Overview of Year End Closing
(Fiscal Year 12-13)
Our primary objective at Fiscal Year End is to produce a financial report that accurately reflects the University's financial position as of June 30th. The following briefly summarizes the process:
JUNE - 1ST CLOSING - 7/12/13 - APPROXIMATE MAILING DATE 7/15/13
This is a normal monthly closing. Every effort should be made to record transactions on this closing so that errors can be identified and corrected on the 2nd closing.
JUNE - 2ND CLOSING - 7/26/13 - APPROXIMATE MAILING DATE 7/29/13
This closing is for corrections and last minute entries that were too late for the 1st closing. Since this is the last opportunity for departments to submit entries, extreme care should be taken to avoid duplications and errors. Accounts payable accrual entries will be processed through this closing only.
JUNE - 3RD CLOSING - 8/5/13- FINAL MAILING
This closing is to record reserve transfers and various closing entries. A copy of the Ledgers will be issued reflecting final balances. Transactions for this closing are initiated exclusively by the Controller's Office. Expected mailing date is August 6th.
In order to generate the financial report on a timely basis, it is necessary to process the June closings in rapid fashion. As indicated previously, the June 1st Closing Ledgers are scheduled to be mailed to departments on July 15, 2013, with Web Ledgers available on that date as well. Since this leaves only 10 working days for departments to make corrections for the June 2nd closing, it is imperative that ledgers be reviewed immediately. As a result, we encourage you to review your Web Ledger periodically during this time frame and contact the appropriate office with any question or concerns. June 2nd closing is the last opportunity for departments to process transactions against the 12-13 Fiscal Year.
INTERDEPARTMENTAL INVOICES (II's)
During the month of July, II's are being processed for only fiscal year 12-13 (June). When submitting II's for the June 2nd closing, extreme care should be taken to avoid errors and duplication because this is the final closing in which departments can make corrections.
Please review the minimum data requirements for single and multiple IIs carefully. This information, along with the latest version of the IIs, is located under the Forms & Instructions section of our website. We do not want to delay your entry or have it processed incorrectly due to missing or incorrectly formatted data.
Stay tuned for more information regarding the accrual process.
All goods and services received by June 28, 2013 must be recorded against the old fiscal year, either as an expense (paid) or as an unpaid invoice. In order to do this, receiving documentation for goods and services received by June 28, 2013 must be delivered to the Controller's Office by noon on June 28th. This documentation must show that the goods or services were received by June 28, 2013.