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 LaDonna Wotell

LaDonna Wotell LaDonna is an Managing Consultant with Redstone Government Consulting, Inc. based in our firms Huntsville office. Her area of expertise includes supporting clients with implementation and daily operations using Unanet, as well as supporting Contracts, Proposal Pricing and Accounting Compliance. Professional Experience LaDonna has over 15-years’ experience in progressive accounting, finance, contracts and human resources related roles at both large and small business government contractors. Her diverse background on most facets of the government contractor back office brings a unique perspective to her support of Redstone GCI client software implementations. LaDonna began her career in Government Contracting as an accountant with a large government contractor. After several years of progressive experience, she was able to migrate to additional roles within the Company’s contracts organization, including as a Contracts Administrator where she supported both FAR Part 15 and FAR Part 12 Contracts. This experience led to LaDonna accepting a role with a small, but growing government contracts firm where she support accounting, contracts and HR functions during the Company’s growth and eventual acquisition. In this role, LaDonna was first exposed to Unanet and participated in the Company’s successful implementation and adoption process. LaDonna has utilized Unanet in the performance of her day-to-day role including, pricing, proposals, contracts administration, project control, DCAA audits and more. Her user experience coupled with her pursuit of the Unanet Certified Implementer designation will allow her to bring a truly unique perspective to our Unanet implementation and post implementation support engagements. LaDonna’s wide range of experience at small and large contractors and across the back office allows her to see the “bigger picture” and provide best practice advice to our clients across many subject matter areas. Education LaDonna has her B.S Degree from The University of Alabama in Huntsville and M.S in Contract Acquisition from Florida Institute of Technology where she graduated Magna Cum Laude.

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