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Year-End Closing Checklist
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2024-2025
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ItemDescriptionDone
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Escape's first & final step in closingRun report Fiscal 15. All items on this report must be cleared in order to be able to close.
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InventoryCount all material inventories by June 30th. Post adjusting entries as needed (including Cafeteria/Warehouse inventory)
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Prior Year Adjustments to State AidReview and reconcile object code 8019 (majority should clear from prior year LCFF accrual). Move resource 1400, object 8019 to resource 0000, object 8019
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Prior Year Accounts ReceivableObject code 9290/9295 & 9200/9200 should be balanced to zero as of June 29th
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Prepaid ExpendituresReview prepaid expenditures (9330) such as H&W, early-bird travel registrations, multi-yr. invoice, etc.
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Stale-Dated Warrant AccountsClear Resources 0098 (Cancelled) and 0099 (Outlawed)
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Reconcile Object Code 9000s accountsObject 9524 could have a balance carryover for July depending on how district handles H&W payments. Objects 9525, 9526 and 9500/9510 should equal zero up until June 29th. After that it will be off the liability amounts. Use Escape's Ben03 and Ben 06 to review the H&W
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Outside Bank AccountsReconcile outside bank accounts as of June 30th (ASB, Revolving Cash, etc.)
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In-Lieu Taxes Journal Entry Review the amount received in object code 8082. Process a journal entry debiting object code 8089 and crediting object code 8691 for 50% of the revenue received in object code 8082
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ERAF Taxes Journal EntryReview Annual Tax Report: Educational Revenue Augmentation Fund (ERAF) Line Item A-9. Process a journal entry debiting object code 8045 and crediting object code 8041 for the ERAF revenue amount
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Accounts ReceivablesDownload the most recent award letters @ http://www.cde.ca.gov/fg/aa/. You will need this for your auditors and to complete the CAT form. Book receivables as required
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Transportation MOE requirement for transportation is based on 2012-13. Expenditures recorded against the transportation programs (Resource Code 0000 and Function 3600) should be reviewed to ensure that they are all appropriate and the MOE requirement is met
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Transportation MileageCollect bus mileage for the Transportation report from your Transportation department
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Direct Costs 5700'sTransportation expenditures from Athletics, Band and Field Trips, etc.
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Accounts Receivables; 2024/25Review all accounts receivables posted in 2024/25. Use object 9290/9295 and 9200/9200 when appropriate. Automatic accounts receivables will use objects 9290/9295 for deposits created thru August 15th. Follow the Escape - Deposit guidance
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Capital Assets SpreadsheetCheck that charges made to Function 8500 and Object 6000's were correctly charged. These will make up your current year asset additions. Review all object 4400's for possible miscoding.
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Indirect CostsCalculate the indirect costs and post the entries to the applicable state and federal programs. Ensure the indirect cost is allowed and only charge for objects 1000-5000 (excluding objects 4700 & 5100). Reminder, only the first $25k per subagreement can be coded to object 5800, with the remainder going to object 5100
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SACS WebMake sure Annual Audit report from last year's ending ties to the Asset and Debt forms beginning with audit adjustments. Once all the reports are entered and there are no exceptions on the TRC you designate the ending balance. Once this is done you work on GASB 34. Promote an official dataset
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CAT FormComplete the CAT Form Spreadsheet. Once the bottom summary is balanced, post all accruals (unearned revenue, receivables and contributions)
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K-3 Grade Span AdjustmentReview your 2024-25 Grade Span Adjustment calculations to ensure you are meeting the required progress. Verify the GAP percentage used for this calculation. Auditor will request a copy of this spreadsheet for each of your school sites
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GASB 68Acquire your net pension liability actuarial amount from CalSTRS and CalPERS to enter in to your conversion entries
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STRS on BehalfUse your board approved method and follow your policy. It can be a board or an administrative policy. Post to resource 7690
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Education Protection Account (EPA)Resource: 1400 Account for final 2024-25 revenues and confirm that expenditures match the board-adopted plan. Post the final revenues and expenditures each year on the district's website
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Federal Time AccountingEnsure that all required multifunded Personnel Activity Reports or Substitute System for Time Accounting has been completed
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Compensated Absences/Long-Term DebtCalculate and record the value of the compensated absences and long-term debt as of June 30th. Use Escape's Leave04b to assist with the compensated absences calculation
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Transfer of Funds Deadline Process Transfer of Funds (between internal funds) by July 31st
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Transfer of Funds (Cafeteria)Transfer of Funds for Indirect Costs from the Cafeteria Fund (130). Due by July 31st
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Transfer of Funds (Developer Fees)Transfer of Funds for 3% of Developer Fees. Due by July 31st
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Automatic Liabilities DeadlineCreate 2025 payments for the 2024/25 fiscal year by August 11th
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Manual Accounts Payable LiabilitiesProcess journal entries to manually set up AP payments that were created after August 11th
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GANN Resolution Board Approved GANN Resolution. Due by September 15th
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Excess Cost Calculation Provided by SELPA, the Excess Cost Calculation is due by September 15th
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RRMA ContributionJournal entry required 3% of total general fund expenditures, including transfers in and out and other financing uses to resource 8150. Resource codes excluded in SACS: 3212-3216, 3218-3219, 3225-3228, 5316, 5632-5634, 7027 and 7690
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Fair Market Value (FMV) AdjustmentCalculate and post the FMV adjustment to all funds (objects 8662 and 9111)
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