RGCI - Accounting Year End Tips Tricks in Unanet

As the year comes to an end, there are some additional considerations and setup items that need to be completed. Unanet is a comprehensive accounting system that offers clear procedures for closing on the Support Site. Every company is different, therefore, we at Redstone GCI wanted to provide a checklist and a few links to the Unanet Support Site to help guide you through the Year-End Process smoothly and efficiently:

Year End Considerations:

  1. Month End Checklist
  2. Administrative (Unanet) Updates
  3. Financial Updates and Year End Closing
  4. On Premises Considerations
  5. Project Dashboards for 2023
  6. GL Budget for 2023

Month-End Close (Support Site Month-End Close)

  1. Update procedure for any changes in process throughout the year
  2. Ensure that each month is properly documented for 2022
  3. Address any reconciling items (if any)
  4. Check source records for completeness of attachments (bank statements, vendor invoices, etc.)

Year-End Checklist (Support Site Year-End Close)

  1. Add next fiscal year
  2. Create new holidays and assignments
  3. Roll over accrual plans (if necessary)
  4. Set up Custom Time Periods (if necessary)
  5. Person profile audit of location, PTO, rates, other UDFs, etc.

System Admin Checklist

  1. Clean & update saved shared reports
  2. Review scheduled items and make necessary updates (reminders, accrual postings, project alerts, etc)
  3. Review and update project set up templates
  4. Update person cost rates for pay increases
  5. Review “Active” users for any that should be “Inactive”
  6. Review Assignments on internal projects (Training, B&P, etc.)
  7. Review Accruals and remind employees of “Use It or Lose It” policy
  8. Import new Per Diem rates and update mileage rates if you haven’t done so already
  9. Add next year financial budgets (GL or Labor & Expense)
  10. Add next year indirect rates into cost structures
  11. Update Cost pools for next fiscal year
  12. True-up indirect rates
  13. Incurred Cost Electronically/Incurred Cost Submission (ICE/ICS)
  14. Update any recurring annual journal entries (Rent payments)
  15. Gross Salary reconciliation to Payroll journals
  16. Check Purchase Order Status Report for any processing necessary
  17. 1099 activities/Print off 1099 info
  18. Fiscal period close
    1. Once a Fiscal Year has been closed it CANNOT be reopened
    2. Fiscal Periods for a Fiscal Year CANNOT be reopened
    3. Only the Unanet Administrator can post into a closed Fiscal Year.
      1. If entries made to a closed fiscal year affect revenue or expense account balances for the closed fiscal year, the year-end closing entry will be made for the document as part of the posting process for that document.
      2. To close a Fiscal Year, all posting features for all the individual periods in the year must have been previously closed.

Looking Forward

  1. Setup your My Reports & Shared Reports Dashboard for 2023
  2. What process improvements do you want to make for 2023?
  3. Are you using Unanet to its capability to make your life easier?
  4. Start thinking of creating your GL Budget for 2023
    1. This step is key where the P&L Report can show budget versus actuals. If the GL Budget is setup, companies can perform indirect rate calculations based on GL Budgets to forecast indirect rates for the year. (Stay tuned for more information on GL Budgets coming early 2023)

We hope this checklist helps you prepare your accounting system for the end of 2022, guiding you through the essential steps to closing 2022 with Unanet. Our Unanet experts are always here to offer additional help as you utilize Unanet and can offer consulting and training options to make sure you are getting the most out of your investment. Reach out to us to make your year-end process or any Unanet functions run smoother for your department and company.

Learn More About Our Unanet Consulting & Implementation Services

Written by Katie Donnell

Katie Donnell 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.

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: Unanet