Texas Fiscal Year-End Processing

The steps outlined throughout this guide are intended as a quick reference. Do not attempt to run the procedures mentioned using this alone.

At the end of the fiscal year, you must complete a series of processes to close the old year and prepare the system for the new year. In general, fiscal year-end processing involves:

• Generating reports to verify the accuracy of the past year's data. You may also run additional reports at any given stage, but the ones mentioned are essential or highly recommended.

• Setting up new records, updating existing records, and deleting no longer needed records.

• Running options to carry forward required information.

If you encounter an out-of-balance condition at any stage of the fiscal year-end process, contact PowerSchool for assistance.

Prerequisites

Before you begin fiscal year-end processing, complete the following steps:

1. Create the Texas Crosswalk procedures for creating organization and account codes.

   

   You may retain the last automated nightly backup until you successfully complete this process.

2. If your organization encumbers payroll, review the Fund Accounting Profile to ensure the account numbers in the Enc Control, Pay Res For Enc, Res For Enc, and Pay Enc Cntrl fields are different.

3. Navigate to Fund Accounting, Reports, System Maintenance, and select Check Ledger Balances. Run the Per Fund option to verify that all funds are in balance.

4. Run the following Fund Accounting Audit Trails report options to verify your budget codes are in balance:

   • General Ledger Audit Trail

   • Expenditure Ledger Audit Trail

   • Revenue Ledger Audit Trail

   • Project Ledger Audit Trail (if applicable)

5. Navigate to Human Resources, Reference Tables, and select Payroll to run Payroll table reports.

6. Run the Extract Information option to extract accounting data from the current fiscal year from Fund Accounting and build a new budget year work file in Budget Preparation. You can build a new budget year only once.

7. Add new organizations, accounts, and projects to the Budget Preparation System for the next fiscal year using the Reference Tables options.

   

   If Expenditure, Revenue, Project, or General Ledger records are added to the current fiscal year after the extraction has been run, and the codes will be needed in the new fiscal year, they must be added to the crosswalk tables.

8. Add new ledgers to the Budget Preparation System using the Budget Entry options.

9. Run the Payroll Distributions option to change account numbers in employee pay rate records if your Organization Chart changed for the new year.

   

   You must complete these procedures before you start any fiscal year-end processing in the Fund Accounting system.