Resources

Fiscal Year-End

If any of these duties are your responsibility and you plan to be out of the office, ensure someone will accomplish these tasks by their due date. These are firm dates in order for us to meet our deadlines. Any exception to the listed deadlines requires approval by OFA.

Refer to UA's Year-End Finance Closing Instructions (PDF) for full details of process requirements.

FY24 Key Dates for Year-End Closing Process  
FY24 Key Date Year-End Closing Process
May 23
  • FY25 Recharge Center rate proposals due to Finance & Accounting
      
June 4
  • Last date to submit FY24 Budget Revisions for all funds to Finance & Accounting.
  • FY25 Continuation Budget due to Finance & Accounting.
  • Last date for PCN attribute changes in Banner
      
June 14
  • Last day for FY24 committed (commit type “C”) encumbrance transactions, including deletes, to Accounts Payable by 5 PM.
      
June 20
  • Dates of physical inventory and inventory instructions due to Finance & Accounting.
  • Submit all FY24 petty cash receipts for reimbursement (petty cash activity that occurs after this date may process as FY24 until June 30)
      
June 27
  • FINAL FY24 Labor Reallocation (CY2023 R14-R26) using FY24 Staff Benefit rates and posting to FY24 Finance period.
     
June 28
  • Last day for match revenue transfers for FY24
    • Reminder: All match funds must have, at minimum, a zero balance (actual expenditures to revenue)
    • Submit match budget requests (original or revision) to OGCA in advance
    • OFA will not approve any revenue transfer in excess of the approved budget
  • Deposit all cash receipts including credit card deposits by 3:00 PM with the Office of the Bursar.
    Close all cashier sessions by 5:00 PM
  • Last date for issuing and delivering FY24 checks (non-payroll)
  • Date goods or services must be received or invoiced to be FY24 accounts payable
  • List undelivered checks
  • Physical inventory cutoff date
  • Record last check number used (AP, hand pay & PR)
  • FY24 fiscal year ends
      
July 1
  • Units with inventories must submit inventory lists (with copies of count sheets), associated inventory reconciliation and JVs to Finance & Accounting
  • Position (PCN) attribute adjustments resume.
      
July 4
  • FINAL LR 2024 R01-R13 Labor Reallocation using FY24 Staff Benefit rates and posting to FY24 Finance period.
      
July 4/5
  • Holidays
      
July 6
  • R14 payroll period posts to Banner
      
July 9
  • FY24 JVs submitted to OFA by this date are guaranteed to post to FY24; after this date and until July 15, JVs are posted to FY24 only if time permits.

 

  • N0 JV's accepted after July 15, 2024 without approval from OFA Director.
      
July 11
  • LAST FY24 Labor Reallocation Run (2024 R14 ONLY) using FY24 Staff Benefit Rates and posting to FY24 Finance period
      
July 12
  • Last day for electronic file feeds from Geophysical Institute and Facilities Services subsystems by 12:00 Noon
  • Last day to ensure FY24 unrestricted travel expense reports in Concur.
      
July 15
  • Detail of debit fund balances (deficits) on restricted/event funds and JV to record
  • Deadline for entering/tagging FY24 fixed asset equipment
  • Last day for FY24 encumbrance transactions, including deletes, by 3:00 PM
  • Last day AP canceled checks are reissued
      
July 19
  • OFA closes at 12:00 Noon
      
July 20
  • General Ledger Roll
  • Encumbrance Roll
  • Budget Roll
      
July 26
  • All Cycle 12 Balance Sheet Reconciliations due to OFA
  • Recons for loan fund accounts due to OFA
  • Analysis of doubtful loans due to OFA
  • Listing of loan receivables due to OFA
  • Year-end Encumbrance Report due to OFA
  • Extended cycle balance sheet reconciliations due to OFA
  • Plant fund capitalization schedule due to OFA
  • Capital improvement expenditure schedules (fund 1 & 5) due to OFA
  • Recon of allowance for doubtful accounts due to OFA
      

 

Note: All dates listed on the calendar are hard deadlines for the purpose of UAF processing. 

Downloadable PDF: UAF Year-End Key Dates

Travel

Since Concur does not establish encumbrances in Banner for travel expenses, any trips processed in Concur are automatically paid out from the current fiscal year's funding once reviewed and keyed for payment.

FY24 travel expenses require processing prior to the fiscal year rollover in order to hit FY24 funding. Contact the Travel Customer Service Office (TCSO) for help with expense reports and card transactions that need resolution before the fiscal year ends.

  • Purchases made with the Travel Agency Card or UA Travel Card are held on a general ledger until assigned to and processed on an expense report in Concur. You can request and book Fund 1 FY25 travel prior to July 1, 2024 with no further action needed, as these charges are applied in the fiscal year in which the expense report is processed (FY25).
  • All FY24 travel (start date prior to July 1, 2024) must have an expense report processed, approved and submitted for payment by July 12, 2024.
    • Concur expense reports processed after July 12 are charged to FY25 regardless of travel dates.
    • In order to ensure meeting this processing deadline, we recommend submitting Concur expense reports before July 5, 2024.

For Fund 1 FY25 travel purchases such as lodging deposits for non-employees or registration fees that require purchasing before July 1. on a ProCard with approved waiver:

  • Reconcile in PaymentNet 4 to the UAF prepaid travel balance sheet using accounting 103010-no org-0446. In the notes section put the Request ID, "FY25 travel" and the correct accounting to be charged.
  • Email a copy of the purchase and the authorization to the TCSO at uaf-travel@alaska.edu  with the subject line “FY25 Prepaid Travel,” the Request ID and the traveler’s last name.
  • After June 30 and before July 31, the ProCard reconciler must prepare a JV to move amounts encumbered on 103010-no org-0446 to the correct funding source.

 

Our staff are happy to answer questions and help navigate the year-end process.