Annual and Monthly Closing Schedules

Monthly Closing schedules

IMPORTANT FISCAL YEAR-END 2023 CLOSING INFORMATION

To ensure that all financial activity of the College is recorded accurately and timely, the fiscal year-end closing process requires the coordinated efforts of Budgeting and Payroll Services, Business Affairs, Controller’s Office, Procurement and Supply Services, Treasurer’s Office, and all campus departments.

DEPARTMENTAL CHARGES

Departments should review the activity in their indexes on an ongoing basis, verifying that all purchase orders, invoices, travel expenses and other charges have been recorded accurately. Any corrections that need to be made should be processed in a timely manner on an ongoing basis.

Please ensure that NSF issues are addressed timely. NSF issues will hold up the processing of payments.

ENCUMBRANCES

It is necessary to ensure the accuracy of outstanding encumbrances on June 30th. Before June 30th, please notify the following offices regarding encumbrances and travel authorizations that need to be closed.

  • Purchase orders – Procurement and Supply Services (procurement@cofc.edu)
  • Travel encumbrances – Controller’s Office (accountspayable@cofc.edu)

PROCUREMENT

To properly record expenses in the appropriate fiscal year and prevent extended processing time, please refrain from initiating any purchases from June 16, 2023, through June 30, 2023.

Purchasing Card (PCard) transactions may be made through June 16th, but we suggest placing online orders as soon as possible prior to that date to ensure the goods/services are received and included in the June billing statement. You may resume purchases on July 1st.

EXPENSE AUTHORIZATIONS, INVOICES, and TRAVEL REIMBURSEMENTS

To ensure timely payment of expense authorizations, invoices, and travel reimbursements, please submit these documents and support directly to the Controller’s Office at accountspayable@cofc.edu.

NOTE:  Please do not submit invoices in eProcure.

Key closing dates and important deadlines are outlined below.

  • Purchasing Card purchases: Friday, June 16th
  • Expenditure Authorizations and Invoices: Tuesday, June 20th
  • Intradepartmental Transfers (IDT’s): Friday, June 23rd **
  • Departmental Journal Entry requests: Friday, June 30th
  • Enter Receivers in eProcure (for goods physically received June 30 or prior): Friday, June 30th
  • Purchase Order Invoices (for goods physically received June 30 or prior): Wednesday, July 12th
  • Travel Reimbursements:
    • Travel dates 7/1/22 – 4/30/23: Within 10 days of return from trip
    • Travel dates 5/1/23 – 6/15/23: Wednesday, June 21st
    • Travel dates 6/16/23 – 6/30/23: Monday, July 10th

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

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