May 2024 Monthly Update

Preparing for the New Fiscal Year in PowerSchool ERP: Key Steps to take prior to July 1, 2024

As the new fiscal year approaches, follow these steps prior to July 1st to prepare for moving to the new fiscal year. 

1. Run the Requisition Report

1. Location: Purchasing > Reports > Requisition Report
2. Steps: Select the fiscal year, enter O|P|A|C in the line-item status field, and delete unnecessary requisitions.

2. Review and Close Open POs

1. Encumbrance Status Report: FAM > Reports > Encumbrance Status Report
2. Run it twice (PDF and Excel).
3. Include all current fiscal year POs.
4. Optionally, subtotal by encumbrance and include zero balance POs.
5. Close POs: FAM > Periodic Routines > Close Purchase Order.

3. Check Balances and Backup FAM

1. Balance Check: FAM > Reports > System Maintenance > Check Ledger Balances
2. Backup: System Administration > Administration > Backups to Disk > Backup Fund Accounting to Disk

4. Review Batch Areas

1. Ensure no unneeded batches are showing. Delete or post as required:
   1. Accounts Payable, Receipts, Manual Checks, Encumbrances, Budget Adjustments, Budget Transfers, Journal Entries, Last Year Journal Entries.

5. Verify Automated Payroll Interface

1. Ensure all interface files are posted:
2. Location: FAM > Periodic Routines > Automated Payroll Interface

6. Process Billing and Receipts

1. Post all cash receipts and miscellaneous billing batches into FAM if using the Billing and Receipts module.

7. Verify Liabilities

• Ensure all balance sheet liabilities are zero:
• Location: FAM > Reports > Consolidated Balance Sheet

If you have any questions or need assistance, please feel free to reach out to us at fiscalhelp@neonet.org

State Software USAS Change Fund/Petty Cash Fund Procedure

Listed below are the steps to open, replenish, or close a Petty Cash Fund or Change Fund:

Opening a Change Fund/Petty Cash Fund

1. If one does not exist, create a vendor for the custodian of the Petty Cash/Change Fund
2. Create a PO for the custodian. Invoice and Disbursement and provide the disbursement check to the Petty Cash/Change Fund custodian
   1. For Petty Cash funds, the expenditure account charged on the PO, the Auditor’s Office indicates it must be funded from the General Fund.
   1. For Change funds, it may be taken from the fund needing it (i.e. athletics, student activity fund)
   1. Create a Reduction of Expenditure using the amount of the Purchase Order and the budget account used.
   1. The Petty Cash/Change Fund amount must be entered as a reconcilable item when balancing at the end of each month, as it will show as available cash on the system.

Replenishing a Petty Cash Fund

1. When someone requests petty/change fund cash, the custodian disburses the cash from the fund in exchange for receipts related to the purchases. No entry is made in the system at this point.
2. If the fund requires more cash, or at the end of the fiscal year, the custodian requests a check for the difference between the cash on hand and the total assigned to the fund.
3. The receipts should be verified, and a PO, invoice, and disbursement should be issued to the custodian, charging all relevant budget accounts used for the related purchases.

Closing a Petty Cash Fund

1. Obtain the monies from the custodian and deposit them in the bank, posting a receipt on the system. The account used on the receipt should be from the same fund against which the original expenditure was processed.
2. Create a Refund of Receipt (no check) using the amount and revenue account number from the above step.
3. At this point, you no longer include the Petty Cash/Change Fund amount as a reconcilable item when balancing at the end of each month.