Fiscal Year 2024 (FY24) Close - Dates & Actions
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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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Income Accrual – Income received July 1 2024 or later for activities, goods, and services delivered June 30 2024 or before. Identify with FY24 on Transmittal of Funds if received by July 13 15 2024.
Example:
Payment received 10 July 2024 for event held in June 2024
Expense Accrual – Payment remitted July 1 2024 or later for goods shipped or services received prior to July 1. Identify with FY25 FY24 on Request for Payment (RFP)
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If you have not received income payments or invoices for activities, goods, and services delivered June 30, 2024 or before, then please email General Ledger generalledger@spu.edu no later than July 13 15 so Finance can accrue the income and/or expense.
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1st June close – Monday, July 8, 2024
2nd June close – Monday, July 15, 20232024
3rd June close – Monday, July 29, 20232024
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 Floats
Fixed assets / inventory - General Ledger will contact departments with fixed assets / inventory to coordinate the asset counts.
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