Managing the Fiscal Year (Business Office Tasks and Timeline)

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There are many administrative and accounting tasks that need to be performed in Veracross at different times of the year and can be roughly broken down by season. This article serves as an overview of managing the school year. 

Managing the Seasons of the Fiscal Year

The following tables provide an overview of the different required tasks throughout the fiscal year.  Some areas are broken down month by month, as these processes run on a tighter timeline for most schools. Then are listed periodic processes that occur throughout the year (often in tandem with the start and end of invoicing), and then processes that tend to occur in the fall, winter, and spring.

Fall Processes

Several tasks typically occur in the fall.

ARHandling WithdrawsWith the start of the school year, comes students withdrawing.  Reference this documentation on how to withdraw a student.
AR Incidental BillingsWith the start of the school year, starts the need for incidental billing.  Regardless of the Invoice Type, there is no change in the processing of charges with incidental invoices. 
GL Budget PrepThe fall is typical when we see clients start to prepare the budget for the next fiscal year and there can be updates to current fiscal year budgets. 
Bus OfficeAudit Season
With the  Audit season you may need to run various reports in your Accounting Database.  

Bus OfficeFirst Board Financial ReportTypically we see that the first board financial report is  due at the end of Q1 for the first board meeting. 

Winter Processes

Several tasks typically occur in the winter.

Bus Office and AdmReview Online Re-Enrollment ConfigurationOnline Enrollment typically begins in the winter, collecting those individuals that will be enrolled in the next school year.  This is where you collect Deposits and parent's choose their Payment Plans.  If you have Student Billing, this directly links to the information that comes in through the integration. 
AP1099 ProcessingJanuary is the month where all 1099s must be processed, and in Veracross we can assist in the processing of these 1099s in our Accounts Payable module. Review this documentation on how to prepare and print 1099s. 
Bus OfficeVC Pay Registration Configuration for the Next YearVC Pay Registration discussions will start with your AM or IM as Online Enrollment season begins. 

Spring Processes

Several tasks typically occur in the spring.

ARCreating InvoicesTo start the billing of the next school year, after Online Enrollment is completed the first step is creating and processing AR Invoices
ARLaunching InvoicesLaunching new invoices to the Parent Portal will depend on when you at the school want it to be available to the Parents, maybe as soon as it is ready or make them available in a specific order. Composer can be utilized to announce invoices from being available, depending how your school bills (either on the Household or Student level)  will depend on how it is used. 
Bus OfficeCreating AutoPay BatchesIn order to create the AutoPay Batches that will process automatic payments for the parents, you start with creating a AutoPay Schedules
Bus OfficeAutoPayLaunching AutoPay for the first time or for the new school year invoices come with some configurations and review.  Here are documentation articles and videos that can help you during this time. 

Summer Processes

Several tasks typically occur in the Summer.

GeneralClose of School Year ProcedureThe Close of School Year Procedure is run on the Academic side of Veracross but what may affect the Business Office is the changes of roles. Parents become Former Parents which removes their ability to access to the Parent Portal to pay any lingering bills and also may affect any queries you have built looking for Students who are now 'Former Students'.  Contact your Account Manager if you are looking for solutions.
Bus OfficeAudit Season With the  Audit season you may need to run various reports in your Accounting Database.