Sagitta insights: preparation for 2018 close year end
Written By: Alysse Mirisola, Manager, Customer Support
Have you ever wanted to troubleshoot a minor problem or set up a new function without needing to call support? We strive to help you succeed and we know how valuable your time is. That’s why, each month, we’re bringing you a support tip to help you resolve your issues as quickly and easily as possible. These Sagitta Insights are just one way we want to help you become better every day.
Ah, December! For most people this month brings snow, holidays, and new-year planning. While snow and holidays aren’t features in Sagitta, Close Year End is. To prepare for 2019, let’s talk about how to Close Year End along with how to handle a common hiccup (sorry, too much eggnog) you may run into in the process.
To Close Year End, complete the following steps (which can be repeated as necessary):
- Note: for this example, the calendar year is January – December 2017
- Complete the End of Month for December 2017.
- Click Acct. - the Accounting & Reports page appears.
- Click Financial Management
- Expand Journal Entries
- Click Close Year-End Accounting Records - use the first day of the new year to close (in this example, 01/01/2018)
- Note: if you receive errors at this point, see DOC ID 2640.
- Run reports for December 2017, then run reports for the first period of the New Fiscal Year (in this example, 01/31/2018) - this completes the End of Year.
To make bookkeeping adjustments for the End of Year:
- Post accounts receivable adjustments to December 31, 2017 with Yes for YE Adjustment (posting date can be current date)
- Post journal entries to December 31, 2017, using YE as the Source Code.
- Note: if the journal entries and adjustments were added prior to closing year end, use JE as the Source Code in journal entries and answer NO to YE Adjustment
- Repeat steps 5 and 6 above.
- Note: these steps can be used on any year end close (for example, if your year end is July 1 through June 30, the first year end period would be 7/1/2017)
Now, to tackle that hiccup – the message itself reads: There are unposted records in [file or files for which non-updated records exist (i.e., Receipts, Disbursements, etc.)].
We’ve outlined the steps to combat this below.
In order to resolve this error, you will need to do the following:
- Note the files in the error message
- Based on the files in the error, proceed to the Update Report that coincides with the error
- Run the report with a beginning date coinciding with the first day of the fiscal year (i.e., 01/01/XX) and an ending date of the last day of the fiscal year being closed (i.e., 12/31/XX.)
- Run the report for unposted items. Check the report and the items that come up
- Either update the report or delete the items on it
- To delete, record the reference number and go to the program corresponding to the report – input the reference number and click Delete at the top of the screen
- After the records have been updated or deleted, rerun the Year End Close
The files and affiliated report this error may occur on are:
- Receipts (Cash Receipts Report & Update)
- Disbursements (Check Disbursements Print & Update)
- Adjustments (Adjustments Report & Update)
- Journal Master (Journal Adjustments Print/Update and Budget Print/Update)
- Insurer Receipts (Company Bill Ins Receipt Print/Upd)
- Insurer Disbursements (Company Bill Ins Disbursements Print and Update)
- Unposted Transaction Master (Build and Post UTMs)
- Finance (Finance Report and Update)
- Vendor Receipts (Combined Cash Receipts Print and Update)
Despite the fun and excitement that snow, holidays, and new-year planning can bring, this time can also be stressful. Luckily, we’re here to help, and we hope this tip has made your life a little bit easier this season. Don’t forget, you can always reach out for personalized support by calling us or visiting MyVertafore.