Year End Close

• June 22:  Concur (travel and reimbursement) reports submitted and approved
• June 24:  Final FY26 invoices to Accounts Payable
• June 25:  Concur (PCard) reports submitted and approved
• June 30:  Buy-to-Pay (B2P) holds resolved (by noon)
• July 10:  Internal billings deadline
• July 14:  Accruals, deferrals, and prepaid expense journals
• July 14:  All remaining journal entries due

There is a shared calendar in Outlook called "FAS Finance Deadlines" that contains deadlines and events.

To view the shared calendar in Outlook, click Open Calendar-> Open Shared Calendar and type in FAS Finance Deadlines in the Name field.

 

This includes:

• AP Accruals:  Expenses for goods and services received in FY26 that have not been paid for in FY26
• AR Accruals:  Revenue earned in FY26 that has not been received in FY26
• Deferred Revenue:  Revenue earned in FY27 that has been received in FY26
• Prepaid Expenses:  Expenses for goods and services that will be received in FY27 (or later) but have already been paid for in FY26

AP Accruals Guidelines

• Departments should NOT create their own AP Accruals.
• AP Accruals will be managed by the Accounting Group in FAS Finance.
• A copy of any invoice received in a department for goods/services received in FY26 that were not entered into B2P, should be forwarded to the Accounting Group in FAS Finance to be accrued.
• Accruals will be posted on the Thursday of the 2nd close and again on Tuesday of 3rd close.

AR Accruals, Deferred Revenue, and Prepaid Expenses Guidelines

• For AR accruals and deferred revenue, look at prior year Transaction Listing reports for examples of external revenue your department typically receives - pay attention to revenue received around year end and evaluate for which period it belongs.
• For prepaid expenses, ask yourself if your department has any expenses that are paid in a lump sum and span a long period of time.  Examples include service contracts, rental and lease contracts, license and software agreements.
• For AR accruals and deferred revenue, journal entries and their support should be returned to Devon Losada in FAS Finance.
• For prepaid expenses, journal entries and their support should be returned to Maria Geovanos in FAS Finance.

The last day for Accruals, Deferrals, and Prepaids is Tuesday, July 14^th at 5pm.
 

Resources

• AR Accrual Quick Guide
• Deferred Revenue Quick Guide
• Prepaid Expense Quick Guide
   
• Controller’s Corner – Open office hours for any and all accounting questions.  No question too small! 

  • Held throughout June and daily in July. See calendar below. Click here for Zoom link.

    

Concur (travel and reimbursement) reports must be approved by June 22.  Concur (PCard) reports must be approved by June 25.

The final deadline for B2P invoice submission is June 24.  The final deadline for B2P holds resolution is June 30 (noon).

• Process all AR transactions in a timely manner.
  • For departments using Oracle AR, all invoices and credit memo information must be entered by July 1.
• Run dashboards to verify transactions have been posted accurately. Create correcting journals as quickly as possible. Export transaction listing data to TLX macro spreadsheet to facilitate journal entry creation and preserve audit trail. TLX is available here. The ADI template is available here. In addition, users can cut and paste the costing from the ADI template to the Bulk COA Validator to verify that the costing does not violate cross validation rules. 

Final checks on transactions and balances:

• Run transaction listings, budget variances, or other reports to determine:
  • Have all expenses been appropriately recorded?
  • Has all revenue been appropriately recorded?
  • Are all expenses and revenue recorded on the correct org/fund/activity/subactivity and root?
• Check fund balances for deficits. Funds in deficit at the end of the year will be charged interest.