The Schedule 1 is a spreadsheet of each fund and each fund's beginning balances, revenues, expenditures and ending balances. The Schedule 1 is uploaded into the SAO's Annual Reporting website and forms the C4 report. The C4 is the report form which takes the information from the Schedule 1 then shows each fund and each fund's beginning balance, revenue by bars code, expenses by bars code and each fund's ending balances. The Schedule 1 also creates the C5 report which shows custodial funds, breaking down their revenues and expenses and showing their beginning and ending balances.
In SBX, each fund can set to show up on the C4 or C5 and each fund can be set to roll-up or merge into another fund for the Schedule 1 and C4/C5 reports.
Before running and filing the Schedule 1, a little prep work will save a lot of time.
1. Have all the bank recons for the filing year completed. This ensures you've accounted for any receipts and/or expenditures that haven't been accounted for that are showing on the bank statements.
2. Run each month's Treasurer's reports for the year being filed. This ensures all balances have rolled forward to the end of the year. It's a good thing to update the Treasurer's reports for the entire year by doing a batch update from Jan to December of the year being filed. Reports>Treasurer's Report. Click the Batch Update Button. Change the From to 1 and the year to the year being filed. Change the To month to 12 and the year being filed.
Click None. This will update the Treasurer Reports for the entire year without printing them.
3. Open the Chart of Accounts in SBX. Transactions, Chart of Accounts. Click the Funds tab. Change the year to the annual report year being prepared. Look at the Report On and C4/C5 fields.
A. The report on field is where funds can be rolled up or combined into other funds for Schedule 1 (C4/C5) reporting.
B. The C4/C5 fields determines which report the fund will be part of. Proprietary funds,
001 to 599 funds should be marked with a 4 to be reported on the C4 report.
600 level funds should be marked with a 5 to be reported on the C5 report.
C. Change the year to the year before and compare what's in the Report On and C4/C5 fields to the current year being reported.
4. Back on the year being reported, click the magnify glass next to one of the funds in the 508 column. This creates the 508 or ending balances for the year being reported. From the window that comes up, click Write Transaction to update the beginning balance entry for the next year to make sure the beginning fund balances match the ending balances for the year being reported.
5. Log into the SAO's website, go to the Annual Report Filing page. Look at last years annual report's C4/C5 and print or preview the report.
6. From SBX, go to Reports>Annual Reports> C4/C5. The preview the year being reported's C4/C5 report. Look at the beginning balances for each fund being reported and compare the beginning balances to the ending balances from step 5 (the C4/C5 from what was filed last year). Resolve any differences and if needed, make any changes to the Fund Report On or C4/5 fields in the Funds tab of the Chart of Accounts.
When the ending balances/beginning balances have been compared and match, it's time to prepare and file the schedule 1 for the current year being reported.
Prepare Schedule 01 and File Online
- Go to Reports > Annual Reports > Schedule 01
- Select reporting Tax Year
- Click Excel to create the Schedule 01 file. The file is already formatted for uploading to the SAO website.
Is there an error message about Duplicate Offsets?
A Duplicate Offset means that an account number has been used twice for either an interfund transfer or an interfund loan. Offset accounts must have a one to one relationship.
- Go to Transactions > Chart of Accounts
- Look up account numbers provided in the error message and correct. For help with offset accounts see How do I create interfund transfer accounts?
- Copy Excel upload file for Schedule 01 to Preparer Files folder
- Login to SAO Online Services and create or edit your current reporting year Annual Report to file the Schedule 01.
- Upload the Schedule 01 file and review flagged accounts & variances
Are there Red Critical Errors (these are accounts marked with a red circle with an ! mark inside) on the Schedule 01?
Resolve the critical errors and variances in Springbrook Express, recreate Schedule 01 Excel file and upload again as needed.
Note, all red critical errors must be corrected and all yellow warnings must be explained. It is recommended to keep explanations in your annual reporting file that it can be easily accessed when your entity is audited.
Are you a city or a town?
File DOT Annual Street/Road Finance Report
Complete on the SAO Website
Print C-4 and C-5 Statements
Print C-4 and C-5 statements from the SAO Website and save in the Preparer Files folder
Print C-4 and C-5 Statements
Print C-4 and C-5 statements from the SAO Website and save in the Preparer Files folder
Are there Warnings on the Schedule 01?
Resolve the critical errors and variances in Springbrook Express, recreate Schedule 01 Excel file and upload again as needed.
Note, all red critical errors must be corrected and all yellow warnings must be explained. It is recommended to keep explanations in your annual reporting file that it can be easily accessed when your entity is audited.
Are you a city or a town?
File DOT Annual Street/Road Finance Report
Complete on the SAO Website
Print C-4 and C-5 Statements
Print the C-4 and C-5 statements from the SAO Website and save in the Preparer Files folder
Print C-4 and C-5 Statements
Print the C-4 and C-5 statements from the SAO Website and save in the Preparer Files folder