3) Finance – General Ledger Rollover 2023

Rollover for Finance – General Ledger is completely in the web this year.

Please ensure that your school has migrated to the web for creditors and ledger.

There is no option for back-office rollover for the ledger.

IMPORTANT:

Debtors rollover must have been completed before starting this process.
Make sure you are in the last period of your Ledger before rolling.
For non hosted schools
Check with your IT department that there is sufficient space on the school’s server before commencing this process. It is suggested that there be 100 gb of space.
Check that backup/restore ledger option is available.
"Make sure that you are running version 2023.12.15 or later. If the version has not yet been released, please contact support for advice."FACTS School Management Downloads and Change Log – FACTS School Management (factsmgt.com.au)

Path: Ledger Overview > Manage Master Codes

If this has not been enabled please email fsm-support@factsmgt.com.au requesting this smart feature be activated.

OPTIONAL - IF POSSIBLE CHANGE DATE OF YOUR PC TERMINAL TO 31 DECEMBER OF THE YEAR YOU ARE ROLLING FROM

Our suggestion is to rollover the general ledger as soon as possible after debtors rollover. This keeps figures current, providing accurate and timely management reports. When adjustments, including audit adjustments, need to be made, the batch can be finalised into the prior year by selecting Finalise into a period in the Previous Year when. Reports can still be printed and reprinted as needed.

If the Ledger is not rolled, processing can still be done and batches finalising into Pend the batch for finalisation in the Next Year. Double check what period you are selecting as these batches will be finalised into those periods when the Ledger is rolled.

Creditors Note: Creditor reports are a point in time. As you continue to process, these reports will continue to update. There are no creditor reports that give you a snapshot as at 31 December 2023.

It is recommended to enter all invoices for December only then and save an Aged Creditors Report that balances to your general ledger before you enter invoices or process payments in January.

GST file will not be affected by the rollover as this is date driven not period driven. GST file is only affected once you have finalised GST.

Step 1 – Run Reports and check data

Run Creditors reconciliation and check variance is zero. Save a PDF.

Make sure the Bank Reconciliation is up to date and balances to the ledger.

Save PDF versions of your bank statement, bank reconciliation report and bank reconciliation ledger report.

Check your Trial Balance is balancing.

If any of the above is out of balance you cannot procced with the end of year process. Please correct any imbalances first.

Step 2 – Create a Ledger Backup

Path: LEDGER OVERVIEW > HOUSEKEEPING > BACKUP/RESTORE LEDGER

Then click on [SELECT ALL] button. This will push all the tables to the right-hand side of the screen.

Click [EXPORT] button.

You will then get a box asking for a “Reason for Backup/Restore”.

Type in “EOY Ledger Rollover” then click [SAVE] button.

This file will save to your Downloads area.

Note - This process may take some time depending on the size of your school, number of families and other debtors.

Note - You can then save this file to another location (this is up to your school).

If you have multiple entities, this process backs up all entities.

Step 3 - Creditors

Make sure you have no outstanding Creditor Invoices other than those dated 2023. All dissections from previous years will be removed when the Ledger is rolled.

To remove invoices with an outstanding date earlier than 2022

Create a negative Invoice for the amount
In Creditor payments mark both Invoices as Cash payment
Process both invoice
Create a new Invoice

Path: Creditors overview > Creditor Invoice Entry

1	Select the Creditor Code.
2	Enter in an invoice number ideally this would be the original invoice number followed by ‘Reverse’ or ‘Cancel’.
3	Type in a description, eg. ‘Reversal of Invoice ###’
4	Enter in the invoice amount as a NEGATIVE dollar value.
5	Enter in the invoice details as per Creditor Invoice Entry instructions.
6	Dissect the invoice back to the GL account used in the original invoice.
7	Click Save Invoice.

The routine below should only be used if the negative and positive invoices EXACTLY cancel each other out and the transactions are dated 2021 or 2022.

Path: Creditors overview > Creditor Payment Selection

1	Creditor	Select your creditor
2	Date	Select that you have correct selection
3	Search
4	Tick	Tick the creditor amounts to offset
5	ADD TO PAYMENT	Select
6	PAYMENT LIST	Select

1	Transactions	Check you have the correct selected invoices
2	Pay Date	Check the date
3	Entity	Defaults but can be changed
4	Bank	Select the bank
5	Pay Selected Invoices	Selected

There will be no electronic file as there is nothing to pay.

Under Creditor Payment Batch it creates the file, check transactions and then finalise batch.

Step 4 - Bank Reconciliation

Run an Unpresented listing

Path: Ledger Overview > Bank Reconciliation > Bank Presented/Unpresented List

Check the dates to make sure you have no unpresented transactions dated 2022 or older.

If you do - you will need to cancel these transactions (as they will be automatically removed when the system rolls).

If a cheque – cancelling the cheque Pay Cancel - (cancelling cheques) - Transaction Entry - Ledger Overview Spider – PCSchool
Or by doing a Journal - (from your Bank account and to your expense code)

Then present the old transaction against the new transaction – to remove it from your Bank Statement (note a cancelled cheque will remove the transaction)

You can then reissue the payment etc - dating it the current year.

Step 5 – Run Reports and check data again if you made any changes Steps 3 & 4.

Run Creditors reconciliation and check variance is zero. Save a PDF.

