Closing Procedures & Deadlines

Important Fiscal Year 21 Period 04 to Close November 6th at 5:00pm

Month End/Quarterly Close


Month End/Quarterly Close

The UO's fiscal year runs July 1st through June 30th and is split into 13 fiscal periods as shown in the chart below. Fiscal periods close at 5pm on the dates listed on the appropriate closing calendar which is generally the 5th working day of the following month. If you have month-end processes that need to be completed by that time, please plan accordingly. Banner reports for the closed period will be available after 5pm on closing days. IDR (Cognos) is updated nightly and data should be available the next morning.

Each month incomplete documents with transaction dates in closed periods are removed from the system. Before documents are removed an email is sent via Appworx notifying users with incomplete documents pending removal. If you receive the Appworx email please complete or delete documents on the list as necessary. 

Fiscal years and periods that are currently open for posting:

  • Fiscal Year 19: Period 12
  • Fiscal Year 20: Period 01-12
  • Fiscal Year 21: Period 01 only
  • Fiscal Year 22: Period 01 only
  • Fiscal Year 23: Period 01 only
  • Fiscal Year 24: Period 01 only

 

Fiscal Periods
Quarter 01 Period 01 July
Period 02 August
Period 03 September
Quarter 02 Period 04 October
Period 05 November
Period 06 December
Quarter 03 Period 07 January
Period 08 February
Period 09 March
Quarter 04 Period 10 April
Period 11 May
Period 12 June
Period 14 Accrual Period

Year End Close


Year-End Training

The BAO Financial Services Department’s annual closing of the books training has been transitioned to an online format. This presentation will provide you with an overview of important year-end concepts, instructions, and additional resources. Simply login to the MyTrack Learning Module, select Learning Library under My community, and search for year-end closing of the books.
 

Dating Banner FIS Documents

Please make every effort to post transactions for June to period 12 before we close period 12 on July 9 at 5:00pm to allow time for transactions to clear approval queues, be sure to post all transactions before 3:00pm.

When entering FIS documents you want to post in fiscal year 2020 (FY20) use the following guidelines:

If document is entered by June 30, enter as you normally would, with system-defaulted transaction date. Remember: any check processed after June 30 will liquidate the invoice payable and credit cash in FY21.

If document is entered between July 1 and July 17, change the transaction date to June 30 (FIS will default the current date as the transaction date). Enter everything else normally. Banner will post the expense and automatically accrue the payable in FY20. The check itself will be written from FY21 and liquidate the payable.

If you have questions call Financial Services at 6-3524.

Cash Receipts and Deposits in Transit

Cash Receipts

All cash receipts must be at the Cashiers’ Office by 3:00pm on June 30, for inclusion in the FY20 accounting records. Deposit all cash receipts in a timely manner. Please try to avoid accumulating receipts for a final deposit.

Off campus locations must provide detailed information for their final deposits at the bank to the Cashiers’ Office by 3:00pm on June 30 (fax 541 346-3137).

If you have questions please call the Cashiers’ Office at 6-3154.

Department Deposit in Transit

For payments you have received but cannot deposit before the Cashiers' Office month and year-end deadlines, please use the following procedures to record a deposit in transit (A0951).

To record the deposit in transit by JV in the month the payment was received:

Debit     Department Index     A0951 Cash-Department Deposit In Transit

Credit    Department Index     Revenue, Unearned Revenue, AR, etc.

To make the physical deposit with UO Cashiers using Banner form TWADEPO the next month:

Debit     CASH, CHEK, BANK, or CARD depending how the payment was received

Credit    Department Index     A0951 Cash-Department Deposit In Transit

Please note that this account code and procedure should only be used to record payments that you have received but are unable to deposit with UO Cashiers by month end. Established cash handling procedures must be followed as indicated in the cash handling and departmental deposits section.

Account Reconciliations

Account Reconciliations

The University of Oregon is required to generate supporting detail and account reconciliations for asset and liability accounts to support year-end balances. If your department has made any entries to any general ledger account codes, those that begin with the letters A or B, there should be a listing of those transactions kept in your department to support the balance as of June 30. Below is a list of commonly used general ledger account codes requiring detailed back-up and reconciliations. This list does not include all account codes that need back-up and reconciliation.

