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NWOCA- USAS Redesign Month-End Closing Procedure

This following month-end closing checklist is for NWOCA districts who are processing in the USAS Redesign. This procedure outlines the steps to be taken to close USAS-R for month-end.

Month-End Closing

1._____  Enter all transactions for the current month

2._____  Attempt to reconcile USAS records with your bank(s):

    • Perform your bank reconciliation procedure

    • Under the Periodic menu, select 'Cash Reconciliation'  to enter your cash reconciliation information for the month.

3._____  Go to the Report Manager and click on  to generate the 'SSDT Cash Summary' report and the 'SSDT Financial Detail Report'.

◊  The Financial Detail Report can be run for the month only to compare MTD totals to the Cash Summary Report.

◊   Compare the totals from reports... they should be identical.

4._____  If all above steps are performed and totals all agree, you are in balance and may proceed with the next step.

5._____  Optional Step Run a 'Spending Plan Summary' report under the Report Manager. 

6. _____ Schedule a job to run any Monthly Reports.  NOTE: This isn't currently available in the Redesign so month-end reports will need to be run manually and saved to your PC.  

    • Recommended monthly reports include:
      • Cash Reconciliation Report for the month
      • Cash-related Reports: Cash Summary Report and a Financial Detail Report for the month
      • Budget-related Reports: 
        • Budget Summary/Budget Account Activity Report (for the month)
        • Appropriation Summary Report
        • Budget Summary MOE
        • Negative Budget Report; Negative Appropriation Account Report
      • Revenue-related Reports: Revenue Summary/Revenue Account Activity report for the month
      • PO-related Reports: Purchase Order Detail Report for the month; Outstanding Purchase Order Detail Report
      • Invoice-related Reports: Outstanding Invoices by Vendor Name report
      • Disbursement-related Reports: Disbursement Summary Report for the month; Outstanding Disbursement Summary Report
      • Receipt-related Reports
        • Receipt Ledger Report for the month
        • Reduction of Expenditure Ledger Report for the month
        • Refund Ledger Report for the month
      • Transfer Advance Summary Report for the month

7._____  To close the month, under the Core menu, click on Posting Periods.

    • Click on  to 'Close' the current period.
    • Click on  to create the new posting period.  Select the month, enter the calendar year and checkmark the 'current' box to make the new posting period the current period.  

You are now closed for the month, proceed with your next month's financial transactions.

Bank Reconciliation Steps

Reconciliation, on a regular basis of bank statements, is imperative for good financial management of a school district. One method for performing a bank statement reconciliation is outlined below.

1._____ Obtain Bank Statement(s) from your financial institution

2._____ To auto-reconcile checks with a file from the bank:

  • Go to Transactions/Disbursements and click on Auto-Reconcile tab. 
  • Enter Reconciliation Date for reconciliation
  • Select Auto-Rec Format
  • Select Bank Account
  • Choose file and click UPLOAD

3._____ To reconcile checks manually:

  • Go to Transactions/Disbursements
  • Use Grid to filter the status of “Outstanding”
  • Click the box next to the checks you want to reconcile
  • Enter Reconcile Date
  • Click on Reconcile
  • If errors, Unreconcile any check by clicking the box for that check and then clicking on the Unreconcile button

4._____ To get list of outstanding checks:

  • Go to Report Manager and click on on the 'Disbursement Summary Report
  • Enter a Status of 'Outstanding'
  • Leave the Transaction Start Date and Transaction End Date blank to select all checks through the current date.
  • Select desired report format options (i.e. PDF or EXCEL-data) and click GENERATE REPORT
  • The options selected on this report should show only those checks which are still outstanding, (i.e.-- checks issued, but not yet cleared through the banking institutions).

5._____ Generate a Cash Summary Report

  • Go to Report Manager and click on on the Cash Summary Report. 
  • Select desired report format and click on GENERATE REPORT 

6._____ Add to the fund balance from the Cash Summary Report, the total of the outstanding checks from the outstanding Disbursement Summary Report, (Step #4). Subtract from this total any deposits posted to the system that have not been credited to your account by the banking institution. (This last item would typically be due to a deposit made late in the month that was posted on the computer, but was not posted by the bank on the current bank statement)

7._____ Compute the total of all bank statements, change funds, petty cash funds, and investments.

8._____ Compare the total from Step #6 with the total from Step #7. If they are identical, the banks statements agree, (i.e.---are reconciled) to the financial statement from the computer system. If this is the case, you are finished with this procedure.

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