Fiscal Year 2010-2011
Year-End Closing Procedures
The schedule for the year-end close of fiscal year 2010-2011 is as follows:
The June I close (Period 12) for financial activity will be on Friday, July 8, 2011. Journal vouchers must be approved by 5:00 pm on July 8th to be included in the final journal load that will occur that evening. Month end processes are scheduled to be completed by Monday, July 11, 2011. All grant activity should be processsed during Period 12. Grant activity will not be processed in Period 991.
The June II close (Period 991) – Final Departmental Close - will occur on Monday, July 18, 2011. Journal vouchers must be approved by 12:00 pm (noon) on July 18th to be included in the final journal load that will occur that afternoon. Month end processes are scheduled to be completed by Tuesday, July 19th.
- The June III close (Period 992) – Finance and Budget Offices Only - will occur the weeks of July 19th-July 29th. Fiscal year-end processes are scheduled to be completed by Monday, August 1st.
Our office will send an email to the campus community when the month/period or fiscal year-end processing has been completed and financial data is considered final.
Under guidelines accepted by the Financial Accounting Standards Board (FASB) for College and University reporting, expenditures are to be reported in the fiscal period when materials are received or services have been performed. The accounting process used to accomplish this task is called "year-end accruals." An accrual is an entry which records an expense that has been incurred by the fiscal year-end, but the disbursement of cash has not occurred. In compliance with these guidelines, year-end accruals (expenditures only) are limited to (salary and non-salary) charges for services performed and for goods physically received, prior to the close of the fiscal year.
Accordingly, the following year-end accrual policies and year-end procedures will apply:
- Invoices for goods received or services rendered during the 2010-2011 fiscal year should be properly approved by a purpose administrator and received by Procurement Services by 5:00 pm on Wednesday, June 15th to be processed against 2010-2011 funds.
- Goods ordered with a purchase order from outside vendors and received directly by a department (for which an invoice has not been processed by Procurement Services) will be accrued to 2010-2011 funds if their value is at least $5,000. It is the responsibility of the Budget Administrator to report the receipt of goods to Fran Naughton, at firstname.lastname@example.org or extension 1461, of Procurement Services by 5:00 pm on Monday, June 27th in order to be accrued against 2010-2011 funds. The report to Mr. Naughton must be the bill of lading or other documentary proof of receipt.
- Procurement Card procedures and processing deadlines are as follows:
Friday, July 1st at noon will be the last download of Procurement Card transactions for allocation.
Friday, July 8th at 5:00 pm, is the last day departments may allocate charges in Works and have them processed against 2010-2011 funds. After 5:00 pm, unallocated charges will be processed after the FY 2011 close is complete and will have to be corrected using a FIN Journal Voucher in FY 2012.
Subsequent changes to previously allocated charges will need to be made by processing a Journal Voucher during FY 2012.
All reimbursement requests in Works must occur by Friday, June 17th and those requests must have manager sign-off by 5:00 pm on Friday, June 24th to be charged to 2010-2011 fiscal year funds.
- The Cashiers' office deadline for depositing of all cash and checks, as well as cash transmittals for pre-deposits (bank validated deposit slips), will be Friday, June 24th at noon. To avoid overloading the Cashiers' office, please submit all cash, checks and pre-deposit cash transmittals as early as possible within the month of June. Also, please do not hold pre-deposit cash transmittals in your department; submit them to the Cashiers' office on a daily basis.
- Services performed by June 30, 2011 by Internal Service Departments should be charged to the benefiting department during the June I close. Flat File Uploads should be forwarded to General Accounting by Wednesday, July 6th at 5:00 pm to assure they will be processed during the June I close. Internal charges are not accrued.
- General Accounting will prepare the academic employee salary accrual using the June 15th pay amounts and funding sources. This accrual will be processed during the June I close and reversed in July. There will be no accrual of bi-weekly payroll hours.
Journal Vouchers prepared during the year-end close process should be completed as follows:
Journal Vouchers prepared during the June I close should be prepared by inserting a date of June 30, 2011 on the web journal form. The June 30, 2011 date will assure the journal is processed during the June I close.
- Journal Vouchers prepared during the June II close (Period 991) should be prepared as follows:
- Journal form users will notice that the form will look different during the close process. The form will allow input in the Journal Date field or in the Adjustment Period field.
When preparing Period 991 journal entries you must use the Adjustment Period field drop down box and select Closing Period 991 to assure the journal will receive a June 30, 2011 date and be posted as an adjustment to June 30, 2011 in Period 991.
Period 991 journals which represent accrual entries and will be reversed in July should contain the following in the explanation and justification area of the journal:
- On the original entry processed in June - "Period 991 - To Be Reversed"
- On the reversing entry processed in July - "July Reversal of Requisition # _____" (Requisition # of June Accrual entry)
The Journal form will not permit Contract & Grant transactions during Period 991. All Contract & Grant project activity should be finalized in the June I close.
Journals for the 2011-2012 fiscal year prepared in July (Period1) during the 2010-2011 fiscal year close periods should be prepared by using the Journal Date field and dating the journal as appropriate, i.e. July 15, 2011.
Journal Vouchers prepared by Finance and Budget Office personnel only during Period 992 should be prepared by using the Adjustment Period field drop down box and selecting Closing Period 992. This will ensure the journal receives a date of June 30, 2011 and is posted as an adjustment to June 30, 2011 in Period 992.
Financial data considerations during the year-end close process:
- Users of UD Financials' EZQ's or UDQ's and/or creators of queries are reminded to extend the periods on their queries to 991 or 992 to assure they are viewing all fiscal year transactions and balances.
- When reviewing or creating July balance queries or using the web statement report process during the year-end close period, please keep in mind that balance information will be inaccurate or incomplete. The beginning balances for the new fiscal year are not created until the prior fiscal year has been closed. Therefore, accurate balance data will be reported after the final 992 close scheduled to be finalized by Monday, August 1st.
We will resume our regular monthly close schedule for July 2011.
Please contact General Accounting personnel at extension 2175 with questions or concerns.