A Practical Tyler Munis Year-End Close Checklist for City Finance Teams: Encumbrance Rollover, Open PO Cleanup, and More

Streamlining Tyler Munis Year-End Close

For city finance teams, successfully closing the fiscal year in Tyler Munis involves more than just rolling over encumbrances. Whether you're dealing with open purchase orders, understanding the nuances of GL soft-close versus hard-close, or reconciling critical reports, this practical checklist is your guide to a seamless year-end closure.

Encumbrance Rollover: What to Know

Rollover of encumbrances is a crucial step in the year-end close process. This ensures that any commitments that have not been liquidated in the current year are carried forward to the new fiscal year. It's vital to review all outstanding encumbrances, verify their validity, and roll them over accurately.

Cleaning Up Open Purchase Orders

• Review all open purchase orders for validity and completeness.
• Cancel any POs that are no longer needed or relevant.
• Ensure all received items are marked as such in the system to prevent discrepancies.
• Coordinate with department managers for any PO adjustments.

Effectively managing your open POs can prevent unnecessary rollovers and improve financial clarity for the new year.

Understanding GL Soft-Close vs. Hard-Close

The distinction between a GL soft-close and hard-close in Munis is critical for accurate financial reporting. A soft-close allows for flexibility in making adjustments post-close, while a hard-close locks the ledger, preventing any further entries. Determine which method aligns best with your city’s financial policies and ensure that all necessary adjustments are completed beforehand.

Essential Reports to Reconcile Before Closing

• Trial Balance Report
• Revenue and Expenditure Reports
• Encumbrance Detail Report
• Budget vs. Actuals Report
• Journal Entry Summary

Reconciling these reports ensures that all financial data aligns and any discrepancies are addressed before finalizing the year-end close.

Final Steps and Best Practices

After completing all reconciliations, conduct a final review meeting with key stakeholders to confirm that all steps have been thoroughly followed. Document lessons learned for future cycles and adjust your checklist as needed to reflect any process improvements.

Achieving a Smooth Year-End Close in Munis

By following this comprehensive checklist and involving the right team members, your city finance team can achieve a smooth and error-free year-end close in Tyler Munis. Remember, preparation and communication are key.