fiscal year end recommendations

For those of you on a July-June fiscal year, fiscal year end is fast approaching. We are thrilled to offer you software in which each year (as well as each month and quarter) stands on its own because that means you won’t have a formal closing or opening of these periods. There are, of course, procedures you should follow at the change of a fiscal year. Rest assured that we have you covered! Please click the links in this post to access our fiscal-year-end-related recommendations and tools.

  • Our Fiscal Year End Procedures document will take you through the steps required as well as suggestions to ensure a smooth fiscal year end and a clean start to your new year.
  • If you have the Leave Management module, then in a few short weeks, you will be moving your employees’ leave balances to the new fiscal year. We want to make that task easier, and also allow your Leave processing to be more streamlined in the upcoming fiscal year and beyond. With that goal and timing in mind, we want to get the word out about something that you may not realize is a feature in our software, Leave TablesLeave Tables must be set up  BEFORE you use the Move Leave Balances process.  This may be a good time to review your Leave IDs and determine which of the same type may be able to be combined into one and set up a table that would determine employees’ earnings based on their years of employment. Once tables have been set up, you can use the Move Leave Balance process to move balances into the new year, and at the same time, move them into the unified Leave ID.
  • We created a Year End Sub-Menu, under Maintenance, in order to group together the processes and reports that are most commonly used at fiscal year end in regard to Leave Management.  We created a comprehensive guide of the year-end sub-menu. This guide contains additional links to wikis that provide further details on each individual process and report under Year End, including the Move Leave Balance process.
  • We also have guidance on running Contract Payrolls in June. We recommend that you read through this documentation so that you understand all your options regarding July and August payrolls.

It is our hope that you find value in these recommendations and instructions. If you have questions regarding fiscal year end, please submit a cyber support request.