Year-End Closing for Accounts Receivable and Deposit Processing for Fiscal Year 04-05

Michael V. McKee, University Controller

Deposit processing for the month of June will be similar to each prior month-end. Deposits will continue to be accepted through June 30 with the normal deadlines to the University Cashiers. There will be no early cutoff for deposits. This applies to expense refunds also.

To receive credit for your deposit for fiscal year 2004-05, all cash and check deposits must be received by the University Cashiers in S-113 Criser Hall by June 30 before 8:00 am in the drop box or by 10:30 am over the counter in locked bags. These are the normal daily deadlines. If you have any questions concerning cash and check deposits, contact Linda Shreve at 392-0185 or email lshreve@ufl.edu.

Credit card and EFT/ACH deposits need to be sent daily, as soon as practical, but not later than the next day after the settlement date. It is even more critical to send these deposits regularly during this last week so all the deposits can be processed before the Accounts Receivable subsystem closes.

During this first fiscal year-end there may be deposit errors and issues to resolve before we can close the year. When the error or issue is resolved, if the deposit has an accounting date from a prior accounting period even if it has been closed, these deposits will post to the prior accounting period which may result in a change to your departmental ledger for the prior period.

Going forward in the new fiscal year, we are developing a new process to resolve these errors and issues each month before the monthly close.

Thank you for your assistance in meeting our year-end requirements. If you have any questions, please contact David Segura at 392-0779 or via email at dsegura@ufl.edu.