2016-2017 Fiscal Year-End Closing

Alan M. West Assistant Vice President and University Controller

It is that time of year again to prepare for the annual closing of the fiscal year. The 2016-17 fiscal year ends on June 30, 2017. The scheduled date for closing the General Ledger for the 2017 fiscal year is Thursday, July 13, 2017.

Please note the early deadline of May 5, 2017 for requisitions on appropriated funds for orders above $75,000 that require competitive bidding.

Year-end closing requires the coordinated efforts of Finance and Accounting and campus departments to ensure that all financial activity is accurately recorded. It is important that all departments review and reconcile their ledgers, verifying that all requisitions, invoices, travel expenses, and payroll transactions pertaining to the 2017 fiscal year, have been recorded accurately and all corrections have been posted. Before closing, it is also necessary to ensure the accuracy of any outstanding encumbrances (purchase orders and travel authorizations) for the year so that budget balances for state funds can be accurately carried forward.

During the month of June, please use the prompted department financial reports. If there are transactions that are not reflected, or are incorrect, please take the necessary action by the advertised deadline to ensure they are posted correctly to the ledger. Actions to be taken may include budget transfers, expense transfers, payroll corrections, and deposit corrections.

The objective of the year-end closing is to create an accurate record of financial activity for the entire fiscal year. The following information is provided to assist you in planning for year-end closing:

The Year End Information Document is located on the Finance and Accounting website under General Accounting and Financial Reporting and provides detail information on year-end closing.

Click on the area below to link to that section (CRTL + Click to follow the link).

Budgets
Purchasing and Disbursements
Construction Accounting
Payroll and Tax Services
Treasury Management
General Accounting and Financial Reporting

The Year End Schedule, located on the Finance and Accounting website under General Accounting, provides summarized deadline information by date, task description, and unit.

Note that a Year End Workshop will not be held this year. Please contact the person listed in the Year End Information Document for the specific area of interest with any questions you may have.

If you would like further information about year-end closing, please contact Patrice Lecomte at plecomte@ufl.edu.