Fiscal Year End - Closing and Rollover

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Kim Berry
Kim Berry ✭
Ancient Membership Facilitator 1 Photogenic
in Blackbaud Raiser's Edge NXT®: General Discussion
Finishing our first fiscal year on Raiser's Edge - are there are tips/tricks to closing one fiscal year before moving on to the next?



Does anyone have a checklist that they would be willing to share?



All suggestions and advice welcome!  Haven't quite gotten the hang of these community posts (only get the digest, can't figure out how to change and don't want daily posts anyway) so in addition to replying here can you respond to me directly at k.berry@hvcc.edu ?



Thanks!
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  • JoAnn Strommen
    JoAnn Strommen ✭✭✭✭✭
    Ancient Membership Facilitator 4 Name Dropper Photogenic
    Kim,

    To get your replies, I believe you should have an option to 'subscribe to this topic' - click to get responses if it doesn't happen automatically because you posted on the topic.  That may happen.



    Am not sure exactly what you would need to close.  RE is not accounting.  For me, at end of fiscal year there are some funds that I need to create new fund for new year.  Others funds are open and used for many years. 



    I always look for any gifts received that year that may not have gotten receipted and receipt our monthly donors.  We look at unpaid pledges and per our auditor those are written off after a final notice at end of fiscal year.



    That's about all I can think of for end of year.
  • Christine Cooke 2
    Christine Cooke 2 ✭
    Ancient Membership Facilitator 4 Name Dropper Photogenic
    There are three things that I do before beginning the new FY.  There are a couple of canned reports that my business office always ask for in relation to audit that you can only get once, before you enter info on the new year.



    1. I pull a Pledge Status Report and review it, usually with the team, and make sure that everyone that still has a balance should still have a balance.  If there are any pledges that should go away for any reason, this is the time to do it, and be sure to document the reason for the Write Off.  After you have done this, run a final Pledge Status Report.

    2. Write Off Report

    3. Cash Flow Report going out as far as you have pledge $$ projected as coming in, most of the time that is not more than 5 years, but some have a rare 10 year commitment.

    4. A STATIC query that just lists all income for the FY.  Important it is static because if any changes do get made, adjustments etc, based on finance requests you will never capture this info again.  RE is NOT accounting software, but sometimes you have naive yet insistent auditors that think it should be (I have had this ugly argument) and the static query is as close as you are going to get.



    hope this helps.
  • Katherine Popowich
    Katherine Popowich ✭
    Tenth Anniversary First Reply
    I agree with Christine with all of her points and to add a couple more.

    1. Create new Funds and Appeals as necessary

    2. Balance all Receipts 

    3. As Raisers Edge is not a Accounting Software and assuming you are running Financial Edge as the Finance Department to mark the previous fiscal year as closed; this will prevent any accidental postings going to that fiscal year.

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