2015-2016 Fiscal Year End Closing

Published: April 26th, 2016

Category: Memos

Alan M. West, Assistant Vice President and University Controller

It is that time of year again to prepare for the annual closing of the fiscal year. The 2015-2016 fiscal year ends on June 30, 2016. The scheduled date for closing the General Ledger for the 2016 fiscal year is Wednesday, July 13, 2016.

Please note the early deadline of May 5, 2016 for requisitions on appropriated funds for orders above $75,000 that require competitive bidding.

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 2016 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. Actions to be taken may include expense transfers, payroll corrections, deposit corrections 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:

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

Year End Information by Area: (click on name to link to that section – CRTL + Click to follow the link)
Purchasing and Disbursements
Asset Management
Construction Accounting
Payroll and Tax Services
Treasury Management

General Accounting and Financial Reporting

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.

Year End Workshop will be held at:
Voyles Room, 201A Criser Hall
Wednesday, May 4, 2016 at 3:30 p.m. – 4:30 p.m.

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

This workshop will also be available on Lync. For assistance, please contact Kimberly Cruce at kcruce@ufl.edu.

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

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