Fiscal Year/Calendar Year Tips (January-December)

Fiscal Year/Calendar Year Tips (January-December)

If your organization operates on a January – December fiscal period, please review the tips and links in this article.
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Enterprise customers, and the OpenRDA 101 customers who have software bundles FM 23 and FM 31, should use the Reclassify Receipts process to reclassify revenue or expenditure type financial receipts that are received in the new fiscal year to revenue (or reduction in expense) and receivables for the prior fiscal year. Click this link to access the related OpenRDA Answers document.
On January 1, change the Default Fiscal Year in Vendor Payments to 2015 (Current Voucher Defaults). Any vouchers that you enter in 2014, for which checks will not be issued (dated) until 2015, should reflect calendar year of 2015.
On January 1, change the Default Fiscal Year in Financial Management to 2015, and change the Default Fiscal Month for fiscal year 2015 to January.
If you have not already done so for budgeting purposes, open fiscal year 2015 in Financial Management.
On January 1, change the Fiscal Year to 2015, and the Fiscal Month to January, in Purchase Orders (Change Current PO Year/Month).
On January 1, change the Default Fiscal Year in the Employee Absentee module to 2015, if you have this module.
On January 1, organizations that have one or more of the Revenue modules should change the Default Fiscal Year to 2015, and the Default Fiscal Month to January.
After the last payroll for December, Virginia customers whose VRS Common Date is January 1 should update the VRS Common Date to 01/01/2015 in Current Payroll Values/Generic Setup Variables in the Payroll module, and then establish Life Insurance Salary (for the job master), ranging on VRS gross identifications when establishing Life Insurance Salary (if you have this standard setup).
Print a Leave Job Summary Report, and auto-archive it into the Leave Management module’s E-Documents. ?_Prior to entering any leave used or earned transactions for the new year, ensure that all transactions are processed (updated). ?_Use the Move Leave Balances Forward report (from Maintenance, Year End) to establish beginning balances for the new year. Use the Update Leave Fiscal Beginning Balance (from Maintenance, Year End) to update the ending balance in the leave job master as the beginning balance for the new leave fiscal year.
If you compute leave liability using OpenRDA/Xpert processes, please remember that timing is crucial to this process, as liability rates must be established using pay rates for the current fiscal year (not the new fiscal year), and must be done before any leave earned/used amounts for the new fiscal year are updated. ?_If RDA has done this for you as a project in the past, and you wish us to do this again, please let Mimi know immediately (mvenglish@openrda.com), so that this can be scheduled. ?_If you have questions about the process, please submit a cyber support ticket, so that a member of the Payroll product team can assist.

Please also review the End of Year Procedures from the OpenRDA Answers/Documentation page.

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