Once you have finalized and closed out the prior fiscal year from your previous financials management system (FMS), you can bring over end-of-year data into SchoolInsight Financials. Some of this data can be imported, and some you will enter by hand on the website.
When submitting data, please upload it to the Google Drive folder we designated for your district, and then email us to let us know that it is ready for upload.
Note: Districts who are coming from SDS can upload a backup file of their data in place of the first three steps. However, they still need to submit reports to verify W-2 data, enter 1099 year-to-date data, and add uncleared payments/deposits.
Starting Account Balances
Starting Employee Time Off Balances
W-2/Paycheck Year-To-Date Data
1099 Year-To-Date Data
Uncleared Payments/Deposits (Outstanding Checks)
Starting Account Balances
The SchoolInsight Financials team can import your ending balances from your previous FMS as the starting balances in SchoolInsight. Only Asset, Liability, and Fund Balances account balances will be imported.
A template is attached at the bottom of this page. One tab has IL examples; one tab has MO examples. Please fill out the template with the actual data from your district, adding as many rows as needed.
However, please make sure your balances for the previous year are finalized before you send us the data. We do not want to waste time and cause confusion by importing incorrect starting balances.
If you have payroll liabilities that have not been zeroed out at the end of the fiscal year, please add a Vendor to those liability rows. This will allow us to show these prior balances on our Payroll Liabilities page, so you can make the payment properly in our system.
Starting Employee Time Off Balances
To import the starting balances for employee time off, you must send an Excel file with the following columns:
- Employee Number
- Employee Last Name
- Employee First Name
- Type
- Amount
A template is attached at the bottom of this article. Let us know if some rows should not be imported or if personal days should be converted to sick days.
You may choose to add the new year’s contract days to be imported along with the previous year’s ending balance, or you may add in the additional days from the contract manually after the import.
If you choose to add the additional days manually after import:
- Go to Financials Main > Human Resources > Time Off Balances
- Select the new fiscal year
- Mass Edit Time Off
- Select a Date, on which the newly added time off will be posted (likely the first day of the contract).
- In the Adjust Amount column for each time off type, enter the amount of days/hours to add to the current balance.
- Save
W-2/Paycheck Year-To-Date Data
The most complex piece of data we need to carry over from your previous FMS is the payroll data to populate the W-2. Rather than requesting the value of each box on an employee’s W-2 (e.g. total taxable wages), we instead request that you send the specific YTD for every payroll item. This allows us to (1) calculate the value for each box on the W-2, and (2) fill out the YTD column on pay stubs next to each payroll item.
The data must be submitted as an Excel file with the following columns:
- Employee Number
- Employee Last Name
- Employee First Name
- Payroll Item Code
- Payroll Item Description
- YTD Value
A template is attached at the bottom of this article. One tab has IL examples; one tab has MO examples. Please fill out the template with the actual data from your district, adding as many rows as needed.
However, in order to verify that the calculations on the W-2 are correct, you also need to submit reports showing each employee’s:
- Taxable Wages
- Social Security Wages
- Medicare Wages
- Federal Income Tax Withheld
- State Income Tax Withheld
- Social Security Tax Withheld
- Medicare Tax Withheld
This report could come in the form of actually printing W-2s (if your FMS allows it partway through the year), or it could be an Excel report.
1099 Year-To-Date Data
To populate 1099s for the entire calendar year, you need to enter the total of 1099-eligible transactions made for each vendor.
- Go to Financials Main > Accounts Payable > Vendor - Single View
- Click the three-dot menu in the upper-right corner
- Mass Enter 1099 Data
- For each vendor who is eligible for 1099 fill out the following fields:
- Eligible for 1099: Pick either 1099-NEC or 1099-MISC
- Report Income As: Applicable only for 1099-MISC vendors
- Vendor Tax ID Type: SSN/ITIN or EIN
- Vendor Tax ID: The actual SSN, ITIN, or EIN for this vendor
- Nonemployee Compensation>Starting Balance: Enter the amount of 1099-eligible transactions from January 1st through the June 30th
- Save Changes
Uncleared Payments/Deposits (Outstanding Checks)
After you have completed your bank reconciliation for the month of June, you will probably have a number of uncleared payments and possibly deposits. These uncleared payments/deposits are items that were entered into your previous FMS but did not reconcile on your June statement. Most often, they are outstanding checks that haven’t been cashed/deposited by the recipient yet.
You will enter uncleared payments/deposits yourself:
- Go to Financials Main > General Ledger > Uncleared Payments/Deposits
- Create
- Fill out the details for each uncleared transaction and Save
For more details, see Uncleared Payments/Deposits.