Start Preparing for Fiscal Year-End Close

Sent to AFS-Update mailing list on May 1, 2020

The end of fiscal year 2019-20 is fast approaching, and Accounting & Fiscal Services staff are hard at work preparing for the upcoming fiscal close. We expect the closing process to be similar to last year with some adjustments to accommodate the fact that most employees are working from home.

The General Accounting team is finalizing the campus closing letter with specific cutoff dates and instructions. To complement this effort, we are requesting that our partners across campus also begin preparing for fiscal year-end close. Below we’ve included a bulleted list of things you can begin doing to prepare right now.

What you can do to Prepare

This year’s fiscal closing process will follow the same general timeline as the previous year’s schedule. For the campus at large, closing procedures will be completed with the June (Period 12) Ledgers on Friday, July 17. Click here for information about UCI’s fiscal periods. In preparation of fiscal year-end close it is recommended that the following actions be taken in each campus department:

  • Continue to promptly validate and reconcile your monthly ledgers.
  • Continue to promptly address your KFS Action List, and ensure your unit has back-up secondary delegate approvers.
  • Start reviewing object codes for credit balances. Use the Object Code Balance Report and select “Credits Only” to return a list of all credit objects. Departments cannot close the fiscal year with a credit balance in an object code for year-to-date (non-C&G) accounts. Contact General Accounting if an exception is required.
  • Thoroughly review and resolve all open encumbrances that should be closed.
  • Review KFS accounts provided to campus recharge providers for recurring charges to ensure accuracy and to minimize adjustments/corrections.
  • Thoroughly review the May (Period 11) ledgers and make all necessary adjustments. If transactions are not on the ledgers, research them and make sure that they will be processed in time to appear on the June (Period 12) ledgers.
  • Consider Period 12 ledgers to be your interim ledger. Departmental adjustments cannot be processed after this ledger is closed on July 17.
  • Cutoff dates for processing all financial transactions, accruals/deferrals, and budget transactions for June (Period 12) will be communicated in the fiscal year-end closing letter and at the closing workshops.
  • It is necessary that all income budgets, including recharge, on all control accounts align with actuals at year end for a variance of zero; and that expenditure activities are solvent. To help manage this, please review the Organization Account Status report. This report is intended to be a “quick glance” overview of accounts and funds that are not solvent, and income that needs to be budgeted.
  • “After July 17” adjustments (aka, Period 13) should be kept to a minimum. The Accounting team recommends that your unit now review and assess how fiscal year-end closing cutoff dates can be successfully achieved. Please consult with your local financial management or MAABO now for any assistance in positioning your unit to accomplish the fiscal year-end cutoff schedule.

The campus fiscal year-end closing letter that addresses specific cutoff dates and other actions will be sent soon. Please do not hesitate to contact the KFS Helpdesk if there are circumstances or conditions that need to be addressed to ensure your unit’s successful fiscal year-end close.

Reminder: Register for Fiscal Close Workshops

Registration is now open for the Accounting Department’s upcoming fiscal year-end close workshops! This year, all workshops will be hosted on Zoom in accordance with social distancing best practices. Instructions reviewed will directly relate to fiscal close - financial and budget documents, key dates, overdrafts, encumbrances, and accruals and deferrals. There are two identical workshop sessions scheduled for May.

  • Fiscal Year-End Close Workshop
    Tuesday, May 19 at 9 a.m.

    Location: Zoom link will be emailed to registered attendees
  • Fiscal Year-End Close Workshop
    Wednesday, May 20 at 1 p.m.

    Location: Zoom link will be emailed to registered attendees

Sales & Service/Auxiliary Enterprises Fiscal Close Workshop

In addition to the above workshop sessions, a separate session will be scheduled for sales & service, auxiliary enterprises, and certain self-supporting operations at 9 a.m. on Tuesday, June 2. This meeting will also be on Zoom. Register on UCLC to receive the link by email.

Register on UC Learning Center

register on uclcRegistration is required to attend any of these workshops and must be done through UC Learning Center (UCLC). To sign up for one of the sessions detailed above, search for "fiscal close" on the UCLC website and follow the instructions to register. A Zoom meeting link will be emailed to registered attendees.

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