Articles

Escape Fiscal 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.

General Procedures

Year End Processing Procedures

We have created NEW checklists for each of the year end processing situations. Even if you are completely comfortable with year-end processing in Escape, we suggest you use the checklists. We also encourage you to call Customer Care if you have any questions or run into any unexpected problems.

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 ________________

Year End Processing Procedures
FY2007 Non-SACS to FY2008 Non-SACS

Check
When
Completed		 Tasks Module
  All requisitions have been carried over to the coming fiscal year, or have been closed or completed and expensed. AP
  All warehouse requisitions are closed or completed. AP, SITE, PURCH
  Run SCANENC to identify all outstanding encumbrances. Clear them out. Run from within CHART. Also see the SCANENC FYI
  Warehouse inventory completed and reconciled. AP, PURCH
  Warehouse valuation report reconciled with the stores account. Post manual journal entry for any differences. AP, PURCH
  Fixed asset inventory completed and reconciled. FA
  Fixed asset valuation report has been reconciled with the asset account. FA, AP, LEDGER
  Post or delete all journal entries that have not been posted or cancelled. To find unposted journal entries, search for unposted entries with Starting Journal # equal to " " (blank), Ending Journal # equal to "ZZZ" and Fiscal Year equal to 2007. LEDGER
  Run the CSRT on the *.dat files in the \ESCAPE\fyxx directory. From the DOS prompt
  Run the ChkAccts utility. See the ChkAccts Utility FYI
  Use the Create New Fiscal Year menu choice to ensure that any new accounts you have created in your closing year will be copied to your new fiscal year. CHART
  Run the ChkLinks utility. See the ChkLinks Utility FYI
  Run FixAccts from within the Chart module CHART
  Trial balance report has been printed. System is in balance.

If the system is not in balance, follow the steps for balancing your system (see the appendix of the Year End Reference Guide) and contact Customer Care for help in correcting the problem. DO NOT proceed until the system is in balance.

 LEDGER
  Run a Balance Sheet Report for FY 2007, Ending June. Balance sheet has been printed and reviewed. LEDGER
  Income statement has been printed and reviewed. LEDGER
  Check the Chart Setup for year end control objects and roll forward to ensure that they exist and include resource and project year:
  • 9840 - Revenue
  • 9850 - Expenditure
  • 9791 - Starting balance
 CHART
  Check the General Ledger Setup screen to determine the year end closing journal type and the roll forward journal type that Escape is using for year end processing. Write the types below.

_______________  Closing Type

_______________  Roll Forward Type

 SYSMNGR, LEDGER
  Check closing journal entry type and numbering sequence.
  • FY2007 should be active.
  • Set Auto Balance flag to " " (blank).
  • Set Assign Journal Entry # When Posting field to " " (blank).
 SYSMNGR, LEDGER
  Check roll forward journal entry type and numbering sequence.
  • FY2008 should be active.
  • Set Auto Balance flag to " " (blank).
  • Set Assign Journal Entry # When Posting field to " " (blank).
  • Set Journal Entry Functionality to S.
 SYSMNGR, LEDGER
  Check the Accounts Payable Setup record to ensure the General Ledger Closed Thru Date field contains a date that is before 6/30 and that the Fiscal Year Being Closed field is 2007.

NOTE: You may also want to verify that your Default Fiscal Year is 2008.

 SYSMNGR, AP
  Run the procedure for year end processing to close out the year on Escape. If accounts do not exist, you will be given an error message. You must add these accounts before proceeding. LEDGER
  Check the subsequent closing journal entries against the Balance Sheet Report. (Journal Entry Transaction Type should be a C.)

TIP: The values of the 9790 accounts on the closing journal entry should match those on the Balance Sheet Report.

 LEDGER, AP
  Post closing journal entries. LEDGER, AP
  Change the General Ledger Closed Thru Date to 6/30/07. SYSMNGR, AP
  Run the procedure to roll forward on Escape. If accounts do not exist, you will be given an error message. You must add these accounts before proceeding.

If you are summarizing all of your fund balance accounts into a single starting balance account, create a starting balance account for the year you are bringing forward.

 LEDGER
  Edit each roll forward journal entry to verify that you do not have account linkage problems (e.g., object is wrong, balances are wrong, etc.).

TIP: Use Ctrl+F9 to see a summary by Fund-Resource-ProjectYear.

