Month End and Year End

Month End Overview

  • Each Month is generally closed on the 3rd business day of the new calendar month.
  • All prior-month transactions are due to General Accounting by 10:00 am of closing day.
  • E-print account statements are usually available on the 4th business day of the month.

Year End Overview

  • There is an extra close for the month of June, generally in mid-July. This is the "departmental final close".
  • After the second close, the old year general ledger balances are rolled into the new year. An "accrual period" is open in the old year for audit-related transactions.
  • At the end of July, a soft-close is performed to establish the beginning of the financial statements audit.
  • In August, audit schedules and the financial statements are prepared.
  • In August/September, the external auditors perform their review and testing.
  • In October, the audited financial statements are presented to the Board of Regents for formal approval.
  • Year End Dates To Remember.
  • Year End Accounting Review 6/4/2019 Presentation

Accruals, Deferrals,and Prepaid

Accrued Expenses

  • Expenses that have occured during the old year and have not yet been invoiced (paid) need to be accrued for in the old year.
  • Complete the Expense Accural Form and return to General Accounting with the proper documentation of the expense.
  • General Accounting will record the expense in the old year, reverse in the new year. Accounts Payable will pay the invoice in the new year. Old year receives the charge, new year nets to zero.

Deferred Revenue

  • Funds received in advance of services being provided is considered deferred revenue.
  • Funds not yet deposited can be allocated to L088 when preparing the deposit form.
  • Complete the Deferred Revenue Form for funds already recorded in Banner and return to General Accounting with the proper documentation of the revenue received.
  • General Accounting will record the revenue in the new year.

Prepaid Expenses

  • Expenses that are paid prior to the use of the good or service need to be recorded as prepaid.
  • When entering invoices into Concur, include the completed Prepaid Expense Form and allocate the invoice to the account code A180
  • Complete the Prepaid Expense Form for invoices that have already been included in Banner and return to General Accounting with a copy of the invoice.
  • General Accounting will record the expense in the new year in the month that the expense occurs.