Fiscal Year 2024 (FY24) Close - Dates & Actions
The University’s Fiscal Year 2024 (FY24) 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.
...
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.
...
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)
...
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.
...
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.
...
1st June close – July 8 – Submit all standard month-end accounting close and year-end entries
...