It’s that time of year again! Preparing for Fiscal Year End Part 1.
Does your organization have a June 30 fiscal year end? If so, now is the time to start thinking about year-end processing, preparing for your audit, and closing the fiscal year in MIP. This is part one of a series of articles geared toward preparing you for closing your fiscal year.
During the fiscal year end date range, it can be confusing to determine what is being posted to each period. For example, you may have begun processing transactions in the new fiscal year, but there are still some transactions which need to be posted back to the prior period. During this transition period, we recommend you follow these steps to minimize data entry errors:
Note you can specify by transaction type. So, you may need to “close” Accounts Receivable prior to “closing” Accounts Payable. In the screenshot above, note that AR transactions cannot be entered prior to 7/1/2014. AP Transactions, however, must be between 7/1/2013 and 6/30/2014.
Also, note that you can establish a “Warn” date range and/or a “Prohibit” date range. If a date is outside the “Warn” date range, users will receive a warning but can override it and use that date. If a date is outside the “Prohibit” date range, users will not be able to save the transaction unless the date is changed.
After this is done, you can change the dates at any time if you need to make an adjustment.
These steps can help you minimize data entry issues and hopefully ease year-end anxiety as you advance into the new fiscal year.
For more information, please go to Part 2 in this series – Preparing for Audit ›
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