University of Vermont

University Financial Services

Year End Closing

FY18 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 FY18 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.

The FY18 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:

  • See Purchasing Services for requisition/purchase order deadlines
  • ABSC customers: 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:
    • To ensure your request is processed by the University deadline, submit 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‚Äôs deadline has passed any remaining requests will be processed in FY 2019.
    • Contact the ABSC
  • As we move toward the end of the fiscal year, FY 17 prepaid transactions (PurCard charges and payables invoices) must be transferred to FY18. The Prepaid Transactions user guide details this process and describes which transactions need to be on prepaid accounts for the new fiscal year (FY 19), how to find prior fiscal year (FY17) 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 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 all payments 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.
  • Prior-year (FY17) unearned (deferred) revenue transactions need to be recorded as true revenue in the current fiscal year (FY18) via journal entry; prior year (FY17) 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 (FY19), how to find prior fiscal year (FY17) transactions, and how to make those corrections.


Last modified June 19 2018 02:48 PM