DATE:
April 29, 2019
UF ADMINISTRATIVE MEMO
FROM:
Alan M. West, Assistant Vice President and University Controller
SUBJECT:
Year End 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 Division and campus departments to ensure that all financial activities are accurately recorded. It is important 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 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.
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.
Please note the early deadline of May 8, 2019 for requisitions on appropriated funds for orders above $75,000 that require competitive bidding.
This year the CFO Division will host the following Fiscal Year End Workshops. Representatives from the Division will cover critical dates, share changes to be expected during this year’s closing process, and be available to answer your questions.
• Monday, May 6, 2019 – Fiscal Year End Workshop, 10am Sunshine Skyway, East Campus
• Thursday, May 9, 2019 – Fiscal Year End Workshop, 2pm Sunshine Skyway, East Campus
• Monday, May 13, 2019 – Fiscal Year End Workshop, 10am Sunshine Skyway, East Campus
Please register to UF_PST980_ILT: Fiscal Year End Workshop can be accessed by clicking on one Registration Link.
The following information is provided to assist you in planning for year-end closing:
The Year End Information Document (http://www.fa.ufl.edu/wp-content/uploads/ga/Year%20End%20Information.pdf) provides detail information on year-end closing.
Click on the area below to link to that section.
*Budgets
(http://www.fa.ufl.edu/wp-content/uploads/ga/Year%20End%20Information.pdf#page=1)
*Purchasing and Disbursements
(http://www.fa.ufl.edu/wp-content/uploads/ga/Year%20End%20Information.pdf#page=3)
*Construction Accounting
(http://www.fa.ufl.edu/wp-content/uploads/ga/Year%20End%20Information.pdf#page=6)
*Payroll Services
(http://www.fa.ufl.edu/wp-content/uploads/ga/Year%20End%20Information.pdf#page=7)
*Treasury Management
(http://www.fa.ufl.edu/wp-content/uploads/ga/Year%20End%20Information.pdf#page=9)
*General Accounting and Financial Reporting
(http://www.fa.ufl.edu/wp-content/uploads/ga/Year%20End%20Information.pdf#page=10)
The Year End Schedule provides summarized deadline information by date, task description, and unit.
Please contact the person listed in the Year End Information Document for the specific area of interest with any questions you may have.
If you would like further information about year-end closing, please contact Patrice Lecomte at plecomte@ufl.edu.