FAS Gargoyle
 
FAS User's Manual
Table of Contents
 

 

Year-end Processing 

The Universityís fiscal year runs from July 1 to June 30. At the end of each fiscal year, the Universityís "books" are closed and the financial status of the University is reported in the Annual Report. 

Accounts that are budgeted on a fiscal year basis are closed and recycled to zero on July 1st of the new fiscal year. Transactions processed after this date are applied to the following yearís accounts. Grant or contract accounts usually extend beyond the Universityís fiscal year, and, for these accounts, budgets and balances are rolled forward into the next fiscal year. These accounts are reported as project accounts, and the AM090 (Account Statement in Whole Dollars) indicates spending for the entire project period rather than simply for the fiscal year. 

In order to close the books in a timely fashion, certain deadlines are established for processing all forms including Payroll, Check Requisitions, Expenditure Transfers, etc. These deadlines are established by the Comptrollerís Office, and are posted in the Administrative Announcements section of the Comptrollerís Office website in May. Administrators are urged to submit any documents well in advance of the deadlines to ensure that the transactions will appear in the correct fiscal year. 

During the first week of July, a preliminary version of the June AM090/91 reports is sent to account administrators. Administrators have about five working days to review their accounts and to notify the Comptrollerís Office of any errors. Due to the complicated nature of closing the books, account administrators are then prohibited from making any additional entries while the Comptrollerís Office prepares the final June reports. (During this period, the July files are open and July documents should be submitted as normal.) 

Ledger 2 accounts should be budgeted to break even over some reasonable period, usually the Universityís fiscal year. Cumulative Ledger 2 surpluses or deficits are carried in a general ledger account control 31XX for the respective Ledger 2 account. Actual operating surpluses or deficits from a particular year will not be automatically reappropriated in Ledger 2. It is the responsibility of the account administrator to ensure that cumulative deficit carried in the general ledger account control 31XX is funded over some reasonable break even period, usually the Universityís fiscal year. If a reappropriation is desired, the account administrator must inform the Comptrollerís Office. 

Budget overdrafts or surpluses in Ledger 4 accounts are accumulated by department and executive level, and a determination of any reappropriation is made by the Budget Office in consultation with the appropriate Vice President, Dean, or Director. Budget overdrafts or surpluses in Ledger 7 are carried forward into the new yearís accounts in budget pool 0990

Typically, the final June reports are sent to administrators by the middle of August. 

Within about ten working days after the issuance of the final June reports, the July month end reports are produced, and FAS returns to a normal processing schedule. 

Because of the complexity of the year end process and the flow of paperwork, deadlines must be firm. Account administrators will find their role in the closing process to be relatively simple if they verify their AM090/91 reports each month and process Check Requisitions, Interdepartmental Orders, Bursar Receipts, Expenditure Transfers, etc., according to the year end closing deadlines. 
 


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