Introduction: Fiscal Year End 12/13
In order to achieve an efficient and timely closing of the University's books at June 30, we ask you to take note of the procedures and deadlines stated below. The links to the right contain additional information on year end.
Review of departmental accounts should be an ongoing process. Please begin any year end analysis now and submit correcting entries before June reports are distributed.
The cutoff date for Purchase Requisitions processed against FY 12/13 budgets is May 10, 2013 for long lead time for equipment. In order to allow for sufficient time to process orders with long lead time such as furniture and to ensure that goods and services will be received by June 28, purchase requisitions applicable to the current fiscal year must be in Purchasing by May 10th. The cutoff date for requisitions for supplies is June 5, 2013 to ensure that goods and services will be received by June 28, purchase requisitions applicable to the current fiscal year must be in Purchasing by June 5, 2013. If an emergency arises for which an exception to the deadline must be requested, please contact Purchasing at extension 3-2206.
ACCOUNTS PAYABLE ACCRUALS
Completed Purchase Orders that are unpaid as of June 30th will be recorded as an expense to 2012-2013, if the order is $500.00 or greater and the receiving report is in the Controller's Office by noon on June 28th.
Only those items $1,000.00 or greater will be recorded to FY 2012-2013. Items are recorded if the receiving report or vendor invoice indicates shipment made (or services performed) prior to July 1st. Such items will appear on the June 2nd list ledgers.
The deadline for electronic June first closing entries is July 9th by 4:00 PM. The deadline for June second list IIs is July 17th at noon. The deadline for electronic journal entries is July 23 at noon.
THIS IS THE LAST OPPORTUNITY FOR DEPARTMENTS TO MAKE ADJUSTMENTS TO FY 12-13 ACCOUNT BALANCES.
Activity for the June second and third closing will appear separately from the first closing (month 13 on FRS on-line and June-Final on Web Ledgers).
Ledger sheets and reports for the first closing will be mailed July 15th. Web Ledgers will be available that morning as well.
June second closing ledgers will be mailed on July 29th. Web Ledgers will be available that morning as well. Further closing entries will be made by the Controller's Office staff only.
The above information has been prepared to give departments a better understanding of the overall year end closing process. Please refer to the department directory for the names and telephone numbers of persons to contact regarding questions that may arise. Please circulate this material to all support staff involved in the accounting functions.