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Annual and Monthly Closing Schedules

Monthly Closing schedules:

IMPORTANT FISCAL YEAR-END 2017 CLOSING INFORMATION 

It’s time to finalize activities related to the annual closing of the fiscal year.  Year-end closing requires the coordinated efforts of Procurement, the Controller’s Office, Business Affairs and campus departments to ensure that all financial activity is accurately recorded.  Departments should finish reviewing the activity in their indexes now, verifying that all purchase orders, invoices, travel expenses and other charges have been recorded accurately and any corrections that need to be made are processed.  Before closing it is also necessary to ensure the accuracy of any outstanding encumbrances for the year.  Please notify the Controller’s Office to close any outstanding travel encumbrances, and Procurement for outstanding purchase orders that should be closed.

In order to properly record expenses in the appropriate accounting period and prevent extended processing time we are asking departments to refrain from initiating any purchases between June 19, 2017 and June 30, 2017.

You may resume purchases on July 1st.  Pcard transactions may be made until June 16th, but we suggest placing online orders prior to that date to ensure they are received and included on the June billing statement.

Key closing dates and important deadlines are outlined below.

  1. Entry of Receivers in eProcure (for goods physically received prior to June 30):  June 30th
  2. Pcard purchases:  June 16th
  3. Expenditure Authorizations:  June 16th
  4. Interdepartmental Transfers:  June 23rd **
  5. Department Journal Entry Requests:  June 23rd
  6. Travel Reimbursements:
  • Travel dates 7/1/16 – 5/31/17 – NOW
  • Travel dates 6/1/17 – 6/16/17 – June 23rd
  • Travel dates 6/17/17 – 6/30/17 – July 5th

Travel that crosses fiscal years will be charged proportionately between fiscal years, based on the actual days of the trip in each year.

**Due to nature of the underlying activity, some departments have an approved alternate due date for IDT’s.