Understanding Year End
What is Year End?
Year end, June 30th of each year for the University of Florida, is a snapshot in time where we report all assets and liabilities of the University, as well as the revenue, expenses, and other financial information for the fiscal year (July 1 – June 30). The University, as a component unit of the State of Florida, is required to provide an Annual Financial Report to the state, which is audited by the Auditor General of Florida.
What is Cut-Off?
Accounting cut-off procedures are used to record transactions in a specific time period being reported on, such as the fiscal year ending June 30th, and to prevent transactions that occurred after June 30th as being recorded in the “old year.” Essentially, this means that if an event took place during a certain period, the financial impact must be recognized during that period.
Cut-off deadlines ensure the integrity of our financial information. Without a clear-cut off, errors can occur with transactions being occurred in the wrong time period. During year end, General Accounting and Financial Reporting work diligently to review and enter transactions to ensure they are properly captured. This includes entries required for the financial statements, preparing reports, and much more!
How Can You Help?
General Accounting and Financial Reporting relies on you during year end to provide the details of transactions that have occurred. A few ways you can help are outlined below – more details and resources are provided.
- Reconcile your monthly financial reports – make any corrections as soon as possible and before any set deadlines
- Remind your staff to submit reimbursement reports promptly and ensure they are approved timely
- Submit requests for purchases early
- Review your purchase orders and travel authorizations to make sure that they are still needed – close any that are no longer required
- Ensure all invoices have been paid for goods & services received on or before June 30th
- Deposit any checks or cash daily
- Follow up on any outstanding cash advances in your area
- Ensure any payroll corrections are completed
- Respond to any requests for information or processing without delay
Most importantly – reach out to us with questions!
07/31/2021: reviewed content
General Accounting & Financial Reporting: (352) 392-1326
University Controller’s Office: (352) 392-1321