General

Fiscal Year-end General Closing Policy

General Closing

  1. The Controller issues a memo annually to the College community detailing fiscal year closing procedures. It is typically issued during the beginning part of May. The memo will specifically outline deadlines for the processing of financial information during fiscal year end closing procedures.
     
  2. Departments should review their budget to actual reports for accuracy and correct errors as they are found throughout the year, however, particular attention should be placed on the analysis at year end.
     
  3. Student fees deadline - All Fines or fees for the fiscal year ended June 30 should be submitted to the Student Financial Services Office prior to this time.
     
  4. Purchasing
    1. See Closing Memo for detailed information on purchase orders.
       
  5. Accounts Payable
    1. Invoices / Check requests - All efforts should be made to submit all invoices and check requests for the fiscal year end to the Accounts Payable department prior to the accounts payable deadline in mid July.
       
  6. Travel Reimbursement - The fiscal year associated with a travel reimbursement will be determined based on the return date of the trip. Trips beginning on or before June 30 should be charged to the fiscal year ending; trips beginning after that date should be charged to the new fiscal year

     

  7. Cash or Check Deposits
    1. Cash Deposits - Deposits for June will only be accepted by the Controller's Office the business day before the last day of the fiscal year for inclusion in June activity. After that time, transactions will be processed in the new fiscal year.  We cannot backdate deposits to the bank.
       
    2. Petty Cash Transactions - In order to account for expenses in the correct fiscal year, all petty cash expense reimbursements must be processed by the staff accountant on or before 4:00 p.m., June 30. This includes reimbursement of expenses for those departments with petty cash funds. In addition, petty cash audits will take place in the spring for all departments who hold a petty cash account.
       
  8. Departments will be asked to provide evidence of the receipt of goods for significant Procard purchases.
     
  9. Any final journal entries to adjust data based on the preliminary reports must be received by the final journal entry deadline towards the end of July.
     
  10. A notice will be posted on Faculty Staff when the books are closed.

 

Suggestions

  1. For all purchases, during this last couple of weeks the fiscal year, we suggest you contact the supplier prior to purchases to confirm the supplier can deliver the merchandise on or before June 30.

  2. We kindly ask that the departments arrange with suppliers for timely invoicing of goods or services delivered on or before June 30 and promptly submit through Workday once received.