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. Invoices and ordering prior to July 1st for the new fiscal year - If you need to order items for the new fiscal year prior to July 1st please note “Budget Year FYXX/XX” on your requisition to the Purchasing Department. If services are performed or an item is shipped by June 30th, then the invoice will be charged to the fiscal year ended June 30 regardless of the invoice date or when the invoice is paid.
    2. Outstanding purchase orders only create encumbrances- Actual invoices or expense accrual creates the charge against your budget.
    3. The College does not accrue departmental operating budgets for items that were never ordered or services that were never performed simply because they were budgeted for in a certain fiscal year. Any unexpended department unrestricted operating budget funds cannot be carried forward to the new fiscal year.
  5. Accounts Payable
    1. Invoices / Check requests - All effort 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.
    2. Checks Held at the Cashier’s Window - Checks that fail to be picked up by 3:00 at the Cashier’s window on June 30 will be sent to the requester via interoffice mail. Please make arrangements to pick up held checks prior to this date.
  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. Journal Voucher Entries - Beginning July 1 through journal entry posting deadline, please indicate the appropriate fiscal year on the face of all journal entries. To be included in the fiscal year ended June 30 journal entries must be received by the Controller’s Office by the journal voucher deadline in mid July.
  8. Cashier’s window transactions
    1. Cash Deposits - Deposits for June will only be accepted by the cashiers through 12 noon on June 30 for inclusion in June activity. After that time, transactions initiated through the window or deposited into the depository will be processed in the new fiscal year.
    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 cashier on or before 4:00 p.m., June 30. This includes reimbursement of expenses for those departments with petty cash funds.
  9. Departments will be asked to provide evidence of the receipt of goods for significant Procard purchases.
  10. Preliminary closing – A notice in mid-late July will be put on the First Class Faculty/Staff Conference for departments to run their preliminary year-end reports. Reports should be reviewed timely and any correcting entries must be received prior to final closing date.
  11. Any final journal entries to adjust data based on the preliminary reports must be received by the final journal entry deadline in the end of July.
  12. A notice will be posted on First Class Faculty/Staff Conference when the books are closed.



  1. Procard and Office Depot Purchases- Because vendors may not be able to submit the transactions prior to July 1, it would be advisable to discontinue use of the card and this vendor for the last week of June.

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

  3. We kindly ask that the departments arrange with vendors for timely invoicing of goods or services delivered on or before June 30 and promptly forward all vendor invoices all invoices to Controller’s office when received.