Fiscal-Year-End Closing and Opening Procedures
Organizations like colleges and universities are decentralized and departmental officers have been delegated the responsibility for their financial information. This financial information is critical to the integrity of the University's financial statements. It is necessary, therefore, for departmental officers to ensure that this information is properly recorded in the University's financial system for inclusion in those financial statements. It is important that personnel responsible for the business and financial activity of the department carefully review all policies, procedures and critical dates for the FY11 closing/FY12 opening process available from this page. Units are also encouraged to review their monthly accounting statements for accuracy, and to process any adjustments by the deadline dates.
About the FY11 Closing/FY12 Opening Procedures document
The FY11 Closing/FY12 Opening Procedures document (PDF) [updated: 3/22/11] explains the policies and procedures for closing FY11 and opening FY12 and details critical dates for transactions affecting FY11 fund availability, policies relating to the disposition of fund and budget balances at the close of the fiscal year, other pertinent information relating to the use of FY11 funds, and departmental responsibilities for providing year-end accounting data.
Section A on page 1 summarizes important highlights of the year-end closing procedures contained in this document.
Please pay special attention to the June 2011 closing period dates. Preliminary June statements will be created in early July and again in mid-July to assist in the evaluation of your departmental fiscal position. The final June accounting statements will be issued in early August and will contain all June activity. You can also view June activity through your Banner on line screens.
Questions regarding the fiscal year-end closing/opening requirements should be directed to the staff identified in Section B on page 2 of this document.
Useful Year End Resources
Fact Sheet Job Aids
The Year End Fact Sheet submission process is available to departments. This method is the only accepted method for FY11 Year End Fact Sheets. Webinars are scheduled to assist departments with the application and information requirements.
Watch for announcements through OBFS News or return to this page for future Electronic Fact Sheet webinar dates. Those dates are typically late June and early July.
Webinar Dates:
June 22nd 10:00 to 11:30am
July 12th 1:30 to 3:00pm
Registration Page: Accounting: Year End Fact Sheet