The yearly closing process begins in June of each year. University budget managers are responsible for verifying that transactions on all funds are recorded accurately, timely, and in accordance with the chartstring's established purpose and budget.

  • The Year End User Guide (PDF) is a comprehensive guide to key year-end processes. It is updated each May to reflect current deadlines, and processes, and explains why each 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.
  • The Summary of Year End Deadlines (PDF) is a quick reference guide of key year-end dates.

General Reminders

  • 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.
  • 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.
  • See Purchasing Services for requisition/purchase order deadlines.
  • FY 18 prepaid transactions (PurCard charges and payables invoices) must be transferred to FY19. The Prepaid Transactions user guide details this process and describes which transactions need to be on prepaid accounts for the new fiscal year (FY20), how to find prior fiscal year (FY18) prepaid transactions, and how to make those corrections. Contact: Disbursement Center
  • Prior-year (FY18) unearned (deferred) revenue transactions need to be recorded as true revenue in the current fiscal year (FY19) via journal entry; prior year (FY18) 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 (FY20), how to find prior fiscal year (FY18) transactions, and how to make those corrections.
  • 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 purchasing@uvm.edu. 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 where all payments have been made to the supplier? If so, send purchasing@uvm.edu a request to close these POs. This will ensure the encumbrances will be cleared and reflect your budget balances most accurately.

ABSC Customer Information

To ensure that your requests are processed in a timely fashion and by the stated University deadlines, the ABSC will be handling requests as follows:

  • Please submit requests at least 5 business days prior to the deadline and include all necessary information and documentation. 
  • Incomplete requests delay processing and may result in not meeting the stated deadline. 
  • Requests submitted less than 5 business days prior to the University deadline, or requests requiring follow-up, are at risk of not being processed by the deadline.
  • Requests will be responded to in the order received. We understand that every request is urgent this time of the year and therefore cannot prioritize specific requests.

Contact the ABSC.