In order to close in a timely manner, it is important that departments adhere to the cutoff dates outlined in this letter. In addition to meeting the cutoff dates, it is recommended that the following actions be taken in each campus department:
Continue to promptly reconcile your monthly ledgers.
May Period 11 Ledgers
Thoroughly review the May (Period 11) ledgers and make all necessary corrections/adjustments. Ensure that all transactions will be processed in time to appear on the June (Period 12) ledgers. Departments cannot process adjustments after the Period 12 ledger closes.
Full Accounting Units
Review FAUs provided to campus recharge units for recurring charges to ensure accuracy and to minimize corrections.
Please note that material transactions that were not recorded by the Period 12 cutoff and are related to 2016-17 business must be accrued as soon as possible.
To determine whether a transaction is material for reporting purposes, UCI has established the following criteria:
- The goods and/or services are received in 2016-17, but the expense is not reflected on the 6/30 campus ledgers (expense accrual).
- Services are performed in 2016-17, but not billed (revenue accrual).
- Revenue is received in 2016-17 for services to be conducted in 2017-18 (revenue deferral).
- Payment for goods/services in 2016-17 with expected benefit in 2017-18 (expense deferral).
- Accrual/Deferral Threshold: The transaction value is greater than or equal to UCI's accrual/deferral threshold. For the 2016-17 close, the threshold is $10,000. There are two exceptions to this rule:
- For capitalized equipment, anything greater than or equal to $5,000 should be accrued.
- For plant/capitalized construction costs, anything greater than or equal to $35,000 should be accrued.
Deadlines and Dates
Please carefully review the closing dates on this website. Questions can be directed to your department financial manager or the Accounting Office.
Action List Reminders
During the final weeks of Period 12, KFS users will receive daily Action List reminders to help ensure a timely closing process.
Decision Support will be updated six nights per week, Sunday through Friday, during Fiscal Close (from July 9 through July 27).
The June "Final" ledgers are anticipated to be available in the first week of August.
Accruals in July and August
Special attention should be devoted to the review of transactions processed in July for potential accruals. Please contact the Accounting Office as soon as possible if a material transaction should be evaluated for accrual consideration.