Financial Services Manual (FIN)

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Effective: 3/18/1985

Revised: 7/1/2020

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FIN 105: Fiscal Year-End Closing

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Purpose

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To close out year-end financial transactions

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Source

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University policy

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Introduction

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The following information outlines fiscal year-end close-out procedures for the Financial Management System.

It is important to understand these planned procedures so that budget availability can be closely monitored and year-end deadlines are met.

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Deadlines

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Deadline dates for processing current fiscal year documents are typically published by Financial Services by April 30 of each year. Publication of these dates is announced in the Important News section of the Financial Services website.


Payables and Reimbursements

Goods and services received in June are recorded as current fiscal year expenditures; goods and services received in July are recorded as ensuing fiscal year expenditures.

Both receiving reports and vendor invoices for the current fiscal year expenditures must be entered into the FMS by the published deadline date. Financial Services can ensure that June items are recorded as current fiscal year expenditures only if the published deadline date is met.


Payment of Annual Services

Payment for subscriptions, dues, maintenance agreements, and other services covering a period of time generally should be made in the fiscal year in which service begins. If the period of service begins in July, however, payment may be made in the prior fiscal year.


Soft Encumbrances on General Operating

Soft Encumbrances apply only to general operating funds and are current year commitments.

Soft encumbrances allow departments to roll forward current year appropriations to the ensuing fiscal year for special items that will be expensed in the ensuing fiscal year. Requests for soft encumbrances must be approved by a dean or director and the appropriate vice president/vice provost/provost, the vice president for finance and deputy treasurer, and the associate vice president for budget and planning.

Once approved, Financial Services will manually encumber the funds in the current year and make a corresponding appropriation increase in the ensuing fiscal year.


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