FY17 Year-end Closing
University budget managers are responsible for verifying that transactions on all funds are recorded accurately. Transactions must also be in accord with the chartstring's established purpose and budget. If you have not done so already, please review all transactions carefully to make certain that they are in order.
The FY17 Year End User Guide is a comprehensive guide to key year-end processes. Each section includes a header, the reason why the process is important, how to complete the process, key dates and deadlines, links to online resources, and a contact should you need help or have questions. It is important that you read each section that may pertain to your area and pass this memo onto other key personnel that may be involved.
Summary of Year End Deadlines is a quick reference guide of
key year-end dates.
If you have budget-checking errors on a sponsored project, it is important that you contact your SPA analyst in a timely manner so that the deadlines in the attachment can be met. Also, if your area works with a service center you will want to contact them as they may have shorter deadlines in order to comply with the overall University deadlines.
Other communications from Division of Finance departments on year-end responsibilities:
- As we move toward the end of the fiscal year, FY 16 prepaid transactions (PurCard charges and payables invoices) must be transferred to FY 17. The user guide detailing this process describes which transactions need to be on prepaid accounts for the new fiscal year (FY 18), how to find prior fiscal year (FY 16) prepaid transactions, and how to make those corrections. Contact: Disbursement Center
- Do your blanket purchase orders need to be increased to cover expenses, invoices, purchases for the remainder of the fiscal year? Now is the time to review your POs and request increases by emailing firstname.lastname@example.org. Taking this step now will result in improved efficiency in entering invoices and paying vendors by the Disbursement Center.
- Do you have purchase orders that are complete or all payments made to the vendor? If so, send email@example.com a request to close these POs. This will ensure the encumbrances will be cleared and reflect your budget balances most accurately.
- Prior-year (FY16) unearned (deferred) revenue transactions need to be recorded as true revenue in the current fiscal year (FY17) via journal entry; prior year (FY16) pre-paid expenses (PurCard charges and payables invoices) need to be recorded as true expenses in the current fiscal year via journal entry. Please see the Prepaid Transactions user guide for a description of which transactions need to be on prepaid accounts for the upcoming fiscal year (FY18), how to find prior fiscal year (FY16) transactions, and how to make those corrections.
- Other Finance-related Deadlines
- May 26 - Line-item & salary budgets submitted via Axiom
- May 26 - Income/Expense MOU and Rate Certifications due
- June 15 - Use of Fund 108 requests due to Provost's Office
- June 30 - FY17 Space * Equipment Inventory due
- June 30 - Unit Gift/Endowment plans due to FAB
- ABSC-specific Deadlines
- June 2 - All payroll forms information due to ABSC for final FY17 bi-weekly payroll
- June 9 - Reallocation of PurCard journals for 5/25 cycle – documentation to ABSC
- June 13 - All payroll forms information due to ABSC for final FY17 semi-monthly payroll
- June 14 - Last FY17 payroll distributions to ABSC
- June 15 - Last day to request FY17 computer orders through the Depot/UVM Bookstore and have them post as FY17 transactions
- June 16 - Last day for requests for use of reappropriation amounts due from units to Provost’s Office
- June 21 - Last day to submit requests for requisition for FY17 purchase orders
- June 22 - Last day to charge items on PurCard and have them post as FY17 transactions
- June 29 - Cash and checks to the ABSC for deposit in FY17
- July 5 - Reallocation of PurCard transactions for 6/26 cycle – documentation to ABSC
- July 5 - Check requests to the ABSC for non-PO invoices
- July 6 - Invoices paid against FY17 POs to ABSC by end of business day
- July 10 - Last FY17 departmental journal entries and budget transfers, including transfers to equipment reserves
- July 11 - Last FY17 PeopleSoft AR billings for FY17 services – documentation to ABSC
Last modified July 28 2017 10:08 AM