A3103 Misc Accounts Receivable

A3106 Sundry Receivable

A3702 AR from Affiliated Foundation

A4002 Organized Storeroom Inventories

A5019 Prepaid Services & Supplies

A5020 Prepaid Travel

A5021 Prepaid Subscriptions/Memberships

A5022 Prepaid Capital Assets

A5023 Prepaid Software Expenditures

A5030 Prepaid Miscellaneous Expense

B0101 Year-end A/P Accrual

B0190 Received Items Payable

B5120 Prepaid Tuition & Fees

B5801 Undistributed Revenue

B5802 Unearned Revenue

B5817 Unredeemed Gift Cards/Certificates

Journal Vouchers

Journal Vouchers

The last day to input journal vouchers for period 12 is July 9 and the last day to input journal vouchers for period 14 is July 17. To post to period 12 or 14 the item must have a June transaction date.

Contact Financial Services at 6-3524 with any questions, or if you need to do a JV after July 17. Up until November 1, please notify Financial Services if there is a journal voucher that is entered into FY21 that should have been in FY20.

Accounts Receivable

Accounts Receivable

Departments that sell products or provide services should post revenue on an accrual basis. According to Generally Accepted Accounting Principles (GAAP), accrual accounting requires revenue be recognized when the product is delivered or the services are provided, not when the cash is received. Departments should accrue amounts owed to them at year-end by customers external to UO.

To record revenue and receivable in FY20, with a transaction date of June 30 or earlier:

Debit     Department Index     A3103 - Misc A/R

Credit    Department Index     Revenue Account Code

To record the reversal deposit the payment utilizing TWADEPO:

Debit     (CASH, CHEK, CARD, or Bank depending how payment was received)

Credit    Department Index     A3103 – Misc A/R

We encourage entries be made before the close of period 12 on July 9 at 5:00pm.

*** It is important that receivable amounts for FY20 are reviewed for accuracy. To review account A3103 or any other general ledger accounts, use FGITBAL/FGIGLAC. Additional requirements at year-end include analysis of accounts for uncollectable amounts, and preparation of a detailed accounts receivable aging list reconciled to the general ledger.

Additional resources are available at https://ba.uoregon.edu/content/accounts-receivable-non-student.

If you have any questions please contact Financial Services at 6-1115.

Receivables from UO Foundation

Receivables from the UO Foundation

Following are the conditions that must be met before a UO Department can accrue a receivable from the UO Foundation (UOF):

The University had incurred expenses in the fiscal year that met the restrictions that donors to the University Foundation placed on their donations.

The amount to be accrued was on hand (in the form of cash, cash equivalents, and/or short-term investments) in the appropriate fund at the University Foundation at the close of the fiscal year.

The University had requested reimbursement of said expenses in a timely fashion (before fiscal year-end close of period 14).

The monies requested are actually received by the University in a timely fashion.

Transfer requests sent to the UOF after June 22nd at 5:00pm but before period 14 departmental lockout on July 17 may be accrued at the UO with the following entries:

To record revenue and receivable in FY20:

Debit     Department Index     A3702- AR from Affiliated Foundation

Credit    Department Index     03651 - Campus Affiliated Foundation Gift

To record the reversal in FY21:

Debit     Department Index     03651 - Campus Affiliated Foundation Gift

Credit    Department Index     A3702- AR from Affiliated Foundation

Please forward copies of these requests to Phil Davis in BAO Financial Services at pdavis@uoregon.edu.

Purchase Orders and General Encumbrances

Purchase Orders and General Encumbrances

Expenditures must be charged to the fiscal year and period in which goods are received or services are performed.

Banner purchase orders for goods and services that will be received in FY21 must be dated in FY21 (i.e. dated 7/1/20 or after). A general encumbrance may be entered in FY20 if it is necessary to have the FY21 purchase encumbered. The FY20 general encumbrance will need to be liquidated after it rolls, as the purchase order's encumbrance already will be included in FY21.

