UF Administrative Memo: Information for 2021 Fiscal Year-End Closing Period
DATE: May 6, 2021
FROM: Olga Weider, Assistant Vice President and University Controller
SUBJECT: Information for 2021 Fiscal Year-End Closing Period
The 2020-21 fiscal year ends on June 30, 2021, and the scheduled date for closing the General Ledger for the 2021 fiscal year is July 14, 2021.
Each year, a schedule of fiscal-related deadlines associated with this period is provided to help guide everyone’s efforts. This schedule, along with accompanying resources to support year-end processes may be found at https://www.fa.ufl.edu/directives/fiscal-year-end-schedule-and-resources/. Supplementary information has been added to this year’s schedule, including fund groups impacted, links to resources, and downloadable calendar reminders. In the coming weeks, this website will also feature videos designed to provide further support. Please note the first deadline in the year-end process is May 7, 2021, for requisitions on appropriated funds for orders above $75,000 that require competitive bidding.
Year-end closing requires coordinated efforts to ensure all financial activities are accurately recorded. All departments should review and reconcile their ledgers, verifying that all invoices, travel expenses, and payroll transactions pertaining to the 2021 fiscal year have been recorded accurately and all corrections have been posted. Before closing, departments and units should also 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 in Enterprise Analytics. If there are transactions that are not reflected, or are incorrect, please take the necessary action by the specified 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.
If you have questions about any of the processes associated with the year-end closing period, please contact the associated office listed on our website.