After Closing the Fiscal Year
Perform the following procedures before you begin processing in the new fiscal year:
1. Set Up New Fiscal Year Information on the Manage Fiscal Years, Manage Accounting Periods, and Manage Subperiods Screens
Complete these tasks before doing any processing in the new year. (If you have entered this information, you can skip this step.) Make sure that the entry edit status for your transaction screens is set to Open so that you can begin entering transactions.
2. Set Up Allocation Group One for the New Fiscal Year
Update the Allocation Group Number field to 1 on the Manage Allocation Groups screen to reflect pool structure changes in order to calculate indirect rates in the new fiscal year. You must perform this step before you can clone your pools.
3. Clone Cost Pools
Clone all cost pools so that you can calculate indirect rates in the new fiscal year. Keep in mind that you should clone the first screen of the cost pool (the Manage Cost Pools screen) and use the Save/Continue option on the File menu to clone the subtasks. If you do not do this, the result is partially cloned pools. However, you should generally not clone the Pool Rates subtask because rates are usually different between fiscal years. You will set up your pool rates in the next step. See Manage Cost Pools for more detailed information on cloning pools.
Deltek recommends that you keep the same pool numbers from one fiscal year to the next because the pool numbers are used for printing purposes on the Project Status Report. Do not reuse a pool number, in a subsequent year, for a different kind of indirect expense.
4. Enter Target and Provisional Rates in the Pool Rates Subtask
You should not have cloned this subtask (on the Manage Cost Pools screen) in the previous step because rates typically change for a new year. For the new cost pools that you created in step 3, enter the target and provisional rates for the new fiscal year.
5. Billing Prior Year Costs
If you incurred costs in a prior year that you need to bill in the current year, Costpoint applies the correct provisional rates based on the year in which you incurred the costs. If you want to bill these costs on the same invoice, they will be properly burdened. You may, however, want to bill them separately so that it is easy to determine the rates that were applied. Retroactive billings for rate revision purposes are available in Costpoint Billing.
6. Burden Ceilings/Overrides
Clone your burden ceilings and overrides on the Burden Cost Ceilings screen in Manage Project User Flow. Because these records are tied to a specific fiscal year, you need to set up a new fiscal year for each project, as necessary, and add the new fiscal year's ceiling and override data.
7. Billing Formats
Check your billing formats on the Manage Generic Billing Formats screen to see if you listed any fiscal years in the Accounts subtask. If you did, add new lines with the new fiscal year. You can leave the Fiscal Year column in this subtask blank to include all fiscal years. If you did, you can skip this step.
8. Budgets
If you use budgets, enter new budgets and choose a new default budget revision so you can include budget information on project reports.