Fiscal Close

Last Updated On June 18, 2019
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General

  • Fiscal close is the process of closing one set of financial books at the end of the current fiscal year and opening a new set of books for the coming fiscal year.
  • Before running fiscal close, make sure that all invoices have been entered and posted for the current fiscal year.
  • Make sure all order records that have an on order status (o) are valid orders and are backordered with the appropriate vendor
    • Create a list of all orders that have a status of on order

    • Sort the list by rdate

    • Check to make sure that the order was actually sent; there should be an ISBN PICK field at the bottom of the record
      • If the order was sent, check with the vendor to make sure it is still on backorder
        • If the order has been cancelled by the vendor, open the order record in Sierra
        • Go to Tools/function/Cancel by Vendor and follow the prompts on screen.  Once the order has been cancelled, remove the record from the list
      • If the order was not sent, decide whether to re-order or to cancel the order
        • If re-ordering, check the Queue PO box and Click the Save button.  The order will need to be sent electronically to the vendor
        • If cancelling the order, go to Tools/Function/Cancel by Vendor and follow the prompts on screen.  Once the order has been cancelled, remove the record from the list

    • Check to make sure the rdate is not filled in; if it is, either find, enter, and post the appropriate invoice or change the status field from “o” to “a”
    • Remove from the record from the list once the status has been changed

    • Once the list contains valid orders, run the list through Statistics.  Make sure the review file has the correct review file selected and run the query

    • Open the funds reports and note the funds and their accomanying prices

    • Check to make sure the total(s) match what is in the fund encumbrance balance

Running Fiscal Close

    • Select Fiscal Close from the drop down function list in Sierra
    • There are five steps in the Fiscal Close process
      • Posting
        • If there is anything to post, you will be prompted to post
        • If there isn’t anything to post, Click OK
        • Click the Next button at the bottom of the screen
      • Fund Activity Report
        • Fill in the Report Header
        • Click the Start button
        • Once the report is complete, make sure no funds are out of balance.  If any are out of balance, contact the MORE Office
        • Click on the Print button at the top of the screen
        • Choose e-mail printer if a printer has not already been selected and enter the appropriate email address and click ok
        • Check the box to indicate the printout is ok, then check Clear payment history, then click OK
        • Click the Next button at the bottom of the screen
      • Statistics and Reporting
        • Run any statistical reports desired
        • Run Vendor Statistics
          • For activity reports, fill in the desired range (typically the beginning of the fiscal year (01/01/20xx) to today’s date and click the Start button
          • It will search through the entire range of order records to match the range (this may take a little while if you have a lot of order records)
          • The reports will show up on the screen
          • Click on any of the report tabs and print them if desired
          • When done, click on the Reset all Vendors box, then click on Copy to Vendors button
          • When the update is complete, click on the OK button
          • Follow the same step for the performance reports
          • When finished, click ok
        • Run any fund reports desired
        • When finished with the statistics and reporting section, click the Next button at the bottom of the screen
      • Copy and Clear Funds
        • Make sure the button is checked to archive current funds amounts to old funds and hierarchies to old hierarchies
        • Check the box to reset appropriations to zero (unless the fund amounts are exactly the same)
        • Check the box to reset expenditures to zero
        • Do NOT check the box to reset encumbrances; make sure the encumbrance amounts match the amount of current orders (report run in statistics earlier in process)
        • Check both boxes for #orders year-to-date and #payments year-to-date to reset to zero
        • Click the Process button
        • When done, click the Next button
      • Adjust Funds
        • Click the Use Form button
        • Highlight the appropriate fund
        • Press the Tab key to go to the next field (make sure the dropdown is at Appropriations, the default)
        • After the “+” sign, enter the new appropriation
        • Press the Tab key to go to the next field
        • In the note field, enter 2014 Appropriations (or other note)
        • Highlight the next fund, and follow the same steps
        • The new balances will be in blue and will not be actually entered into the funds until posted
        • When done entering the new appropriations, click Post to post the new appropriations.  If you do not want to post now, click the Finish button
        • A box will pop up indicating that fiscal close is complete