 LEDGER, AP
  Post roll forward journal entries. LEDGER, AP

Year End Processing Procedures
FY2007 Non-SACS to FY2008 SACS

Check
When
Completed		 Tasks Module
  All requisitions have been carried over to the coming fiscal year, or have been closed or completed and expensed. AP
  All warehouse requisitions are closed or completed. AP, SITE, PURCH
  Run SCANENC to identify all outstanding encumbrances. Clear them out. Run from within CHART. Also see the SCANENC FYI
  Warehouse inventory completed and reconciled. AP, PURCH
  Warehouse valuation report reconciled with the stores account. Post manual journal entry for any differences. AP, PURCH
  Fixed asset inventory completed and reconciled. FA
  Fixed asset valuation report has been reconciled with the asset account. FA, AP, LEDGER
  Post or delete all journal entries that have not been posted or cancelled. To find unposted journal entries, search for unposted entries with Starting Journal # equal to " " (blank), Ending Journal # equal to "ZZZ" and Fiscal Year equal to 2007. LEDGER
  Run the CSRT on the *.dat files in the \ESCAPE\fyxx directory. From the DOS prompt
  Run the ChkAccts utility. See the ChkAccts Utility FYI
  Run FixAccts from within the Chart module CHART
  Trial balance report has been printed. System is in balance.

If the system is not in balance, follow the steps for balancing your system (see the appendix of the Year End Reference Guide) and contact Customer Care for help in correcting the problem. DO NOT proceed until the system is in balance.

 LEDGER
  Run a Balance Sheet Report for FY 2007, Ending June. Balance sheet has been printed and reviewed. LEDGER
  Income statement has been printed and reviewed. LEDGER
  Check the Chart Setup for year end control objects and roll forward to ensure that they exist and include resource and project year:
  • 9840 - Revenue
  • 9850 - Expenditure
  • 9791 - Starting balance
 CHART
  Check the General Ledger Setup screen to determine the year end closing journal type and the roll forward journal type that Escape is using for year end processing. Write the types below.

_______________  Closing Type

_______________  Roll Forward Type

 SYSMNGR, LEDGER
  Check closing journal entry type and numbering sequence.
  • FY2007 should be active.
  • Set Auto Balance flag to " " (blank).
  • Set Assign Journal Entry # When Posting field to " " (blank).
 SYSMNGR, LEDGER
  Check roll forward journal entry type and numbering sequence.
  • FY2008 should be active.
  • Set Auto Balance flag to " " (blank).
  • Set Assign Journal Entry # When Posting field to " " (blank).
  • Set Journal Entry Functionality to S.
 SYSMNGR, LEDGER
  Check the Accounts Payable Setup record to ensure the General Ledger Closed Thru Date field contains a date that is before 6/30 and that the Fiscal Year Being Closed field is 2007.

Note, you may also want to verify that your Default Fiscal Year is 2008.

 SYSMNGR, AP
  Run the procedure for year end processing to close out the year on Escape. If accounts do not exist, you will be given an error message. You must add these accounts before proceeding. LEDGER
  Check the subsequent closing journal entries against the Balance Sheet Report. (Journal Entry Transaction Type should be a C.)

TIP: The values of the 9790 accounts on the closing journal entry should match those on the Balance Sheet Report.

 LEDGER, AP
  Post closing journal entries. LEDGER, AP
  Change the General Ledger Closed Thru Date to 6/30/07. SYSMNGR, AP
  DO NOT run the procedure to roll forward on Escape because you are changing your account structure to SACS. LEDGER
  Create a menu choice to add starting balance journal entry using the type of roll forward journal entry you wrote down earlier in this checklist. LEDGER
  Create a manual journal entry to enter beginning balances for each resource and project year combination. Note, you must make sure that the Transaction Type is S. LEDGER
  Post roll forward journal entries. LEDGER, AP
  Remove the menu choice you just created for adding journal entries. LEDGER

