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.