• Home
• Staff
• Web Ledgers
• General Accounting
• Web Ledger Information
• Summary of Account Structure
• Reading the Ledgers
• Subcodes
• Fringe Benifits
• Fiscal Year End
• Introduction
• Overview
• Dates to Remember
• Department Directory
• Information Session Materials
• Batch References
• FRS On-Line Information
• Accounts Payable
• Restricted Funds
• Payroll Office
• Travel Accounting
• Policies and Procedures
• Purchasing Department
• Training
• Financial Reports
• Forms and Instructions Index

Introduction: Fiscal Year End 10/11

In order to achieve an efficient and timely closing of the University's books at June 30, we ask you to take note of the procedures and deadlines stated below. The links to the right contain additional information on year end.

Review of departmental accounts should be an ongoing process. Please begin any year end analysis now and submit correcting entries before June reports are distributed.

PURCHASE ORDERS
The cutoff date for Purchase Requisitions processed against FY 10/11 budgets is May 13, 2011. In order to allow for sufficient time to process orders and to ensure that goods and services will be received by June 30, purchase requisitions applicable to the current fiscal year must be in Purchasing by May 14th. If an emergency arises for which an exception to the deadline must be requested, please contact Purchasing at extension 3-2206.

ACCOUNTS PAYABLE ACCRUALS
Completed Purchase Orders that are unpaid as of June 30th will be recorded as an expense to 2010-2011, if the order is $300.00 or greater and the receiving report is in the Controller's Office by noon on June 30th.

After June 30, unless specific request is made, only those items $1,000.00 or greater will be recorded to FY 2010-2011. Items are recorded if the receiving report or vendor invoice indicates shipment made (or services performed) prior to July 1st. Such items will appear on the June 2nd list ledgers.

All accounts payable accrual entries must be complete as of second close.

ENTRY SUBMISSION
The deadline for June first closing entries is Friday July 1st by 4:00. We will accept electronic entries from authorized users until July 6th at 1:00.

The deadline for all June second closing entries is Monday July 19th at 4:00. We will accept electronic entries from authorized users until July 20th at 4:00.

THIS IS THE LAST OPPORTUNITY FOR DEPARTMENTS TO MAKE ADJUSTMENTS TO FY 10-11 ACCOUNT BALANCES.

Since both fiscal years will be operational during July, it is necessary that all entries against the old year be marked clearly JUNE CLOSING. Entries not specified as such will be processed for July of the new year.

Activity for the June second and third closing will appear separately from the first closing (month 13 on FRS on-line and June-Final on Web Ledgers).

LEDGERS
Ledger sheets and reports for the first closing will be mailed Monday , July 11th. Web Ledgers will be available that morning as well.

June second closing ledgers will be mailed on Monday, July 25th. Web Ledgers will be available that morning as well. Further closing entries will be made by the Controller's Office staff only.

The above information has been prepared to give departments a better understanding of the overall year end closing process. Please refer to the department directory for the names and telephone numbers of persons to contact regarding questions that may arise. Please circulate this material to all support staff involved in the accounting functions.