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Fiscal Year 2024 (FY24) Close - Dates & Actions

The University’s Fiscal Year 2024 (FY23FY24) ends Friday, June 30, 2024. The processes outlined below include important dates and actions that require Department’s attention to ensure a successful year-end.

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Identifying the Correct Fiscal Year ADD MINIMUM $ VALUE FOR THIS?

Please refer to the attachment for further examples.

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June Close Dates – see details below

  • 1st June close – ThursdayMonday, July 68, 20232024

  • 2nd June close – ThursdayMonday, July 1315, 2023

  • 3rd June close – FridayMonday, July 2829, 2023

Prior to 30 June 2024 and ongoing –

  • Ensure you are identifying the correct fiscal year for all transactions

  • Open purchase orders - Accounts Payable has contacted departments with open purchase orders

  • Petty cash - General Ledger has contacted departments with Petty Cash

  • Fixed assets / inventory - General Ledger will contact departments with fixed assets / inventory to coordinate the asset counts.

 

1st June close – July 6 8 Submit all standard month-end accounting close and year-end entries

  • Journal vouchers (JVs)

  • Interdepartmental JVs

  • Requests for payment (RFPs)

  • Income and expense accruals (FY24)

  • Prepaid revenue and expenses (FY25)

  • PCard reclasses – June statement closes Monday Wednesday, June 26

  • Deposit transmittals

  • PLUS year-end entries or corrections

2nd June close – July 1315 – Submit all year-end accounting close entries for all departments

  • Income and expense accruals (FY24)

  • Prepaid revenue and expenses (FY25)

  • Inventory stock take results and any adjustments

  • Pcard reclasses through June 26 2024 US Bank statement – All transactions in Banner Account 74510 Visa Procard Charges need to net to $0.00. Note:  Finance will contact you for any purchases made on your PCard between June 26 2024 and June 30 2024 to ensure these are recorded appropriately

  • Other year-end entries

  • Review your department’s Argos Revenue & Expense reports and Transaction Detail reports

3rd June close – July 28 29 – Year-end final accounting close for Finance only

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