- 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.
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.
- 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.
- FY18 prepaid transactions (PurCard charges and payables invoices) must be transferred to FY19. The Prepaid Transactions user guide (PDF) 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 (FY19) 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.
- Submit any FY19 requisitions (with appropriate back-up documentation for the purchase) as early as possible, especially ones that require contract/agreement/terms & condition review as these need additional lead time.
- PeopleSoft requisition access will be turned off at 4:30pm on Friday, June 21 and will reopen on Monday, July 1, around 8:00am. New FY20 requisition purchases can only be entered on or after July 1.
- Please check your open requisition list any time now and prior to June 22 to be sure your requisitions are complete (with all proper documents attached) and have been successfully budget checked & submitted for FY19 purchases or are valid prepaids using the prepaid category. Any requisitions remaining in incomplete status after June 21 will be deleted.
- After nightly processes have posted on Thursday, July 11, ALL remaining purchase orders for FY19 will be closed, (including prepaid POs for which invoices have not been received) unless there is a valid reason for rolling into next year.
Some valid examples would be:
- Subcontracts on valid open projects
- Purchases made and received in FY19 for which the invoice has not been received by July 11th
- POs on grants/projects that did not end on the fiscal year 6/30
Ongoing capital projects
- Send a list of all POs your department would like rolled into FY20 (using this spreadsheet) including a justified reason by Tuesday, July 2 to email@example.com. We will review your spreadsheet and roll the valid requests into FY20.
- PO roll dates are scheduled for Tuesday, July 16 - Wednesday, July 17.
Please feel free to email firstname.lastname@example.org if you have any questions.
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.
- Once the University's deadlines have passed any remaining requests will be processed in FY20.