Number: 
03-150-410
Type: 
Rule
Policy Steward: 
Director of FA&A
Format Updated: 
University Policy & Standards Converted: 
Status: 
Current
Revision Date: 
Thursday, December 9, 2010

* This information replaces FIS 801-15 & 801-16 Fiscal Year End Expenditure & Revenue Review

 

Each year, the Office of Business Affairs distributes Year End Closing instructions with specific dates and deadlines for that year.

Expenditure Review

Throughout the fiscal year, but in particular by period 12, units must review expenses appropriate for funding type.

Note:  All of the revenue and expense accrual Journal Vouchers entered in the current fiscal year must be reversed during July of the new fiscal year by using a July transaction date. Use Rule Code 3JV1 for accrual entries during period 14 and a June 30 transaction date.  Use rule code 3JV1 to reverse accrual with July date.

Revenue Review

See FIS-Ex003-17: External Receipts Account Code Guidance. Note:  All of the revenue and expense accrual Journal Vouchers entered in the current fiscal year must be reversed during July of the new fiscal year by using a July transaction date. Use Rule Code 3JV1 for accrual entries during period 14 and a June 30 transaction date.  Use rule code 3JV1 to reverse accrual with July date.