Make sure the Bank Reconciliation is up to date and balances to the ledger.

Save PDF versions of your bank statement, bank reconciliation report and bank reconciliation ledger report.

Check your Trial Balance is balancing before continuing.

If any of the above is out of balance you cannot procced with end of year process. Please correct any imbalances first.

Take another back up (see Step 2)

Step 6 – Check all batches for the current year (2023) are finalised

Path: Ledger Overview > Transaction entry

Select each heading and make sure all batches for the current year 2023 have been finalised.

Important: Make sure any batches for 2024 are showing Status 'P'

Step 7 - Ensure everyone is logged out of FACTS School Management

Make sure everyone is logged out and not using FACTS before continuing to the next steps.

Step 8 - Create a Snapshot

This is a copy of your database so you can refer to at any time. If you have multiple entities, this process takes a snapshot of all entities.

Path: Ledger Overview > General Ledger > Ledger End of Period

Batches pending finalisation in 2024 will be displayed. Check they are in finalising into the correct period in 2024.

Click on [CREATE DATABASE SNAPSHOT] button. This will take a copy of the database as it stands today

This will take you to the page to Name the snapshot.

For Ledger – the Snapshot DB Name will default to FIN2023 (do not change this).

Then click on [START SNAPSHOT] button.

Snapshot screens in progress are below. This process make take some time. Please be patient.

Once successfully completed you will get 2 ticks for Backup & Restore. You will also get a message saying “The database snapshot has been created please click EXIT to close the modal”.

Click on [EXIT]

Note - you can view your snapshot file in datamining. The naming convention will be FIN2023_YYYYMMDD_MMHH AM or PM. This is the date and time the snapshot was created.

Step 9 – PERFORM LEDGER ROLLOVER

Path: Ledger Overview > General Ledger > Ledger End of Period

1	[Current Period] - will be 12 December
2	[Next Period] - will be 1 January
3	[Next Period Year Desc] - enter 2024
4	Select a [Year-End Budget Option] Clear – will clear the budget figures. Note: You will also need to tick the box next to [Create projected budget based on actuals to date] (See screenshot below) [Same as last years budget] – create a budget using last years budget figures. [Replace with last years actuals] – creates a budget using last years figures. [Bring in next years budget figure] – transfers the Next year budget figure in to 2024 budget. Note: Use this option if you have already loaded your 2024 budget. [Last years actuals plus a percentage] – create a budget using last years actuals and enter a percent figure to add to the amounts. [Last years budget plus a percentage] - create a budget using last years budget and enter a percent figure to add to the amounts.
5	Click [Process End of Year]

You will get the following message. Click on [OK] to proceed with rollover.

Once successfully completed you will get the message “Rollover completed”.

Step 10 – Ledger Periods

Path: Ledger Overview > Manage Master Codes > Financial Periods

Check that the current year is 2024 and the prior description is 2023.

If the prior year desc is not correct, update manually by entering 2023.

Go back into Ledger End of Period and check current period and next period are correct.

Path: Ledger Overview > General Ledger > Ledger End of Period

Step 11– Check your Trial Balance is balancing

Step 12 – Pending batches

Pending batches should have automatically finalised.

Check that your pending batches have finalised. Finalise any pending batches into their correct period.

Path: Ledger Overview > Transaction entry

Select each heading and make sure all batches for the 2024 have finalised to the correct period.

Step 13 – Other entities (if required)

If you have other entities, these will also need to be rolled into the new year.

Repeat the above process from Step 1 - 8.

Step 14 – PERFORM LEDGER ROLLOVER

Select the next entity from the drop down menu.

Path: Ledger Overview > General Ledger > Ledger End of Period

1	[Current Period] - will be 12 December
2	[Next Period] - will be 1 January
3	[Next Period Year Desc] - enter 2024
4	Select a [Year-End Budget Option] Clear – will clear the budget figures. Note: You will also need to tick the box next to [Create projected budget based on actuals to date] (See screenshot below) [Same as last years budget] – create a budget using last years budget figures. [Replace with last years actuals] – creates a budget using last years figures. [Bring in next years budget figure] – transfers the Next year budget figure in to 2024 budget. Note: Use this option if you have already loaded your 2024 budget. [Last years actuals plus a percentage] – create a budget using last years actuals and enter a percent figure to add to the amounts. [Last years budget plus a percentage] - create a budget using last years budget and enter a percent figure to add to the amounts.
5	Click [Process End of Year]

You will get the following message. Click on [OK] to proceed with rollover.

Once successfully completed you will get the message “Rollover completed”.

Step 15 – Ledger Periods

Path: Ledger Overview > Manage Master Codes > Financial Periods

Check that the current year is 2024 and the prior description is 2023.

If the prior year desc is not correct, update manually by entering 2023.

Go back into Ledger End of Period and check current period and next period are correct.

Path: Ledger Overview > General Ledger > Ledger End of Period

Step 16 – Check your Trial Balance is balancing

Step 17 – Pending batches

Pending batches should have automatically finalised.

Check that your pending batches have finalised. Finalise any pending batches into their correct period.

Path: Ledger Overview > Transaction entry

Select each heading and make sure all batches for the 2024 have finalised to the correct period.

End of year finance rollover has now been completed. Well done!

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