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UF Administrative Memo: Year End Information for 2020 Fiscal Year End Closing

DATE: May 1, 2020

TO: UF Administrative Memo

FROM: Alan M. West, Assistant Vice President and University Controller

SUBJECT: Year End Information for 2020 Fiscal Year End Closing

It is that time of year again to prepare for the annual closing of the fiscal year. The 2019-20 fiscal year ends on June 30, 2020 and the scheduled date for closing the General Ledger for the 2020 fiscal year is Tuesday, July 14, 2020.

Year-end closing requires the coordinated efforts of the CFO Division and campus departments to ensure that all financial activities are accurately recorded. It is important that all departments review and reconcile their ledgers, verifying that all invoices, travel expenses, and payroll transactions pertaining to the 2020 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.

Please note the early deadline of May 8, 2020 for requisitions on appropriated funds for orders above $75,000 that require competitive bidding.

The Year End Information Document provides detail information on year-end closing.

Click on the area below to link to that section.
Budgets
Purchasing and Disbursements
Construction Accounting
Payroll Services
Treasury Management
General Accounting and Financial Reporting

The Year End Schedule provides summarized deadline information by date, task description, and unit.

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

Published: May 1st, 2020

Category: News