SMART Finance News You Can Use

SMART Finance Related News

August 2022

Fixed Assets for FY22

If you are entering fixed assets for FY22, don’t forget to change the FA Fiscal Yr to 2022 by clicking on the drop down arrow in Finance Defaults window. 
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July 2022

Accounting Calendar....Did you Know?

There are two extra Periods built into the Accounting Calendar. Once period 202212 is open, the next period number for FY22 is 202213. This period can be used for fiscal yearend journal entries including auditor’s adjustments. The last period for FY22 is 202214. 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 periods 2022...
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Pandemic Grant Account Course Numbers

Before Region 1 submits FY22 UFARS data, take the time to review the course numbers used on the Pandemic Grant accounts. (Finance Dimensions 140-174). Pandemic Grant accounts are only good for one year…when a grant carries forward to the next year, the course number needs to be changed. To review the course number requirements click on this link: Federal COVID-19 Funding Flowchart - Local Educational Agencies or refer to page 11 of the Region 1 Yearend manual. 
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June 2022

Covid Grant Coding

Below is a chart showing the related Course codes by fiscal year to be used for various Covid Federal grants. This chart is revised from MDE’s website with the finance and course numbers in each column. Before yearend, you can work on making sure your accounts are using the correct course numbers. This will be discussed at our yearend meeting. Note that finance dimensions 166,167,169, and 171 may also use a course number of 011 if you are cleaning up older grants. Also, finance 162 may use...
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May 2022

Did You Know?

Did you know there is a search feature in Smart Finance? If you are looking for something and don’t know where to find it (like Budget Workpapers), just click on the Quick Access down arrow and type in what you are looking for. A selection will pop up and you can click on what you want. 
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As the End of This Fiscal Year Approaches...

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 in 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 202113 that created the receivable and reverse it (or part of it). Contact Stacy, Kameron, or Wayne if you would like assistance.
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April 2022

COVID Grants and Course Numbers

As districts receive COVID funds, make sure the correct course number identifying fiscal year is used. Go to MDE’s web site and to see the latest flow chart for COVID accounts.Federal Relief Funds (
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Purchase Orders for FY22-23

As you get ready to enter POs for next year, all the Periods on the Accounting Calendar need to be open through 202301. For Periods 202213 and 202214, open GL only. Contact someone in finance if you need help with this. Once period 202301 is open, POs can be saved for the next fiscal year.
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Copy Journal Entries

We have a new feature when you are copying Journal Entries. Now you can not only copy one, but you can reverse the journal entry in the copy feature.Bring up your current journal entry and click on COPY:Fill in JE Date, Period and description and check the box that says copy plus reverse:This will create a new Journal Entry with the Debits and Credits reversed. 
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Entering Requisitions for Next Year (FY22-23)

If your district wants to create requisitions for FY22-23 in SMARTeR, the Accounting Calendar in SMART Finance needs to be opened through July. To create a requisition for FY22-23, enter 07/01/2022 in the Date required field of the requisition entry screen. This will change the GL period to 202301 on the detail lines of the requisition. (Note: Depending on the security level, the person entering the requisition may not see the GL Period.)When the requisition is transferred to...
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