As the fiscal year draws to a close, financial changes are on the horizon for many small government organizations. In preparation for the upcoming Fiscal Year End, we'll take a look at 4 areas you may need to review and update in SimpleCity, including: 

• Updating utility rates
• Entering employee raises
• Adding new Payroll deductions or benefits
• Updating Payroll deductions or benefits

These areas should be reviewed four to six weeks before the fiscal year end. And remember, this is not an exhaustive list, so it is important to consider any other changes that may go into effect at your agency.

Updating Utility Rates

Often new utility rates will be effective as of the new fiscal year. The first step is always to read the new ordinances. Typically new rates are effective based on the billing date, not necessarily when the consumption occurred. Rate tables can be updated any time after the last billing with the old rates is completed and before running the first non-updated cycle billing for the billing with the new rates. For example, if your bill date is the first of the month, the rate table can be updated once you've completed the billing of the last month of the fiscal year. If your bill date is the last day of the month, the rate table can be updated any time before you run the first non-updated cycle billing in the first month of the fiscal year. You can update your rate tables yourself, if you feel comfortable doing so. If you need assistance updating your rate tables, please include a PDF or Word document of your new ordinances when opening the support ticket.

Entering Employee Raises

If your agency implements employee raises at the beginning of each Fiscal Year, you will need to enter the new amounts in SimpleCity after you have completed the last payroll with a check date in the ending fiscal year and before you begin the first payroll with a check date in the new fiscal year. Before beginning this process, collect a list of the new rates and salaries for your employees to facilitate the process. The Payroll: Raises and Promotions knowledge base article provides a step-by-step guide to walk you through how to make these changes. 

Adding New Payroll Deductions or Benefits

If you need to add a new deduction or benefit in Payroll effective in the new fiscal year, you can do so at anytime. SimpleCity has the ability to add an effective date for that deduction, making it easy to add the new deduction as soon as you know about it. If you need help adding a new deduction or benefit, gWorks recommends opening a support ticket as soon as possible. Before opening a support ticket, make sure you know who the deduction or benefit will be added to, the amount or rate of the deduction or benefit, if the deduction is a pretax deduction, and any other information about the deduction or benefit.

Updating Payroll Deductions or Benefits

For existing deductions or benefits that require adjustments in the new fiscal year, these updates should be made after completing the last payroll with a check date in the outgoing fiscal year and before beginning the first payroll of the new fiscal year. To make this process efficient, gather a list of the new deduction or benefit amounts, rates, and which employees are affected. Be sure you know who the deduction or benefit will be added to, the amount or rate of the deduction or benefit, if the deduction is a pretax deduction, and any other information about the deduction or benefit. 

Conclusion

As always the gWorks team is here to help you with year end activities. However, before opening a support ticket, please collect all information related to the changes that need to be made, this can include, but isn't limited to new ordinances, list of employees that will be affected, effective dates, and amounts. The more information you have, the better and quicker our team will be able to assist you.

Preparing for the fiscal year end requires careful attention to detail and proactive planning. By addressing utility rates, employee raises, and payroll deductions or benefits, you can ensure a smooth transition into the new fiscal year. Remember, the more information you gather and the earlier you initiate necessary changes, the more efficiently gWorks' support team can assist you. Utilize the resources provided, stay organized, and navigate your fiscal year end preparation with confidence.

For further guidance, refer to the Fiscal Year End Checklist Knowledge Base article available here.