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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 FY17 closing/FY18 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 FY17 Closing/FY18 Opening Procedures document

The FY17 Closing/FY18 Opening Procedures document [Updated: 5/2/17] explains the policies and procedures for closing FY17 and opening FY18 and details critical dates for transactions affecting FY17 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 FY17 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 2017 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
  • Year End Presentation - FY17 Closing / FY18 Opening Procedures Webinar Slides [Coming Soon!]
  • Year End Presentation - FY17 Closing / FY18 Opening Procedures Recorded Webinar [40 min 34 sec][Coming Soon!]
  • Note: You must have Adobe Acrobat version 9 or later to view the recorded webinar above.  This recording contains audio.  To view closed captions, click the Notes pane to the left of the slides.

Useful Year End Resources

  • Fact Sheet Resources
  • FY17 Year End Fact Sheet application will be opened July 1st, 2017 7:00AM

    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

    Introduction to Self-Supporting Funds (GL 105)

  • Other resources
  • Last Updated: May 23, 2017

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