2011-2012 Fiscal Year End Closing

Published: May 2nd, 2012

Category: Memos

Michael V. McKee, Assistant Vice President and University Controller

It is that time of year again to prepare for the annual closing of the fiscal year. The 2011-2012 fiscal year ends on June 30, 2012. The scheduled date for closing the General Ledger for the 2012 fiscal year is Friday, July 13, 2012.

Year-end closing requires the coordinated efforts of Finance and Accounting and campus departments to ensure that all financial activity is accurately recorded. It is important that all departments review and reconcile their ledgers, verifying that all requisitions, invoices, travel expenses, and payroll transactions pertaining to the 2012 fiscal year, have been recorded accurately and all corrections have been posted. Before closing, it is also necessary to ensure the accuracy of any outstanding encumbrances (purchase orders and travel authorizations) for the year so that budget balances for state funds can be accurately carried forward.

During the month of June, please use the prompted financial reports. If there are transactions that have not appeared, or are incorrect, please take the necessary action by the posted deadline to ensure they are posted correctly in the ledger. Action to be taken may include expense transfers, payroll corrections, deposit corrections, journal entries or a phone call to the appropriate contact person listed in the schedules below.

The objective of the year-end closing is to create an accurate record of financial activity for the entire fiscal year. The following information is provided to assist you in planning for year- end closing:

Year End Information Document is located on the Finance and Accounting website under General Accounting and provides detail information on year end closing.

Year End Information by Area: (click on name to link to that section)
Asset Management
General Accounting
Financial Reporting
Payroll Distributions
Purchasing and Disbursements
Treasury Management

Year End Schedule
The Year End Schedule, located on the Finance and Accounting website under General Accounting, provides summarized deadline information by date, task description, responsible staff, and unit. The schedule can be sorted by any column, just click on the column heading.

Year End Workshop will be held at:

McCarty Hall D, Room G001
Thursday, May 17, 2012 at 3:00 p.m. – 4:30 p.m.

Staff from Asset Management, Budget Office, General Accounting, Payroll, Purchasing & Disbursements, and Treasury Management will discuss year end critical dates and tasks and be available to answer any questions.

If you are interested in attending the workshop in person or via Polycom (video conference), please email Kimberly Cruce at kcruce@ufl.edu. An IP address and room number must be provided for participation via Polycom. The meeting will also be streamed live via the link below: http://icsde.ifas.ufl.edu/Accordent/live/APA/5-17-12

If you would like further information about year-end closing, please contact Sheela Moudgil at moudgils@ufl.edu, or the contact person listed for the specific area of interest.

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