Finance Division

Year End Closing

The Objective of the year-end closing process is to record all receipts/revenues and disbursements/expenditures in the proper fiscal year.  The Closing Calendar gives deadlines for different requests/submissions in order to be classified as current fiscal year items.  Accounting Services uses a Fiscal Year-End List of journal entries that need to be processed prior to closing out the fiscal year.  The Budget Office receives this list to prepare corresponding budgets in order for the closing journal entries to pass through the Budget Check process.