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The following sequence of steps should be completed at the end of the Inventory fiscal year.

Please ensure all items received prior to June 30th are entered for the fiscal year.  If items were ordered prior to June 30, but are not received until after June 30th, they can be posted in the next fiscal year.  Items can be pulled into the pending file, even though they may not be posted in Inventory until next year, as needed.

If the depreciation data has been changed so that it is necessary to completely recalculate the life-to-date (LTD) depreciation for several items, you may select the desired items from the Items grid and select 'Depreciate'. 

Using Depreciate from Transactions>Items grid will affect items that have had improvements (additional acquisitions) added to them causing them to lose their true depreciation history. Please refer to the Items documentation for more information. 


  •  1. Ensure items that meet or exceed the district's capitalization threshold are marked as 'capitalized'.  On the Items grid, add the 'capitalized' column and filter using the district's capitalization threshold.  For example if the district contains both a dollar and life limit threshold, enter both and enter 'false' in the capitalized column.  If the query contains items that meet or exceed the threshold amounts but are listed as 'false' under the capitalized column, contact your ITC for further assistance.
  •  2. Run any fiscal year-end reports desired. The following are suggested:

    GAAP Reports

    • Fixed Asset By Source (Classic's EIS101)
    • Fixed Asset By Function/Class Report (Classic's EIS102) - All Options
    • Schedule of Change in Fixed Assets Report (Classic's EIS103) - Only if on GAAP
      • Schedule of Change in Fixed Assets by asset class (summary & detail)
      • Schedule of Change in Fixed Assets by function (summary & detail)
      • Schedule of Change in Fixed Assets by fund (summary & detail)
    • Schedule of Change in Depreciation Report (Classic's EIS104) - Only if on GAAP
      • Schedule of Changes in Depreciation by asset class (summary & detail)
      • Schedule of Changes in Depreciation by function (summary & detail)
      • Schedule of Changes in Depreciation by fund (summary & detail)

    Non-GAAP Reports

    • Brief Asset Listing Report (Classic's EIS304): The following EIS304 reports are recommended. The five reports should include capitalized items only and Status Codes of "A, N, EH, and EN" (with the exception of the disposition report)
      • Brief Asset Listing sorted by fund
      • Brief Asset Listing sorted by function
      • Brief Asset Listing sorted by asset class
      • Acquisitions for current fiscal year
      • Dispositions for current fiscal year
    • Book Value Report (Classic's EIS305): Provides you with necessary depreciation information. The Fiscal Year (where xxxx is FY being closed) is used for the reporting date. The four reports should include capitalized items only and Status Codes of "A, N, EH, and EN" for the full reports, and Status Code "D" for the disposition reports.
      • Book Value Report sorted by function
      • Book Value Report sorted by class
      • Depreciation for current FY dispositions by function
      • Depreciation for current FY dispositions by class
Classic's EIS801 Audit Report equivalent is currently unavailable.  JIRA issue #INV-164 has been issued to create the Inventory Audit report.
The Inventory FYE report bundle (replacement for Classic's EISCD) is currently unavailable.  JIRA issue #INV-159 has been issued to create the Inventory FYE report bundle.
  • 3. Close the current fiscal year by clicking the Close icon in Core>Fiscal Years.

    This will update the life-to-date depreciation amounts for the current fiscal year being closed and also update the fiscal year closed field in Core>Configuration.  If the district is currently on GAAP, the program will also update the beginning balances for the new fiscal year.
If you are going to begin GAAP reporting for the coming fiscal year, please contact your ITC. Otherwise, you are ready to begin processing for the new fiscal year.
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