Year-End and New Fiscal Year Tasks

Creating next fiscal year CFOPAs

Each year, CFOPAs within BA4 for State, ICR (ledger 2), Self-supporting (ledger 3), and gift (ledger 6) funds need to be generated. These steps need to be followed before July 1 each year, which is the start of the fiscal year. A team leader in the Business Office will generate the CFOPAs needing creation, and will assign them to the respective accountants. Grant funds stay the same throughout the life of the grant, hence no steps need to be taken every fiscal year.

State Funds

Enter State CFOP into the search feature on the main ribbon to select the current fiscal year's State funds

Select Copy CFOP on the right-hand side of the screen under the Actions panel

A pop-up box will appear, graying out the rest of the screen
1. For State funds, it is imperative to update the fiscal year number manually
2. The Start and End Dates are kept at default
3. Only Copy Activity Codes? should be checked
4. Click Copy once done

Once the CFOP is copied, the screen will populate with the new State fund
Since we take this step before the current fiscal year closes, we must make sure to update the status of the CFOP to Closed.

Non-State Funds (non-grant)

Enter Non-State CFOP into the search feature on the main ribbon to select

Select Copy CFOP on the right hand side of the screen under Actions panel

A pop-up box will appear, graying out the rest of the screen
1. The Start and End Dates are kept at default
2. Only Copy Activity Codes? should be checked
3. Click Copy once done

Once the CFOP is copied, the screen will populate with the additional fiscal year:

When the user clicks the new year, the current fiscal year will be in bold, and the Budget dates will show the respective fiscal year:

Since we take this step before the current fiscal year closes, we must make sure to update the status of the CFOP to Closed.

When the Edit is clicked, the rest of the screen is grayed out, and the following screen shows up. Make sure you are in the right account year. Change the status to Closed for now then click Save. Once the current fiscal year closes and is reconciled, then Accountants should switch this to Active again.

Reverting new fiscal year CFOPs to Active

In the previous task, we changed the status of the created funds to Closed. Once Accountants get the go signal that the recent fiscal year officially closed, then Accountants can reverse the new fiscal year's CFOPs to Active status.

Go to the CFOP. It will default to the previous fiscal year and will say Active. Choose the current fiscal year and click Edit

Check that you chose the current fiscal year. Change the Status from Closed to Active then click Save

Once it is saved, the CFOP screen will show Active Status

Set new fiscal year CFOPs as Current Year

When the final Period 14 statements have been released and reconciled in BA4, the accountants should set the new fiscal year as the “Current Year” so that transactions go to the right FY fund. Doing this step effectively closes the previous fiscal year. There is no need to follow this step for State funds.

All the other accounts need to be processed. To do so:

Type in CFOP on the dashboard:

The default will show the previous fiscal year as Current. Click the Edit button:

Change Status to Closed then Save:

Confirm that the prior fiscal year's CFOP status is Closed:

Choose the current fiscal year then choose Set as Current Year in the right-hand pane:

BA4 will confirm with a pop-up. Click OK:

BA4 will then state that the "Year successfully marked as current" with a pop-up. Click OK to refresh the page:

The new fiscal year will now have the word (Current) next to it:

Reconcile Period 14 statements

The process for reconciling Period 14 is slightly different since the majority of accounts would not have any transactions for that period, but each CFOP will still need to be checked. Each Accountant needs to make sure that all June 2020 transactions are posted in the DIW. Go through each of the CFOPs assigned and verify the following:

The budget still matches between BA4 and Period 14 statements;
$0 amounts on the Current Month column, for example, no expenditures/revenues

Depending on the situation, go to the appropriate section for the manual.

Budget still matches and No Transactions on Period 14 Current Month column

If both of the above are met, then you can move on to the next CFOP and do not need to “re-reconcile”, which is usually the case for grant funds. No further steps necessary.

Example:

Budget does not match and/or Transactions Present on Period 14 Current Month column

If one or both of the above occur, like the below example, usually for service funds:

These steps should be followed:

Un-reconcile the account – Can be found underneath where the CFOP is entered “Click Here to unreconcile this month”

Click Yes on this question:

The screen will go back to unreconciled status and will have the latest amounts on BA4. For expenditures & revenue, perform the addition/subtraction from what was already entered for P12 in the Institutional Balance to what is listed in the P14 statements. One can also verify that the variance on the Current Month Expenditures or Current Month Revenues tie with what is in the statements. If so, the Institution Balance can be adjusted to what it is on BA4:

Update the budget/current month expenditures/current month revenue as needed. In this case, the expenditures were previously $42,176.86. Reduce it by $71,181.61, so the new Institution Balance should be $(29,004.75). The variance was also equal to the amount on the Current Month column, so it makes sense that BA4 already had the updated balance: