Fiscal Year 2018-19 will end on June 30th. To help facilitate a smooth and successful year-end close, there are a number of steps departments need to accomplish. The Finance Service Group 2018-19 Year End Guide has useful process information, reminders and tasks for departments to follow.
If you have any questions, please contact Finance Connect at email@example.com or 4-1558.
Last October, the Finance Service Group surveyed the campus about customer service and 73% of the respondents requested the reinstatement of Year End cut-off dates. We agree!
Year End cut-off dates make clear both your responsibilities and ours as we approach the end of the fiscal year. You help to ensure that all transactions occur and are recorded in the proper fiscal year, and we process those transactions when submitted timely to meet the final posting date on June 30th.
The 2017-18 Year End cut-off dates can be found on the Finance website. Please reach out to the departments or persons indicated if you have any questions, or contact FinanceConnect at firstname.lastname@example.org or 4-1558 .
Save the Date!
We will also be available to answer questions at our Spring 2018 What’s Up? event on April 27th (9:00 a.m.-10:30 a.m. in MLK 225).
Here’s to a successful fiscal close!
A new account number, 619800 (Furniture/Fixture), has been created and is available in FTS. This new account replaces account 660802 (Equipment Costing < 5000), which will be retired at the end of the 2016/17 fiscal year.
The following equipment accounts have been renamed for clarification:
||Equipment Costing < 5000
||Equipment – Non Instructional
||Equipment – Instructional
Account 660802 is no longer available in FTS for use in requisitions, direct payments, employee/student reimbursements and expense transfers. It will remain available for use in Budget Transfers to facilitate appropriate reclassification of budget through May. To reclassify expenses, please contact Finance Support at email@example.com for assistance.
Open Purchase Orders
Open purchase orders with encumbrance balances under account 660802 must be spent down by April 1, 2017. If you anticipate the encumbrance to remain beyond April, a change order request must be submitted to Contracts & Purchasing Services. Remaining encumbrances in 660802 at year-end will not carry-forward to the next fiscal year.