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Annual and Monthly Closing Schedules

Monthly Closing schedules:

IMPORTANT FISCAL YEAR-END 2018 CLOSING INFORMATION 

It’s time to start preparing for the annual closing of the fiscal year, June 30, 2018.  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 review 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 to close 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 2018 and June 30, 2018.

You may resume purchases on July 1st Pcard transactions may be made through June 18th, but we suggest placing online orders prior to that date to ensure they are received and included on the June billing statement.

To ensure timely payment of invoices, please submit them directly to the Controller’s Office.  Do not submit invoices in eProcure.

Key closing dates and important deadlines are outlined below.

  1. Entry of Receivers in eProcure (for goods physically received June 30 or prior):  June 30th
  2. Pcard purchases:  June 18th
  3. Expenditure Authorizations:  June 15th
  4. Interdepartmental Transfers:  June 22nd**
  5. Department Journal Entry Requests:  June 22n
  6. Travel Reimbursements
    • Travel dates 7/1/17 – 4/30/18:  within 10 days of return from trip
    • Travel dates 5/1/18 – 6/15/18:  June 22nd
    • Travel dates 6/16/18 – 6/30/18:  July 6th

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

  7. Purchase Order Invoices (for goods physically received June 30 or prior):  July 9th

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