Fiscal Close: Overview

Departments need to be aware of cut-off deadlines to ensure that transactions are recorded in the appropriate fiscal year.

The 2022-2023 fiscal closing period is upon us. We want to express our appreciation and gratitude to the many staff who are contributing countless hours to supporting faculty, learning new systems, and managing financial operations throughout this fiscal close process. Thank you all!

In the current financial system, Oracle Financial Cloud (OFC) the concept of a preliminary, interim and final close periods do not exist.  Fiscal close will generally function the same as the regular month end ledger close, however there have been adjustments made to try and mimic the legacy close functionality - please refer to Ledger Close Dates. It is important to understand the cutoff date for PPM & AR subledgers is July 13, 2023 and only GL journals will be allowed after this date.

Fiscal Close Overview & Current Year Updates

Link to slides from fiscal close update presentation here.

Guidance for Employees in Campus Departments

First, become familiar with important dates:

• Departmental Action and Cutoff Dates

Next, become familiar with instructions for self-supporting activities:

• Self-Supporting Activities Fiscal Closing Special Items Instructions for FY22-23

Then, review the following reports in Business Analytics Hub (BAH):

• Commonly Used Reports for Monthly Reconciliation

Support and Resources

• We encourage you to crowdsource answers from colleagues in the Budget & Finance Community of Practice.
• Budget & Finance Weekly Digest subscribers will receive a limited-edition newsletter, The Fiscal Close Bulletin, issued from May to June to provide you weekly updates and guidance related to Fiscal Close.
  
• Timely updates will be posted to the Fiscal Close Updates Blink page.

June Ledger Cycle

The June ledger cycle should be treated the same as any ledger cycle. No extraordinary effort should be made to include routine transactions in the June ledger, with the following exceptions:

• Self-supporting activities should record inventories and accruals as specified in instructions sent to those activities (refer to self-supporting activities pdf linked above).

Refer to Ledger Close Dates for Oracle subledger and GL cut-off and close dates

• PPM cut-off date is July, 13, 2023 - after subledgers cut-off date, no further PPM transaction can be processed for the 2023 fiscal year.
• Last day for departments to submit GL journal entries with all department approvals finalized is July 17, 2023.
• Last day for Vice Chancellor offices to submit exception GL journal entries with all departmental approvals finalized is July 21, 2023.
• Normal monthly guidelines should be followed in processing check requests, travel, petty cash, and reimbursements.

Material errors on subledgers are to be corrected by the June PPM cut-off date: July 13, 2023. After this date, material errors should be reported to Internal Controls & Accounting (formerly General Accounting) and/or the appropriate vice chancellor office for evaluation. If correction entries are required, it will only be performed on a journal impacting the GL.