements (additional acquisitions) added to them throughout the life of the asset causing them to lose their true depreciation history. Please refer to the SSDT Items documentation for more information. - 3. Ensure items that meet or exceed the entity's capitalization threshold are marked as 'capitalized'.
- On the Transactions>Items grid, add the 'capitalized' column and filter using the entity's capitalization threshold. For example if their capitalization threshold contains both a dollar and life limit threshold, enter both and enter 'false' in the capitalized column. If the query contains items that meet or exceed the threshold amounts but are listed as 'false' under the capitalized column, contact NWOCA for further assistance.
Fiscal Year-End Closing
4. When all assets have been entered, run any fiscal year-end reports desired. The following are suggested:
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GAAP Reports
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Non-GAAP Reports
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5. Go to Core>Configuration and verify the email address.
You may enter multiple email addresses separated by a comma.
You will need to make sure that the mail_staff_fis@nwoca.org email is listed along with any desired individuals.
Warning Based on user permissions you may not be able to edit the email address configuration. If assistance is needed please contact NWOCA.
6. Under Core>Fiscal Years, close the current fiscal period by clicking
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The Inventory FYE Report bundle will automatically generate when the posting period is closed. The bundle will be emailed in a zipped format to the email addresses listed in Core>Configuration |
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Closing the year will update the life-to-date depreciation amounts for the current fiscal year being closed and also update the fiscal year closed field in Core>Configuration. If the entity is currently on GAAP, the program will also update the beginning balances for the new fiscal year |
7. Under Core>Fiscal Years, click Create to create the new fiscal year period. The existing dollar and life limit thresholds will carry over to the new year. Click the open folder
to open the new year and 
to make it the current period.
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If you are going to begin GAAP reporting for the coming fiscal year, please contact your ITC to enable GAAP. Otherwise, you are ready to begin processing for the new fiscal year.
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