If orders for goods and services will be received in FY21, but payment must occur in FY20 (i.e. maintenance contract), use the current date on the Banner purchase order and use the appropriate prepaid expense account code. See procedures for prepaid expense if the goods or services are tax reportable and for the FY21 reversing entry.

The Business Affairs Office will roll purchase order and general encumbrances on all funds from FY20 to FY21 at the close of period 12.

After the close of period 10 the BAO will send departments a listing of their outstanding encumbrances that have not had any activity for one year. Departments will need to determine if they want them closed or rolled. If the department does not want the encumbrance rolled then they will have to perform a liquidation prior to the close of period 12. See Year-End Encumbrance Procedures in our the fiscal procedures section.

Do not liquidate a rolled encumbrance in period 14. If you do not want an encumbrance in a fund to roll, perform a liquidation in period 12. If you want to liquidate an encumbrance that has rolled, perform the liquidation in period 01 of the new fiscal year.

Contact Financial Services at 6-7215 with any questions.

Invoices and Payables

Invoices

Expenditures must be charged to the fiscal year in which goods are received or services are performed. The last day to input invoices that need to be included in FY20 accounting records is 5:00pm on July 17. A June transaction date must be used. Note: the last day to input an invoice for period 12 is July 9.

Payables

A payable should be recorded for goods or services received by June 30th for which an invoice has not been received, or if the invoice was paid with a transaction date in the new fiscal year. The expense will be posted to the wrong fiscal year in this case, and needs to be moved to the prior fiscal year with two journal vouchers.

The first journal voucher needs to be processed in period 12 or 14 of the old fiscal year to record the expense and a liability. The second journal voucher is processed in period 01 of the new fiscal year. It reverses the first one, to remove the liability and net against the expense recorded with the invoice.

The liability account code is a general ledger code and will appear on the Banner page FGITBAL. It will not appear on FGIBDST or FWIBUDG.

To record the expense and payable in the period the goods or services were received:

Debit     Departmental Index     Expense Account Code 2xxxx

Credit    Departmental Index     B0190 – Received Items Payable

To reverse the accrual in the new fiscal year:

Debit     Departmental Index     B0190 – Received Items Payable

Credit    Departmental Index     Expense Account Code 2xxxx

All accrual entries must be processed by July 17, 2019. If you have any questions please contact Financial Services at 6-1256.

After period 14 close, please continue to notify Financial Services (pdavis@uoregon.edu) of invoices that are paid but should have been an expense in the prior fiscal year.

Additional items to note:

Do not accrue telephone charges

Do not accrue motor pool charges, because they will be recorded before the close of period 14

BAO will accrue Concur Pcard and travel expenses incurred in FY20 – see details in the central accrual entries section

Prepaid Expenses

Prepaid Expense

According to GAAP, accrual accounting requires expenditures to be charged to the fiscal year and period in which goods are received or services are performed, regardless of when budget or cash is available.

Invoices and other purchases, such as Concur or Duck Depot transactions, for $5,000 or more for goods or services that will be received (partially or entirely) in a future fiscal year should be allocated to the appropriate prepaid expense account code. To remove the prepaid and recognize the expense, post a reversing journal voucher with a transaction date in the fiscal year and period that the goods or services are to be provided. This journal voucher may be processed ahead of time if the future period is open. Purchases of less than $5,000 are not amortized over future fiscal years; they are expensed in the current fiscal year.

Tax reportable expenses must first be coded to an expense account code when processing an invoice. For a list of 1099 tax reportable account codes, please see the following website: UO Fiscal Policy Manual Website.

For amounts of $5,000 or greater posted as expense that should be prepaid expenses for future periods or fiscal years:

Debit     Department Index     Prepaid Expense Account Code

Credit    Department Index     Expense Account Code

To remove the prepaid and recognize the expense in a future period or fiscal year:

Debit     Department Index     Expense Account Code

Credit    Department Index     Prepaid Expense Account Code

We encourage entries be made before the close of period 12 on July 9th at 5:00pm.

