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Fiscal Year 2024 (FY24) Close - Dates & Actions

The University’s Fiscal Year 2024 (FY23FY24) ends FridaySunday, 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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Therefore, at Fiscal Year-End we need your help to identify the correct fiscal year for your Journal Vouchers (JV), Request for Payments (RFP), PCard transactions, and Deposit Transmittals with a value greater than $10,000. Finance will apply the correct accounting to ensure each transaction is recorded in the correct fiscal year.

Identifying the Correct Fiscal Year ADD MINIMUM $ VALUE FOR THIS?Please refer to the attachment for further examples

The reporting threshold for posting an entry to reclass activity between fiscal years is $10,000. Entries with an impact below this threshold to a single financial statement line item will not be posted during year-end close.

Prepaid Revenue – Revenue received June 30 2024 or before for activities, goods, and services delivered July 1 2024 or later. Identify with FY25 on Transmittal of Funds.

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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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June Close Dates – see details below

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

  • 2nd June close – ThursdayMonday, July 1315, 20232024

  • 3rd June close – FridayMonday, July 2829, 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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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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