Fiscal Year End (FYE) Deadlines
To ensure that purchases and other transactions are completed before FYE, please review the list of year-end deadlines published by Accounting Services in “Finance Footnotes” and on its website under FAQs.
Journal Vouchers
Begin reviewing your financial reports in preparation for FYE now. Please review your expenses, account codes used, and fund balances. It is easiest to review budgets and initiate JVs to “clean up” year-to-date activity now so that you can focus on FYE transactions in June.
- The June accounting period closes on July 7th, and June JVs must be submitted by June 30th to ensure sufficient time for approval. Monitor the status of JVs submitted in late June because any June JVs that are not approved by Accounting Services before July 6th will need to be resubmitted.
- The accrual period (period 14) is used by Accounting Services to ensure that late posting transactions are assigned to the correct FY. Make sure that you account for any expenses, especially travel, that are likely to post after July 1st when estimating your year-end balance.
- During the accrual period both FY16 and FY17 are open. Pay close attention to the dates used on JVs!
- We ask that you do not submit any JVs after July 10th to allow time for colleges and departments to make accounting adjustments prior to the deadline for accrual JVs.
June Travel
Travel charges continue to post during the accrual period. It is important to anticipate any travel expenses that will post by FYE, and budget accordingly to avoid negative year-end balances (or use self-sustaining funds for June/July travel). FYE deadlines specific to travel reimbursements are published on the Travel Services website.
Open Encumbrances
Encumbrances reflect funds that have been identified for specific uses; for example, all Travel Authorizations and Purchase Orders result in encumbered funds. These open commitments do not reflect funds being held for those expenses, but are shown in budget reports to provide a snapshot of your balance that takes the anticipated expenses into account.
- Review your encumbrances to identify which ones are associated with expenses incurred before July 1st.
- Encumbrances for expenses that will post in the next fiscal year can be ignored, and the amount can be included in the year-end balance estimate (see examples on back)
- Encumbrances that remain open after the related expense has posted need to be cleared using the Encumbrance Liquidation form. [Note: Most travel encumbrances can be released in TEM.]
- Open encumbrances will be rolled to the next fiscal year. It is good practice to periodically review your encumbrances to clear any that are no longer needed.