*** It is important that prepaid amounts for FY20 are reversed prior to year-end. To review prepaid expense account codes or any other general ledger accounts, use FGITBAL/FGIGLAC. Some prepaid expenses, such as airfare for travel, may be initiated outside of your department.

Common prepaid expense account codes:

A5019 - Prepaid Services & Supplies

A5020 - Prepaid Travel

A5021 - Prepaid Subscriptions/Memberships

A5022 - Prepaid Capital Assets

A5023 - Prepaid Software Expenditures

A5030 - Prepaid Misc Expense

If you have any questions please contact Financial Services at 6-3524.

Unearned and Undistributed Revenue

Unearned/Undistributed Revenue

According to GAAP, accrual accounting requires revenue be recognized in the fiscal year and period in which the goods or the service are provided. Unearned revenue is recorded for payments received for goods or services which have not yet been provided. A journal voucher needs to be processed in the future period or year that the goods or services are to be provided.

To deposit payment through TWADEPO when it is received:

Debit     (CASH, CHEK, CARD, or BANK depending how payment was received)

Credit    Department Index     Unearned Revenue Account Code

To recognize the revenue in a future period or fiscal year:

Debit     Department Index     Unearned Revenue Account Code

Credit    Department Index     Revenue Account Code

Undistributed Revenue - Revenue earned for goods or services that is accumulated in the liability account code B5801 until distributed as revenue.

Common unearned/undistributed revenue account codes:

Unearned Revenue:

B5120 - Prepaid Tuition & Fees

B5802 - Unearned Revenue

B5817 - Unredeemed Gift Cards/Certificates

Undistributed Revenue:

B5801 - Undistributed Revenue

If you have any questions please contact Financial Services at 6-1256.

Central Accrual Entries

Central Accrual Entries

The BAO will make the following year-end accrual entries:

Concur Pcard – expenses incurred through the final, completed cycle of the fiscal year that were not fully approved and posted in FY20. Also, the 7/1 Pcard posting will be reversed and posted as of 6/30 because that is the date that the associated expenses were fully approved.

Concur Travel – expenses for travel that occurred in FY20, but were outstanding at year-end. Travel that crossed fiscal years will be prorated between the two years.

Summer session tuition & fee revenue and remissions recorded in June will be prorated between fiscal years based on the percentage of all summer session courses in each year.

Funds with Negative Balances

Funds with Negative Balances

Funds may not have negative fund balances at June 30. The necessary entries to resolve any negative balances must be recorded in the FY20 accounting records by 5:00pm July 17 using a June 30 transaction date.

Determine the fund balance as of June 30 by using Banner page FGITBAL for period 14. This will give you your current fund balance. A credit balance is positive. If the balance is a debit, there is a negative fund balance. Other departmental funds will have to be used to cover the deficit. If you have fund balances that remain negative as of June 30 someone in the BAO may contact you.

If you have any questions about how to process a JV to eliminate a negative fund balance call Financial Services at 6-1256.

Inactive Funds

Inactive Funds

As part of year-end closing procedures, the BAO is required to identify and eliminate as many inactive funds as possible for termination. Departments are encouraged to notify the BAO of any inactive funds that can be terminated.

Please call Financial Services at 6-1115.

Payroll Adjustments

Payroll Adjustments

TBD is the last day to submit completed Payroll Accounting Adjustment (PAA) forms for HRIS pay that departments wish to adjust and post to FY20, period 12. This is accomplished by specifying a posting override date of June 30, 2020.

TBD is the last day to submit completed Payroll Accounting Adjustment (PAA) forms for HRIS pay that departments wish to adjust and post to FY20, period 14. These forms will not be processed without written justification and an authorization from the dean, director, or department head to post to the current date in FY20.

Departments with access to PHAREDS can adjust pay on their own using the posting override date of June 30, 2020 if they wish to post to FY20. Adjustments completed by departments are subject to the July 8 deadline. PHAREDS adjustments completed through disposition 60 using a June 30, 2020 posting date will post to FY20 if they are completed by close of business July 8, 2020. Departmental access to PHAREDS will be removed at the close of period 12.