RCGI-Unanet-Year-End-Considerations-Checklist

Looking forward to closing 2018? It can be a daunting task, even when you have a trained team and an armload of checklists. To ensure you are fully prepared to tackle each of the processes you encounter at the end of the year and to start the new year right, we at Redstone GCI wanted to provide a check-list and some links to the Unanet Knowledge Center to help you through the Year-End Process:

Year End Considerations

  • ME Checklist
  • Administrative (Unanet) updates
  • Financial Updates and Year End Closing
  • On Premises Considerations

Month-End Close

Resource: KC Month-End Close

  • Post Outstanding Financial Transactions
  • Perform Reconciliations
  • Generate Financial Statements
  • Close the Period

Year-End Checklist

  • Add next fiscal year
  • Create new holidays and assignments
  • Roll over accrual plans (if necessary)

System Admin Checklist

  • Clean and update saved shared reports
  • Review scheduled items and make necessary updates (reminders, accrual postings, project alerts, etc.)
  • Review and update project set up templates
  • Update person cost rates for pay increases
  • Review “Active” users for any that should be “Inactive”
  • Review Assignments on internal projects (Training, B&P, etc.)
  • Review Accruals and remind employees of “Use It or Lose It” policy
  • Import new Per Diem rates and update mileage rates
  • Add next year financial budgets (GL or Labor & Expense)
  • Add next year indirect rates into cost structures
  • Update Cost pools for next fiscal year
  • 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
  • 1099 activities/Print off 1099 info
  • Fiscal period close

Additional Considerations for on Premise Users

  • Restart Unanet Server (monthly)
  • Backup Database (weekly/monthly)
  • Upgrade Point and Major Releases

Redstone Government Consulting Can Help

These checklists provide your human resources team with the knowledge to complete the variety of processes necessary to close out monthly, quarterly, year-end, and other administrative tasks which can overwhelm them this time of year. If you have any Unanet concerns, please do not hesitate to reach out to our Unanet group at Redstone GCI to assist you in completing this annual assignment accurately and efficiently.

Written by Katie Donnell

Katie Donnell 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.

About Redstone GCI

Redstone GCI is a consulting firm focused on fulfilling the needs of government contractors in all areas of compliance. With a singular mission to help contractors through the multiple layers of “red tape,” we allow contractors to focus on what they do best – support their mission with the U.S. Government. We are home to a group of consultants made up of GovCon industry professionals, CPAs, attorneys, and retired government audit and acquisition professionals.

Our focus and knowledge of audit and compliance functions administered by DCAA and DCMA will always be at the heart of what we do. However, for the past decade, we’ve strategically grown to support other areas of the government contractor back-office with that same level of focus and expertise. We’ve added expertise in contracts management, subcontract administration, proposal pricing, various software systems, HR and employment law, property administration, manufacturing, data analytics/reporting, Grant specialists, M&A, and many other areas. When we see a trend in the needs of contractors, we act to ensure we can provide the best expertise in the market to fulfill those needs.

One thing our clients can be certain of is that with the Redstone GCI Team in your corner, there is no problem too big and no issue too technical for our team to tackle.

Topics: Compliant Accounting Infrastructure, Unanet