Fiscal Close Overview

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

The 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!

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Budget & Finance Weekly Digest subscribers will receive a limited-edition newsletter, The Fiscal Close Bulletin. Issued from May to July from financesupport@ucsd.edu, The Fiscal Close Bulletin will provide you weekly updates and guidance related to Fiscal Close.

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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 all subledgers is July 10, 2026 and only GL journal entries will be allowed after this date. 

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:

• