Month End and Year End

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.

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 6/10/2020 Presentation [PDF]

Accruals, Deferrals,and Prepaid

Expenses that have occurred during the old year and have not yet been invoiced (paid) need to be accrued for in the old year.
Complete the Expense Accrual Form [PDF] 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.

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 [PDF] 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.

Expenses exceeding $10,000 that are paid in advance of receiving the related goods or services must be recorded as prepaid.

When entering these invoices into Concur:

Allocate the expense to account 2961.
Ensure that the invoice copy clearly states the time frame for when the goods or services will be provided.

For more detailed guidance, please refer to the Prepaid Expenses Policy [PDF].

The General Accounting team will review all expenses charged to account 2961 to ensure proper classification and inclusion in Prepaid Expenses.