10-2 Fiscal Close: Sierra Procedures

Purpose: To reset Sierra funds in preparation for the new fiscal year (starts on July 1st)

  1. In Sierra, choose “Fiscal Close” from the drop-down menu
  2. You will be brought through five steps (below). Click “Continue” or “Next” on the bottom of the screen to begin advancing through these steps
    • Posting: Sierra will process unposted fund activity, if any.
    • Fund Activity Report: Sierra will create a fund activity report, if necessary.
    • Statistics and Reports: Can usually skip this step, reports can be run from the “Statistics” section of the drop-down menu at any time.
    • Copy and Clear Funds: *Critical*.
      • Put checks in the boxes next to:
        • # Orders Year-to-Date for all funds.
        • # Payments Year-to-Date for all funds.
        • Expenditures for all funds. This resets our purchases on each fund back to zero.
      • Do NOT check Encumbrances. These amounts represent orders that are still open and not yet received.
      • Generally, we do not clear fund appropriations here. We make changes to fund appropriations at a later point in time in the Fund Adjustments section of Sierra.
    • Adjust funds. Can do this step later.
  3. Click Finish. A Fiscal close complete box will appear. Click OK.
  4. Sierra is ready for new fiscal year fund activity. It is ok to make changes to fund appropriations as necessary. Be sure to post any changes to funds.