Understanding Fiscal Years and Fiscal Periods

A fiscal year is important for accounting purposes and for preparing annual financial statements. At UCI, the fiscal year begins on July 1 and ends on June 30. Because the fiscal year straddles two different calendar years, the calendar year and fiscal year will not always match. For example, Fiscal Year 2018 runs from July 1, 2017 – June 30, 2018. Each fiscal year is further broken down into segments called "fiscal periods." Continue to reading more about how these fiscal periods work at UCI.

Fiscal Periods

There are a total of 15 fiscal periods to which General Ledger entries can be posted. Twelve of these periods simply represent the 12 months of the year, but three other special periods exist: Beginning Balances (BB), C&G Beginning Balances (CB), and Period 13. Most fiscal periods — except for special periods like BB and CB — include five working days after the month has ended. During these five days, some (but not all) transactions can be posted to the closing period. For example, a general error correction (GEC) could be posted to the September Fiscal Period as late as Oct. 7.

2018 Fiscal Year Periods and Closing Dates

Fiscal Year

Fiscal Period Code

Fiscal Period Name

Fiscal Period Closing Date

2018

BB

BEG. BAL.

N/A

CB

CG BEG BAL

N/A

01

JULY 2017

8/7/2017

02

AUG. 2017

9/8/2017

03

SEPT. 2017

10/6/2017

04

OCT. 2017

11/7/2017

05

NOV. 2017

12/7/2017

06

DEC. 2017

1/9/2018

07

JAN. 2018

2/7/2018

08

FEB. 2018

3/7/2018

09

MAR. 2018

4/6/2018

10

APR. 2018

5/7/2018

11

MAY. 2018

6/7/2018

12

JUN18PER12

TBA

13

JUN18PER13

TBA

Selecting Fiscal Period

During the days after the month has ended, but the previous period is still open, documents that are eligible to post to the previous period will have a dropdown selection to post to either the previous period or the current period. The document must be finalized on the Fiscal Period Closing Date for it to post to the previous period.

Periods BB and CB

Fiscal Period ‘BB’ is a special period for previous year carry-forward activity for the new year, and initial budgets. Fiscal Period ‘CB’ is a special period to carry forward the balances for Contracts & Grants/Inception to date funds from the previous fiscal year.

Period 13

Period 13 is reserved for Central Accounting to process transactions in preparation for reporting to the University of California, Office of the President. For the campus at large, all closing activities should be completed before the end of Period 12. 

Fiscal Year End

The University’s fiscal year ends on June 30 and all accounts must reflect the correct financial transactions for the fiscal year. All income and expense must be accurately recorded in their correct accounts and all accounts must close in a solvent condition. Fiscal Period 12 has an extended close date — to be announced when fiscal year-end close approaches — allowing additional time to make appropriate adjustments, accruals, and deferrals.

The University of California, Irvine is required to comply with deadlines established by the Office of the President. For the campus at large, closing procedures will be completed in June (Period 12) in KFS.

For more information, visit the Fiscal Year End Page.