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Accounting & Financial Reporting

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 FY16 closing/FY17 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 FY16 Closing/FY17 Opening Procedures document

The FY16 Closing/FY17 Opening Procedures document [Updated: 6/23/16] explains the policies and procedures for closing FY16 and opening FY17 and details critical dates for transactions affecting FY16 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 FY16 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 2016 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 late July 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.

Webinar

Useful Year End Resources

Last Updated: July 1, 2016

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