Fiscal Year End

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.

• MULTIPLE MODULES: You can access our Fiscal Year End Procedures document with this link. The suggestions contained within will help you ensure a smooth fiscal year end, and a clean start to your new year.

• LEAVE MANAGEMENT: 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. NOW is the time, BEFORE you use the Move Leave Balances process, to take a look at all your Leave ID’s, and determine which of the same type may be able to be combined into one, with a table applied 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. Please click this link to read more about utilizing Leave Tables.

• LEAVE MANAGEMENT: 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, when employees’ leave balances need to be zeroed out or carried over, in part or full, to the new fiscal. A new, comprehensive guide of that sub-menu can be accessed via this link. In the guide are links to the wikis that provide more details on each of the individual processes and reports under Year End, including the Move Leave Balance process itself.

• PAYROLL: 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 can be accessed with this link.

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