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.
Katherine (Katie) Donnell serves as the Director of Unanet Practice Services at Redstone Government Consulting, Inc., where she leads the firm’s Unanet consulting practice in delivering expert implementation, optimization, and compliance support to government contractors. With extensive expertise in DCAA-compliant Unanet Time & Expense Tracking, Project Portfolio, and Financials, Katie plays a vital role in helping contractors build and maintain compliant, efficient financial and project management systems. As one of the first Unanet Certified Implementers, Katie was part of Unanet’s initial pilot certification program for non-Unanet consultants, investing over 300 hours in training, system development, and rigorous testing to obtain her certification. She holds Unanet Advanced Project Management training credentials and is also a QuickBooks ProAdvisor. Her technical expertise and real-world implementation experience make her a trusted advisor, frequently called upon by Unanet’s internal teams to support implementation projects as an external expert. Katie is also responsible for the continued growth and strategic oversight of Redstone GCI’s Unanet Practice, ensuring that quality of service, client support, and consultant development remain at the highest standard. She is committed to advancing the professional development and expertise of Redstone GCI’s Unanet consulting team, ensuring they stay at the forefront of industry best practices and evolving compliance requirements. At Redstone GCI, Katie serves as a primary point of contact for numerous small business clients, providing ongoing government cost accounting and compliance support. She regularly assists with monthly accounting close processes, ensuring accurate financial reporting for program management and executives. Her unique combination of software system expertise and compliance knowledge allows her to provide strategic, hands-on guidance to government contractors navigating complex regulatory and financial landscapes. With extensive experience in government contract accounting and compliance, Katie has assisted contractors with DCAA audit readiness, including SF1408 pre-award accounting system audits, provisional billing rate submissions, forward pricing rate development, and incurred cost submissions. She also helps clients design and implement compliant policies and procedures to support an adequate DCAA-approved accounting system. Prior to joining Redstone GCI, Katie worked in public accounting and government contracting, gaining operational experience with Unanet, QuickBooks, SpringAhead, Deltek T&E, ADP, Paychex, and QB Payroll. Her extensive background in accounting, compliance, and financial systems ensures that Redstone GCI’s Unanet clients receive the highest level of technical and regulatory expertise.