Year-End Close Schedule

Owned by Justin Freeman
Last updated: Apr 17, 2024 by Laurie Murphy
3 min read

Fiscal Year 2024 (FY24) Close - Dates & Actions

The University’s Fiscal Year 2024 (FY24) ends Sunday, June 30, 2024. The processes outlined below include important dates and actions that require Department’s attention to ensure a successful year-end.

In accordance with Generally Accepted Accounting Standards, the University uses accrual-basis accounting. This means it is important to:

  • Record revenues when earned;

  • Record expenses when goods and/or services are received.

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

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.

Example:

  • Early registration payments received for upcoming event

Prepaid Expense – Payment remitted June 30 2024 or before for goods, services, activities received July 1 2024 or later. Identify with FY25 on Requests for Payment (RFP) and PCard Reclasses and PCard JIRA tickets.

Examples:

  • Upcoming conferences – registrations, airfare

  • Annual software maintenance or subscription fees

  • Advertising

  • Insurance premiums

  • Annual institutional/professional memberships

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 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 FY24 on Request for Payment (RFP)

  • Invoice received July 10 2024 for goods received in June 2024

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 15 so Finance can accrue the income and/or expense.

Timetable

June Close Dates – see details below

  • 1st June close – Monday, July 8, 2024

  • 2nd June close – Monday, July 15, 2024

  • 3rd June close – Monday, July 29, 2024

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

  • Journal vouchers (JVs)

  • Interdepartmental JVs

  • Requests for payment (RFPs)

  • Income and expense accruals (FY24)

  • Prepaid revenue and expenses (FY25)

  • PCard reclasses – June statement closes Wednesday, June 26

  • Deposit transmittals

  • PLUS year-end entries or corrections

2nd June close – July 15 – 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 29 – Year-end final accounting close for Finance only

  • Submit any request for additional journal entry by email to: generalledger@spu.edu

  • The Controller reviews and approves any late FY24 department entries.

Thank you in advance for your assistance in the University’s fiscal year-end processes. If you have any questions, please feel free to contact me directly or one of the areas below:

Contact Information: