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 FY13 closing/FY14 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 FY13 Closing/FY14 Opening Procedures document

The FY13 Closing/FY14 Opening Procedures document  [updated: 4/10/13] explains the policies and procedures for closing FY13 and opening FY14 and details critical dates for transactions affecting FY13 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 FY13 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 2013 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 of this document.

Useful Year End Resources

• Year End Presentation

  • PowerPoint: Year End Presentation FY13 Closing / FY14 Opening Procedures [posted: 6/11/13]

• Fact Sheet Resources

  FY13 Year End Fact Sheet application [Available: July 1, 2013]

  Fact Sheet Job Aids

  Fact Sheets are required for each Self-Supporting fund and are submitted based on careful review of finalized period 12 financial data. Webinars are scheduled in late June and early July to assist departments with the application and information requirements.

  Use the registration page below to find available dates and times.

  Registration Page: Accounting: Year End Fact Sheet

• Other resources

  • Receipts Required Report   [updated daily] - Identifies purchase order transactions that require submission of receiving reports in order to complete processing payment to the vendor.

  • Renewal of FY13 Standing and Multi-Year Orders

    • Chicago Campus   [updated each Tuesday] - Lists orders from the Chicago Campus that the Purchasing Division believes will need renewal for FY14.

    • Springfield Campus   [updated each Tuesday] - Lists orders from the Springfield Campus that the Purchasing Division believes will need renewal for FY14.

    • Urbana-Champaign Campus   [updated each Tuesday] - Lists orders from the Urbana-Champaign Campus that the Purchasing Division believes will need renewal for FY14.

    • University Administration   [updated each Tuesday] - Lists orders from University Administration that the Purchasing Division believes will need renewal for FY14.

  • Reducing Standing Purchase Order Encumbrances

  • Labor Redistribution Materials and Job Aids

  • Year End Labor Redistribution Job Aid  [updated: 3/18/13]

  • Year-End Deadlines for Labor Redistributions

  • Petty Cash and Change Fund Annual Renewals

Last Updated: June 11, 2013