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.
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.