Escape Online Year End Procedures

This document lists a variety of procedures required at the end of each fiscal year. In general, these are tasks for your Escape System Manager. For complete instructions, see your Escape User Guides.

This FYI assumes you have already rolled forward your accounts!

We have created the following checklists. Click the appropriate link below. The checklist will expand into a format that you can print.

We suggest you print out the checklist, write in the dates below and use the checklist to check EVERYTHING before you actually issue the commands. We also encourage you to call Customer Care if you have any questions or run into any unexpected problems.

Fiscal Year ________ Date ________________

Check
When
Completed		 Tasks Activity
  All requisitions need to be carried over, set up as a liability, closed or completed and expensed.
  • Select the appropriate document type (e.g., vendor requisition, stores requisition).
  • Go!
  • Use the Accrual (liability) and Carryover fields as appropriate. The Process and Release fields will update automatically.
  • Use the Post task to process the requisitions.

Remember that stores requisitions cannot be accrued!

 Requisition Year End Closing
  All invoices need to be carried over, set up as a receivable or closed.
  • Select AR Invoice as the document type.
  • Go!
  • Use the Accrual (receivable) and Carryover fields as appropriate. The Process and Release fields will update automatically.
  • Use the Post task to process the invoices.

Remember only receivables create journal entries!

 Requisition Year End Closing
  Stores inventory completed and reconciled. Stores Items
  Fixed asset inventory completed and reconciled. Fixed Assets
  Post or delete all journal entries that have not been posted or cancelled. To find unposted journal entries, run the JE Fund/Object Summary (Ledger04) report with the Include Unposted JEs field set to "only unposted JEs." Then search for those journal entries and take the appropriate action. Reports, Ledger
Fiscal, Journal Entries
  Run the Fiscal Year End Checklist (Fiscal15) to see all requisitions, invoices and journal entries detailed and summarized. As a snapshot from the Fiscal Year Status activity
OR
Reports, Fiscal
  Run the Financial Statement (Fiscal13) report for the fiscal year. The report criteria should be as follows:
  • Fiscal Year - the fiscal year you are closing
  • Ending Account Period - June
  • Include Zero Balance - Yes
  • All other options should be left as is
 Reports, Fiscal
  Verify cash is closed. System, Setup, Fiscal Year Status
  Select the Create Closing Journal Entries task for the current fiscal year to close out the year on Escape. If accounts do not exist, they will be created automatically. System, Setup, Fiscal Year Status
  Check the subsequent closing journal entries. Fiscal, Journal Entries
  Post closing journal entries. Fiscal, Journal Entries
  Select the Close Fiscal Year task for the current fiscal year to complete year end processing. System, Setup, Fiscal Year Status