Year End Closing

It is imperative to the annual closing process for the University to establish and adhere to appropriate fiscal year cutoffs.   Old year transactions must be recorded in the accounting records of the current fiscal year and new year transactions must be recorded in the accounting records of the new fiscal year, beginning July 1st. Please note these important cutoff dates, as the first ones start as early as April. Complete instructions for year‐end closing procedures (pdf, 4pgs) are in the University of Kentucky Business Procedures Manual, Section E‐10.

Complete Fiscal Year 2016-2017 Closing Schedule (pdf, 12pgs) 

Journal Vouchers: To move an expense to an account other than where it posted originally, you will create a Journal Voucher. You will print the completed JV from SAP and attach documentation supporting the change. Clearly mark the JV as OLD YEAR or NEW YEAR so that they can be prioritized by University Financial Services.

Biweekly Payroll: Biweekly Payroll Period #14 normally includes dates before and after July 1st. In order to post the June dates to the old year and the July dates to the new year, an estimate will be computed based on the Biweekly payroll period #13 (both charges and 0027 Cost Distributions). The estimated amounts will be accrued to the old year with a reversing entry in the new year. 

Accruals: Payables for goods/services will be eastablished automatically through July 31st. All invoices dated on or before June 30th and processed by departments on PRD's, TRIP Travel Expense Reports, and Two Way Match Purchase Orders, including sponsored projects sub awards, will be reviewed and the accrual posted automatically when appropriate.

A written request for an accrual will only be required when the department has not received and processed the invoice by July 31st. To make a request, please email a justification for the Nicole Bell. In addition to the justification for the accrual, include the PRD/Travel Voucher/PO number, cost object, GL account, dollar amount, and purpose of the expense by noon, July 31st. Such requests will be considered based on significant dollar amounts. Approved requests will be posted in period 14.