Roll Over Ending Balances
8/1/2023
Congratulations, the first month of the 2023-24 fiscal year is officially over! Many of you are probably knee-deep in end-of-month processes, state reporting, and generally getting ready for the new school year.
However, we have noticed that many of our SchoolInsight Financials customers currently have no starting balance in the 2023-24 fiscal year. Starting balances are generally needed for treasurer’s reports, board meetings, and state budgets, so it’s important to get these in early.
Instructions on the final rollover steps of a) creating closing entries, b) rolling over ending balances to create starting balances in the new year, and c) closing the fiscal year can be found in the Fiscal year rollover article, steps 15-17.
If you have been delaying because you think your auditor may recommend adjustments, remember that Auditor Adjustment entries posted to 7/1 of the new year will be included in the starting balance of various reports (see Manual journal entries).
The Common Goal Team