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'.  

  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:

  GAAP Reports

  • Fixed Asset By Source (Classic's EIS101)
  • Fixed Asset By Function/Class Report (Classic's EIS102) - All Options
  • Schedule of Change in Fixed Assets Report (Classic's EIS103) - Only if on GAAP
    • Schedule of Change in Fixed Assets by asset class (summary & detail)
    • Schedule of Change in Fixed Assets by function (summary & detail)
    • Schedule of Change in Fixed Assets by fund (summary & detail)

  • Schedule of Change in Depreciation Report (Classic's EIS104) - Only if on GAAP
    • Schedule of Changes in Depreciation by asset class (summary & detail)
    • Schedule of Changes in Depreciation by function (summary & detail)
    • Schedule of Changes in Depreciation by fund (summary & detail)

  Non-GAAP Reports

  • Asset Listing by Grant/Source (Classic's EIS203)
  • Brief Asset Listing Report (Classic's EIS304): The following EIS304 reports are recommended. The five reports should include capitalized items only and Status Codes of "Active, New, Excess Asset Held for Sale, and Excess Asset Not in Use" (with the exception of the disposition report)
    • Brief Asset Listing sorted by fund
    • Brief Asset Listing sorted by function
    • Brief Asset Listing sorted by asset class
    • Acquisitions for current fiscal year
    • Dispositions for current fiscal year
  • Book Value Report (Classic's EIS305): Recommended to run the following using current Fiscal Year (xxxx) for the reporting date. The four reports should include capitalized items only and Status Codes of Active, New, Excess Asset Held for Sale, and Excess Asset Not in Use for the full reports, and Status Code Disposed for the disposition reports.
    • Book Value Report sorted by function
    • Book Value Report sorted by class
    • Depreciation for current FY dispositions by function
    • Depreciation for current FY dispositions by class

  If you DO NOT wish to close Inventory for the year until auditor review, you may hold off on completing the rest of the Inventory closing procedures until the audit is finished. However please note you will not be able to enter inventory for the new year until you have completed ALL of the closing steps.

  • Audit Report (Classic's EIS801): Run the official report
  • • Recommend running the official option for ALL report types (leave 'select report type' blank to include all of them) and enter a date range for the entire fiscal year (Start Date 07/01/xxxx and Stop Date 06/30/xxxx).
  • Fiscal Year Ending Balances Report (Classic's EISCLS report)
  • Depreciation Posting Report (Classic's EISCLS EISDEP projection report

• 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. 

    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 .

  • 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

    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.