Fiscal Year End 2012
Departmental Procedures for Closing the 2011/2012 Fiscal Year
- Continue to review all open encumbrances. All open and standing purchase orders will be closed in a batch process in mid-July, so it is not necessary to process liquidations for these orders on GCF and UDF funds during the final weeks of the fiscal year. However, liquidations on grant funds must continue to be processed.
- If your department is adding or changing organization numbers, please assure that any new purchase orders are assigned to the proper organization number for the upcoming year.
- Please make every effort to meet the normal closing schedule, which for the June 2012 month end will be Monday, July 9th. The five business day preliminary closing will help to make the preliminary yearend reports available on a timelier basis and thus more useful.
Cash deposits for June must be in the Business Office by 2:00 pm on Tuesday, July 3rd. Any receipts deposited after this time for services rendered in FY 11/12 should be clearly marked as such on the deposit slip. Accounting Services will then review these deposits and properly account for them.
Direct Pay Requests and Purchase Order Invoices
- Direct Pay Requests, Travel and Expense Reports, and PO Invoices for FY 11/12 must be in the Controller's Office by Friday, July 13th.
- Additionally, any requests for payment of FY 12/13 goods or services prior to June 30, 2012 in excess of $5,000 will be reclassified to Prepaid Expense for FY 11/12. Journal entries will be processed after July 1 to properly record the expense in FY 12/13.
Journal entries or requests for journal entries will be accepted in Accounting Services through noon on Monday, July 16th.
Also, we plan to produce preliminary June Available Balance reports that would be available for printing on Tuesday, July 10th. Final June reports will be available for printing when all yearend closing activities have been completed, which will be approximately the first week of August.
If you have any questions about the above dates or reviewing open encumbrances, please contact Suzanne Samuelson at ext. 2288.