Information for 2019 Fiscal Year-End closing
It is that time of year again to prepare for the annual closing of the fiscal year. The 2018–19 fiscal year ends on June 30, 2019, and the scheduled date for closing the General Ledger for the 2019 fiscal year is Tuesday, July 16, 2019.
Year-end closing requires the coordinated efforts of the CFO divisions and campus departments to ensure that all financial activities are accurately recorded. It is essential that all departments review and reconcile their ledgers, verifying that all invoices, travel expenses and payroll transactions pertaining to the 2019 fiscal year have been recorded accurately and that all corrections have been posted. Before closing, it is also necessary to ensure the accuracy of any outstanding encumbrances (purchase orders and travel authorizations) for the year so that budget balances for state funds can be accurately carried forward.
There’s a new public query that can be used to provide current balances on appropriated fund ledgers which may be helpful to run just before purchase orders and travel authorizations are rolled: UF_LEDGER_KK_APPROP_YEAREND
During the month of June, please use the prompted department financial reports. If there are transactions that are not reflected, or are incorrect, please take the necessary action by the advertised deadline to ensure they are posted correctly to the ledger. Actions to be taken may include budget transfers, expense transfers, payroll corrections and deposit corrections.
The following information is provided to assist you in planning for year-end closing: The Year-End Information Document provides detailed information on year-end closing, and the Year-End Schedule provides summarized deadline information by date, task description and unit. Additional information can be found in this PowerPoint presentation. Please direct any questions to the contacts listed. General year-end questions can be directed to Patrice Lecomte at plecomte@ufl.edu.
Read some Fiscal Year-End best practices from across the division.