Month end overview
- We generally close out each month on the 3rd business day of the new calendar month.
- All prior-month transactions are due to General Accounting by 8:00 am of closing day.
- Eprint account statements are usually available on the 4th business day of the month.
Year end overview
- We have an extra close for the month of June, generally in mid-July. This is the "departmental final close".
- At this point we roll old year general ledger balances into the new year and open the old year "accrual period" for audit-related transactions.
- At the end of July, we perform a soft-close to establish the beginning point of the financial statements audit.
- In August we prepare financial statements and audit schedules.
- In September we give the statements and schedules to external auditors for review and testing.
- In October we submit the financial statements to the Board of Regents for formal approval.
Concurrent year processing
In July and August, we typically have the prior fiscal year open and the new fiscal year open at the same time. Knowing which year's budget to charge can be tricky:
- If the goods & services were received up to or before June 30, charge the old year.
- If they were received on or after July 1, charge the new year.
If a vendor requires a payment before June 30 but you know the goods & services won't be delivered until after July 1 complete the Prepaid Expense Reporting Form and email it to to firstname.lastname@example.org
If a vendor provides goods & services before June 30 but delivers the invoice after July 15:
- Accounts Payable will provide a copy of the invoice to Accounting.
- Accounts Payable will pay the invoice out of the new year.
- Accounting will accrue an expense against the old year and reverse it in the new year.
- Bottom line: your old year's budget will be used for the payment. In the new year, there will a plus and minus transaction that nets to $0.