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Fiscal Closing 2020–2021 : Overview

The university's fiscal year ends June 30. Departments need to be aware of cut-off deadlines to ensure that transactions are recorded in the appropriate fiscal year.

The 2020/2021 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 PPM subledgers will close July 8, 2021 and only GL journals will be allowed after this date.

Specific Guidelines and Instructions

Additional Resources

Note:

Budgetary controls required within specific vice chancellor areas will be specified in closing instructions provided by each vice chancellor office.

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 7/8/2021 - after subledgers cut-off date, no further PPM transaction can be processed for the 2021 fiscal year
  • Last day for departments to submit GL journal entries with all department approvals finalized is July 16, 2021
  • Last day for Vice Chancellor offices to submit exception GL journal entries with all departmental approvals finalized is July 23, 2021
  • 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 8, 2021. 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.

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