Fiscal Year End Closing
The University’s fiscal year end close calendar and time table will be listed on the UI Accounting Services web site. Listed below are additional guidelines and estimated dates for closing for CLAS departments. CLAS accountants will be working with departmental administrators to review accounts in March & April. All request for additional carryover +-5% needs approval and foundation accounts should be reviewed to see if any funds need to be divested before year end.
In May & June departments should be reviewing Purchasing, travel and HR transactions that need to be processed before year end. Here are some estimated deadlines:
- 6/8 Estimated date for Purchasing deadline
- 6/15 Estimated deadline for procurement card transactions
- 6/20 Last date to transfer funds from UI Foundation
- 6/25 Estimated date to have all workflow forms processed (HR & travel)
- 6/29 Have all vouchers completely routed through workflow for signature.
- Preliminary Close
- 7/9 CLAS preliminary closing on 050 accounts
- Accounting Services will have later deadline for all accounts (Est 7/12)
- Final Close - CLAS Dean’s Office
CLAS Guidelines for Carryover
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Please let your CLAS Departmental Accounting Contact know if you will not be available during closing! |