Year End Processing Procedures
FY2007 SACS to FY2008 SACS

Check
When
Completed		 Tasks Module
  All requisitions have been carried over to the coming fiscal year, or have been closed or completed and expensed. AP
  All warehouse requisitions are closed or completed. AP, SITE, PURCH
  Run SCANENC to identify all outstanding encumbrances. Clear them out. Run from within CHART. Also see the SCANENC FYI
  Warehouse inventory completed and reconciled. AP, PURCH
  Warehouse valuation report reconciled with the stores account. Post manual journal entry for any differences. AP, PURCH
  Fixed asset inventory completed and reconciled. FA
  Fixed asset valuation report has been reconciled with the asset account. FA, AP, LEDGER
  Post or delete all journal entries that have not been posted or cancelled. To find unposted journal entries, search for unposted entries with Starting Journal # equal to " " (blank), Ending Journal # equal to "ZZZ" and Fiscal Year equal to 2007. LEDGER
  Run the CSRT on the *.dat files in the \ESCAPE\fyxx directory. From the DOS prompt
  Run the ChkAccts utility. See the ChkAccts Utility FYI
  Use the Create New Fiscal Year menu choice to ensure that any new accounts you have created in your closing year will be copied to your new fiscal year. CHART
  Run the ChkLinks utility. See the ChkLinks Utility FYI
  Run FixAccts from within the Chart module CHART
  Trial balance report has been printed. System is in balance.

If the system is not in balance, follow the steps for balancing your system (see the appendix of the Year End Reference Guide) and contact Customer Care for help in correcting the problem. DO NOT proceed until the system is in balance.

 LEDGER
  Run a Balance Sheet Report for FY 2007, Ending June. Dialogue box should be filled out as follows:
  • Page Break on F (fund)
  • Include Zero Balance Y
  • Current Balance Only Y
  • All other option on dialogue should be blank

Balance sheet has been printed and reviewed.

 LEDGER
  Run RptWtr report for all cash accounts in resource order and print actual balance. LEDGER
  If your cash is out of balance by resource, create a manual journal entry to clear cash for each resource using the Balance Sheet report. To calculate the entry for cash, you should:
  • Balance Sheet $ Amt minus Actual Acct Balance = Adjustment Amt for JE
  • If the result is positive - then you debit
  • If the result is negative, then you credit

Examples: 

         
  3,400,000  Bal Sheet Amt
(-3,100,000) Actual Bal
  6,500,000  debit


 -1,100,000  Bal Sheet Amt
 -(-750,000) Actual Bal
   -350,000  credit
LEDGER
  Income statement has been printed and reviewed. LEDGER
  Check the Chart Setup for year end control objects and roll forward to ensure that they exist and include resource and project year:
  • 9840 - Revenue
  • 9850 - Expenditure
  • 9791 - Starting balance
 CHART
  Check the General Ledger Setup screen to determine the year end closing journal type and the roll forward journal type that Escape is using for year end processing. Write the types below.

_______________  Closing Type

_______________  Roll Forward Type

 SYSMNGR, LEDGER
  Check closing journal entry type and numbering sequence.
  • FY2007 should be active.
  • Set Auto Balance flag to " " (blank).
  • Set Assign Journal Entry # When Posting field to " " (blank).
 SYSMNGR, LEDGER
  Check roll forward journal entry type and numbering sequence.
  • FY2008 should be active.
  • Set Auto Balance flag to " " (blank).
  • Set Assign Journal Entry # When Posting field to " " (blank).
  • Set Journal Entry Functionality to S.
 SYSMNGR, LEDGER
  Check the Accounts Payable Setup record to ensure the General Ledger Closed Thru Date field contains a date that is before 6/30 and that the Fiscal Year Being Closed field is 2007.

Note, you may also want to verify that your Default Fiscal Year is 2008.

 SYSMNGR, AP
  Run the procedure for year end processing to close out the year on Escape. If accounts do not exist, you will be given an error message. You must add these accounts before proceeding. LEDGER
  Check the subsequent closing journal entries against the Balance Sheet Report. (Journal Entry Transaction Type should be a C.)

TIP: The values of the 9790 accounts on the closing journal entry should match those on the Balance Sheet Report.

 LEDGER, AP
  Post closing journal entries. LEDGER, AP
  Change the General Ledger Closed Thru Date to 6/30/07. SYSMNGR, AP
  Run the procedure to roll forward on Escape. If accounts do not exist, you will be given an error message. You must add these accounts before proceeding.

If you are summarizing all of your fund balance accounts into a single starting balance account, create a starting balance account for the year you are bringing forward.

 LEDGER
  Edit each roll forward journal entry to verify that you do not have account linkage problems (e.g., object is wrong, balances are wrong, etc.).

TIP: Use Ctrl+F9 to see a summary by Fund-Resource-ProjectYear.

 LEDGER, AP
  Post roll forward journal entries. LEDGER, AP