SMART Finance News You Can Use

If you are entering fixed assets for FY23, don’t forget to change the FA Fiscal Yr to 2023 by clicking on the drop down arrow in the Finance Defaults window.

There are two extra Periods built into the Accounting Calendar. Once period 202312 is open, the next period number for FY23 is 202313. This period can be used for fiscal yearend journal entries, including auditor’s adjustments. The last period for FY23 is 202314. This period is for Region 1 use only.  We use this period to do closing entries.  Closing entries zero the expense and revenues, and move the dollars to the fund balances. Note that for peri...

Now would be a good time to take a look at the State and Federal receivable accounts in all funds. These accounts should have a zero balance. If there is a balance any of these accounts (B XX-121-XXX, B XX-122-XXX, and B XX-123-XXX), take a look at the entry in period 202213 that created the receivable and reverse it (or part of it). Any amount that remains in these receivables that cannot be explained can be written off against a current year revenue account in order to make the ...

As districts receive COVID funds, make sure the correct course number identifying fiscal year is used. Visit MDE’s web site to see the latest flow chart for COVID accounts. Federal Relief Funds (mn.gov)Below as another version of the flow chart on MDE’s web site that you might find easier to follow.  Fiscal Year (FY) FIN 140/640 141/641 142 143/643 144/644 159 FIN 150 162/662 163/663 165     FIN 151 152 ...