Fixed Assets

Inventory

Fiscal Year-End

Closing Procedures

2026

Pre-Closing Procedures

• Finish all current year processing.
• Add new items
• Enter Acquisitions and Dispositions
• Use Transfers to update items Fund, Function, or Asset Class
• Items received on or prior to June 30^th, 2026 should be added to Inventory for FY 2026.
• Items received after June 30^th can added to the Inventory pending file for FY 2027.

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Pre-Closing Procedures

• Generate and review the Acquisition/Original Cost Mismatch Report
• Identify items that have an original cost value on the item different than the total qualifying acquisitions
• Transactions > Item > Original Cost
• Transactions > Acquisitions> Total of all acquisitions marked true to “Update Original Cost”

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Pre-Closing Procedures

• Generate and review the Acquisition/Original Cost Mismatch Report
• This can only happen for Items migrated from Classic software without corresponding acquisitions
• Pre Data Extract Procedures Acquisitions Prior to System Start-up amount
• Option to add ‘historical’ acquisition records to prevent (may have been cleaned up)
• For any items created or imported to Inventory, the Original Cost will be calculated based on acquisitions so it's not possible going forward

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Pre-Closing Procedures

• Acquisition/Original Cost Mismatch Report
• Select Report Type: Can choose Fund, Function, or Asset Class
• Select Item Statuses: Active, Excess Asset Held For Sale, Excess Asset Not in Use, New Item. (Disposed of items for the current fiscal year may also need to be reviewed but starting with the active items may help determine if these transaction types exist)

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Pre-Closing Procedures

• Acquisition/Original Cost Mismatch Report
• Why this is important: Prior to November 2025, the Schedule of Change in Fixed Assets used the item’s original cost to calculate totals, now it uses acquisition totals.
• Calculation change allows beginning balance to calculate more accurately - Accounts for Payment Acquisitions, can generate for prior year dates and accurately calculate balances when acquisitions have been added to existing items in later years.

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Pre-Closing Procedures

• Acquisition/Original Cost Mismatch Report
• The Original Cost and Acquisitions to update the Original Cost should be the same. However, if these were not cleaned up on migration, they could be different. That is what the report will help identify.
• Differences occur between Schedule of Change reports generated in current instance and saved FYE Bundle reports generated prior to November 2025.
• Correction Procedures (wiki link)

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Item Organization

• Item Groups
• Each item is designated a Fund, Function, and Asset Class�

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• These groupings are used to sort and group items on reports in the software

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• Fund
• Function
• Asset Class

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Item Organization

• Core Menu
• The different options for each of these groups is defined in the Core menu. These are configured by the district so the setup and details will vary�

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Item Organization

• Core > Funds (wiki link)
• Funds are used to define the item's current fund for which an item is currently being used.
• The fund code is not necessarily the source from which the item was purchased.
• The Fund code is also attached to a fund Type: Governmental, Proprietary, Fiduciary�

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• Source vs. Fund Code
• Each item will only be linked to ONE fund code, regardless of how many acquisitions it could have been purchased from
• Most reports that sort by “Fund” are using the fund code from the item
• Exceptions to this are reports that reference “Source”
• Source reports will look at the acquisition account code from the PO

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Item Amounts

• Original Cost
• The cost of the item as given on the purchase order(s) or the sum of all acquisition amounts for the tag number.
• This cannot be manually changed, this will always be the total of the existing acquisitions
• Part of what determines the Capitalization of the item

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• LTD Depreciation
• The Life-to-date depreciation. This is the total amount of depreciation for the item from the beginning depreciation date until the last fiscal year closed.

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Fiscal Year-End Closing Procedures

• When all assets have been entered for the FY, district can run the recommended list of reports (this includes all necessary GAAP reports if GAAP is enabled for the entity).

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• All recommended FYE reports are explained in the upcoming slides.

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GAAP Reports

• GAAP Reports (wiki link)
• All GAAP reports are canned reports and are located under the Reports menu. They are generated in PDF format only. The reports contain separate sections for each fund type (governmental, proprietary, fiduciary).
• GAAP reports only show Items that meet certain criteria

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GAAP Reports

• Fixed Assets by Source (wiki link)…..summary of the original cost of capitalized items by their source (or fund) the items were charged to on the purchase order
• Source means “the fund the items were originally charged to when purchased”
• uses the PO information from the acquisition record to identify the source fund used in purchasing the items.
• Report Filename: FixedAssetBySourceReport.pdf
• Fixed Assets by Source (recording link)

