Fiscal Close

Automatic Fiscal Close Entries

Accounts Receivable

Accounts Receivable balances (Object Consolidation BLSH; Object code 0299) in department operating/expense accounts are cleared at year end and consolidated in one receivable account; in July, the balance will be returned to the same FAU. Do not budget for Object code 0299 or BLSH.

Overdrafts on Sponsored Project Funds

Overdrafts remaining after a specified date in July are automatically drawn off the accounts (leaving it balanced to zero) and posted to a central dean's office account. This transaction is reversed in the new fiscal year and the overdraft will have to be cleared in accordance with university policies.

Small Balance Draw Off

To assist departments, small (i.e., $25 or less) balances and overdrafts remaining in all 199xx funds in Sub Fund Group Type G, opportunity funds (07xxx, 095xx), and registration fee fund 20000 are drawn off and are not reversed in the new fiscal year.

Academic Salary Adjustments

Academic salary budget balances are adjusted to actual, and positive balances are transferred to the Deans' offices. Negative balances are NOT automatically adjusted - consult your Dean's office to determine how these balances will be treated.

Agency Account Balances

Agency account balances are removed at year end and carried forward in July with the description "Restore Agency Account Balance". Regardless of what Object Consolidations the balances were in at June Final, the revenue and expenses are consolidated, and the net balance is carried forward in SUB3 - SUPPLIES AND EXPENSE. The Object code is 0710 - AGENCY CASH.

July 1 Adjusted Budget

Base budgets are posted to the current year budget as Jul 1 Adjusted Budget sometime before the close of Period 1 (July). Before this entry, you may get an insufficient funds message on general funds accounts.