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Fiscal Officer Information

It is time again to start planning for the fiscal year-end closing.

UM FY24 Closing Schedule

FY2024 items of interest include:

Requisitions-Last Day to Enter and Approve

  • Non-Catalog requisitions requiring a bid - Friday, 5/10
  • Non-Catalog requisitions not requiring a bid - Tuesday, 6/18
  • Show-Me-Shop requisitions - Friday, 6/28

Vouchers/Payment Requests - Last Day to Enter - Friday, 6/28

  • Now that the campus primarily processes accounts payable transactions through University Shared Services (USS), please email the completed Request for Payables Processing cover sheet and supporting documentation to USS at least one day earlier than the stated deadline above.

 June Web Journal Entry Cutoff for Departments – Friday, 7/12

  • For FY2024 entries, between 7/1 and 7/12, remember to change the Journal Date to 06/30/2024.
  • Please refrain from creating FY2025 entries until after 7/12.

 Automated AP Accrual Scheduled – Wednesday, 7/10

  • Vouchers approved and posted between 7/1 and 7/9 with an invoice date before 7/1.
    • PO vouchers must also have a PO date before 7/1.
  • Expense report lines approved and posted between 7/1 and 7/9 with an expense date before 7/1.

 Automated ARR/CRR Accrual Scheduled – Wednesday, 7/10

  • All approved and posted ARRs and CRRs meeting the following criteria will be included in an automated accrual:
    • ARR/CRR (Cashiers and Direct Deposit) date before 7/1 and associated journal date between 7/1 and 7/9 or 
    • ARR/CRR (Cashiers and Direct Deposit) date between 7/1 and 7/9 and reference date (Date of Check field) before 7/1 or
    • ARR/CRR (ACH/Wire) bank date before 7/1 and associated journal date between 7/1 and 7/9

  Automated AR/BI Accrual Scheduled - Wednesday, 7/10 

  • Between 7/1 and 7/9 users may update/override the accounting date on invoices to "06/30/2024" if the revenue should be reflected in FY2024.  Otherwise, during this timeframe, invoices will default to FY2025. 
    •  

UM Daily Processing – The journal entry module will have a nightly run each Sunday evening in July, beginning on July 7, to account for activity processed after 6 PM on Fridays.

Please distribute this closing information to the appropriate staff in your units.

I will review with you the additional AP accrual procedures that occur in July and August at a later date.

If you have any questions about closing, please contact me or Rochelle.

 

UM-System Integrity and Accountability Hotline