JUNE and JULY
Recording expenditures in the correct fiscal year is critical to the accuracy of fiscal year end reports and financial statements. However, accurate reports and statements must be balanced with the necessity to close the fiscal year and open the new fiscal year as quickly as possible.
- Year end follows the month end close procedures with the addition of a few more processes and additional time to complete those processes.
Specific Year End Processes
- Accrual Entries
- Sponsored Summer Session
- Receipt accrual (items received, invoices not received)
- A/P invoices
- Steam Station adjustments
- Future postings for Tuition, Financial Aid, and Student Fees – Student Financials, Summer and Fall Term
- Budget load to GL
- RCM fringe true-up
- F&A and revenue recognition entries for Sponsored
- PO rollover
- Capital Projects commitment rollover
Schedules and Deadlines – The following processes will have deadlines assigned each year-end. General guidance for planning is as follows:
- General Ledger open for July business – on or about the first Monday in May
- Last PAR’s (Online Payroll Reallocation) for fiscal year – on or about the third Friday in June
- Payables open for July business – on or about the last Monday in June
- Last Payroll feed to General Ledger (actuals and commitments) – on or about the last Friday in June
- AP receipt accrual – the last business day of June
- Last Peripheral or feeder system to General Ledger (excluding FAMIS, FAMIS Capital Projects and CASHNet) – the last business day of June
- Sponsored Grants modules closed for June and open for July – First day of July
- Preliminary secure burst reports delivered to campus – on or about the second business day in July
- Payables closed for June business – on or about the third business day in July
- PO rollover – Immediately after payables is closed for June.
- Gift receipts forwarded to Cash Operations – on or about the third business day in July
- Last FAMIS (Facility Administration and Management Information System – FAMIS is primarily used by maintenance personnel to track maintenance functions, organize work requests, schedule work to be performed, and distribute costs associated with work orders) feed to the General Ledger – the day after payables in closed for June
- Last day for fiscal year being closed journal entries from campus – on or about the fifth in July
- Last day for construction projects accruals – the day after FAMIS can no longer send transactions to the ledger
- Last day for ECM (Energy and Computing Management) job entries – the day after FAMIS can no longer send transactions to the ledger
- Tentative last FAMIS Capital Projects (These transactions from the FAMIS System are for all Capital Construction Projects) feed to the General Ledger – the day after construction and ECM entries are complete (this peripheral can feed to the ledger until finally closed).
- GL closed for June business (open with Associate Comptroller approval only) – on or about the eighth business day in July.
- Capital Project commitment rollover – on or about the thirteen business day in July
- Final secure burst reports delivered to campus – on or about the fifthteenth business day in July
- Open Asset Management for July processing – on or about the fifthteenth business day in July