It’s the most wonderful time of the year! Below, we’ve created a compact list of action items for your Unanet accounting system at year end. Please don’t hesitate to call us to walk through this year end checklist with one of our consultants to help guide you.
Administrative Setup
- Add new Fiscal Year.
- Create new Holidays and assignments in the Holiday project (if using tasks, add assignments with tasks).
- Roll over accrual plans if necessary.
- Clean and update saved shared reports.
- Check scheduled items/alerts and make necessary updates.
- Review project set up templates.
- Update person cost rates for January 1 pay increases.
- Review "Active" users to see if any can be "Inactive."
- Assignments on internal projects (Training, etc.).
- Review Accruals; remind employees of any policies.
- Import new Per Diem rates.
- Assignments on internal projects (Training, etc.).
- Update mileage rates.
Financial Updates
- Add 2024 financial budgets (GL or Labor and Expense).
- Add 2024 indirect rates into cost structures.
- Cost pool updates needed for next 2024.
- True-up indirect rates.
- Incurred Cost Electronically/Incurred Cost Submission (ICE/ICS).
- Update any recurring annual journal entries (Rent payments).
- Gross Salary reconciliation to Payroll journals.
- Fiscal year 2023 functional close (once data is FINAL).
Fiscal Period Close
- Labor and Expense - Verify All Project-To-Financial Postings Are Completed.
- Billing and Revenue - Verify Billing & Revenue Process Is Completed.
- Closing:
- Vendor Payments, Vendor Invoices, Customer Payments, Deposits - Close Vendor Payments, Vendor Invoices, Customer Payments, Deposits
- Cost Pool Post - Perform Cost Pool Calculations.
- Invoicing & Posting and General Ledger - Close Invoicing & Posting.
- Reporting.
- Closing the fiscal year.
- Fiscal years and periods cannot be reopened after closure. Posting into closed fiscal years is restricted to the Unanet Administrator. Year-end closing entries impact revenue or expense account balances. Posting features must be closed before closure.
Invoicing & Posting
- Verify All Customer Invoices in COMPLETED Status for The Period.
- Verify Billing & Revenue Process Is Completed.
- Verify All Project-To-Financial Postings Are Completed.
- Check Labor Cost Post & post if needed.
- Check Expense Report Cost Post & post if needed.
- Check Service Contract Act (SCA) - Pay In Lieu Of Benefits Cost Post & post if needed.
- Close Invoicing & Posting.
Purchasing
- Close Purchasing Commitments.
Accounts Payable/Accounts Receivable
- Verify All Financial Documents for The Period Are ENTERED And in POSTED Status.
- Reconcile Open AP To General Ledger.
- Reconcile Open AR To General Ledger.
- Close Vendor Payments, Vendor Invoices, Customer Payments, Deposits.
- 1099 activities/Print off 1099 info.
Payroll/Accrued Leave
- Verify Payroll Summary Report Reconciles to Labor Cost Report.
- Recording Unanet Labor Expenses and Reconciling with Payroll.
- Reconcile Accrued Leave.
General Ledger
- Perform Cost Pool Calculations.
- Fixed Assets Post.
- Multi-Entity (Intercompany) - Project Accounting.
- Multi-Entity (Intercompany) - Cost Allocation Setup.
- Journal Entries.
- Recurring Journal Entries.
- Reversing Journal Entries.
- End of Month Close (Closing) - Close General Ledger.
Looking Forward
- Setup your My Reports & Shared Reports Dashboard for 2024.
- For 2024, what process enhancements are you hoping to implement?
- Are you making the most of Unanet's features to simplify your life?
- Start thinking of creating your GL Budget for 2024:
- The P&L Report can display budget vs actuals at this crucial point. Businesses can estimate indirect rates for the year by calculating indirect rates based on GL Budgets if the GL Budget is set up.
A Message from Redstone
We believe that this checklist, which walks you through the crucial stages to ending 2023 with Unanet, will assist you in getting your accounting system ready for the end of 2023. To ensure you are getting the most out of your investment, our Unanet experts are always available to provide extra assistance as you use Unanet. They can also provide consultation and training alternatives. Get in touch with us to streamline any Unanet operations for your department or business, including your year-end accounting procedures.
Katie is the Unanet Practice Lead at Redstone Government Consulting, Inc. based in our Huntsville, Alabama office. Her areas of expertise include supporting government contract businesses with a special focus in DCAA-compliant Unanet Time and Expense Tracking, Project Portfolio and Financials. QuickBooks, and Deltek GCS. Katie is a QuickBooks ProAdvisor, Certified Unanet Systems Implementer and has completed the Unanet Advanced Project Management training. Katie was one of the first Unanet Certified Implementers and was part of the initial pilot offering to non-Unanet consultants. As part of her certification process, Katie invested over 300-hours of instruction, out of class database development time and testing to obtain her certification. Since certification, Katie has assisted numerous Redstone GCI clients with implementation and post-implementation support services. Katie is frequently called upon by Unanet to join their implementation teams as an external resource and is considered a subject matter expert in the implementation of all Unanet software offerings. In her role with Redstone Government Consulting, Inc., Katie not only provides software systems expertise, but also frequently assists clients with preparation and support of DCAA audit activities including SF1408 pre-award accounting system audits, provisional billing rate submission, development of forward pricing rates for proposals, incurred cost submission preparation and development and design of policies and procedures necessary to support an adequate (DCAA-approved) accounting system. Katie serves as the primary point of contact for many small business clients in government cost accounting/compliance and assists monthly with the close of those contractor’s accounting systems and reporting to program management and executives. Her industry experience, software systems expertise and compliance knowledge provides a rare combination of knowledge to clients looking for a consultant to become an integral part of their team. Professional Experience Prior to joining Redstone Government Consulting, Inc., Katie worked in public accounting as well as small to mid-sized government contractors. She has prior operational experience with the many types of software such as Unanet, Deltek GCS, QuickBooks, SpringAhead, Deltek T&E, ADP, Paychex, and QB Payroll. Education Katie earned a Bachelor of Science degree in Accounting from The University of Alabama in Huntsville in 2010, where she was President of Beta Alpha Psi (an honor organization for finance and accounting students and professionals). She received her Master of Business Administration (MBA) from The University of North Alabama in 2014, graduating Cum Laude. Decades of Consulting, Training and Helping Government Contractors Succeed Redstone GCI offers a variety of services for large and small government contractors including evaluation, education and training, monitoring and DCAA audit preparation. Through our consulting and training programs, government contractors develop and learn to maintain compliance processes that help them succeed by mitigating risk and maximizing profitability. Our consulting team is comprised of senior leaders from government agencies and industry executives creating balance and an informed approach to our client services. Our services span the entire government contract lifecycle from proposal assistance, accounting, audit readiness, purchasing, project controls, contract administration, system implementation through to contract closeout. We specialize in preparing contractors for growth through our deep knowledge of common pitfalls companies face as they progress from small business in CAS, DFARS Business Systems and other common gates to contractor growth. In addition to almost 30 full-time consultants we also maintain a trusted network of independent contractors and other service providers who work with our team on specialized areas like ITAR, facility security, EVMS and other areas.