What is Fiscal Year End?
The University's fiscal year ends on June 30 every year. It is important, considering Generally Accepted Accounting Principles (GAAP), that transactions be recorded in the correct reporting period. Therefore, departments should submit their accounting documents to the appropriate departments prior to fiscal close processing cutoff dates listed below.
Why is Fiscal Year End Important?
Fiscal year end is a good time to ensure expenditures and revenue have been recorded to the appropriate fund for the closing fiscal year. If transactions have not posted to the correct fund, a journal entry can be done to make a correction.
Deadlines:
The chart below lists the purchasing and accounting documents related to fiscal close transactions. The cutoff dates represent the last day that departments can submit documents to allow sufficient time for processing and posting to the Fiscal Year End. Submittal of documents well in advance of the cutoff dates will ensure timely processing.
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