10-2 Fiscal Close: Sierra Procedures
Purpose: To reset Sierra funds in preparation for the new fiscal year (starts on July 1st)
- In Sierra, choose “Fiscal Close” from the drop-down menuYou will be brought through five steps (below). Click “Continue” or “Next” on the bottom of the screen to begin advancing through these steps:
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- Posting: If there are payfiles to post, click “Continue” until the process is complete.
- Click “Next”
- Fund Activity Report: Click “Start”.
- If there are fund activities to process, click “Print”.
- Check the boxes “Printout OK?” and “Clear payfiles?”
- Click “Next”
- Posting: If there are payfiles to post, click “Continue” until the process is complete.
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- Statistics and Reports: This step can usually be skipped. Reports can be run from the “Statistics” section of the drop-down menu at any time.
- Click “Next”.
- Copy and Clear Funds:
- Check the boxes next to:
- Archive “Current Funds” amounts to “Old Funds”, and Hierarchies to “Old Hierarchies”
- # Orders Year-to-Date for all funds.
- # Payments Year-to-Date for all funds.
- Generally, we don’t reset fund appropriations or expenditures here. Leave those boxes unchecked. Any revisions to fund appropriations can be done at a later time in the Fund Adjustments section of Sierra.
- Leave the “Expenditures for all funds” box unchecked. Instead, go to list of individual funds below and zero out the expenditures by clicking on the amount in the fund’s expenditure column. A zero (in blue font) will appear. ALL of the funds can be zeroed EXCEPT for ra61. That fund is not zeroed out until August 15th. See 9-3 Ra61, NRC Grant/Canadian purchases grant for more information
- When completed, click “Process”
- Click “Next”
- Check the boxes next to:
- Adjust funds. Generally, this step can be skipped and completed later. See 4-3 Fund Adjustments
- Click “OK” in the pop-up box
- Click “Cancel” if no changes are made (click “Finish” if changes are made”)
- Click “OK” in the “Fiscal close complete” box
- Statistics and Reports: This step can usually be skipped. Reports can be run from the “Statistics” section of the drop-down menu at any time.
- Sierra is ready for new fiscal year fund activity. It is ok to make changes to fund adjustments as necessary. Be sure to post any changes to reflect new fund balances.