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GAAP Reports

• Fixed Asset by Function and Class (wiki link)….schedule of fixed assets by function and class.
• May generate up to three different report formats:
• Schedule by Function & Class - displays original cost & book value
• Schedule by Class - displays original cost & book value
• Summary by Function and Class - choose to summarize by 2-digit function and may report on original cost or book value
• For FYE, it is recommended to generate the report for all three formats
• Book Value is the Original Cost minus Total Depreciation
• Report Filename: FixedAssetByFuncClassReport.pdf
• Fixed Asset by Function and Class (recording)

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GAAP Reports

GAAP Reports

Schedule of Change in Fixed Assets (wiki link)

• Contains “changes” in capital assets during the current fiscal year
• Ability to generate a summary or detail report
• Ability to generate the report by asset class, fund or function.
• For FYE, it is recommended to generate the report for all three types
• Report Name: ScheduleOfChangeReport.pdf
• Summary report lists the beginning balance, acquisitions, dispositions, transfers in/out, adjustments and the ending balance in column format.
• Detailed report lists individual tags that make up the acquisitions, dispositions, transfers, or adjustments amounts that happened in the year.
• Schedule of Change in Fixed Assets (recording)

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GAAP Reports

Totals on the

• Fixed Assets by Source
• Fixed Asset by Function and Class
• Schedule of Change in Fixed Assets

Original Cost amounts should match when balancing out for the fiscal year-end.

• Balancing Reports (recording)

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GAAP Reports

Schedule of Changes in Depreciation (wiki link)

• Contains “changes” in depreciation of capital assets during the current fiscal year
• Ability to generate a summary or detail report
• Ability to generate the report by asset class, fund or function
• For FYE, it is recommended to generate the report for all three types
• Report Name: ScheduleOfChangeInDepreciationReport.pdf
• Summary report lists the beginning depreciation, continuing items, acquisitions, dispositions, transfers, adjustments and ending depreciation balance in column format.
• Detailed report lists individual tags that make up the acquisitions, dispositions, transfers or adjustment amounts.
• Schedule of Change in Depreciation (recording) and Balancing Depreciation Reports (recording)

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Suggested Non-GAAP Reports

• Asset Listing by Grant/Source (wiki link)….listing of acquisition transaction data by source account code and/or grant identifier
• Brief Asset Listing (wiki link)….. brief listing (one line per item) of all assets or a subset of them.
• Recommended 5 versions of the Brief Asset generated at FYE
• Include capitalized items only and Status codes of “Active, New, Excess Asset Held for Sale, and Excess Asset Not in Use (with the exception of the disposition report)
• Brief Asset Listing by fund
• Brief Asset Listing by function
• Brief Asset Listing by asset class
• Acquisitions for current fiscal year
• Dispositions for current fiscal year

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Suggested Non-GAAP Reports

Book Value Report (wiki link)…..displays depreciation information listing original cost, salvage value, book value, % of depreciation, and last year of useful life.

• The current FY is used for the reporting date.
• Recommended 4 versions generated at FYE
• Include capitalized items only and Status codes of Active, New, Excess Asset Held for Sale, and Excess Asset Not in Use (with the exception of the disposition reports below).
• Book Value Report by function
• Book Value Report by class
• Depreciation for current FY dispositions by function
• Depreciation for current FY dispositions by class

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Suggested Non-GAAP Reports

• Audit Report
• tracks changes made in the application
• Depreciation Posting Report
• contains the projected FTD depreciation and Book Value amounts, sorted and subtotaled by asset fund with a grand total at the bottom of the report
• Fiscal Year Ending Balances Report
• contains the projected ending (original cost) balances for the current fiscal year (displayed in 'Current Fiscal Year' field).

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Fiscal Year-End Closing Procedure

• Close the current fiscal year by clicking the Close Icon in Core>Fiscal Years
• Advances ‘Last Closed Fiscal Year’ date in Core>Configuration by one year
• Adds one year’s worth of depreciation to LTD depreciation field
• Updates beginning balance fields for new FY on the item record
• Generates Inventory FYE Bundle
• Generates the necessary reports and sends them to Document Storage

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FYE Bundle

• FYE Bundle zip file will no longer be emailed since Document Storage has been installed. You can find the FYE Bundle under System / Document Storage.

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• You can load prior FYE Bundles by creating a collection and uploading the zip file. Please submit a ticket for assistance.

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Fiscal Year-End Closing Procedure

• In Core>Fiscal Years, create FY2027, open the year and make it current to start processing inventory for the new year.

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Questions?

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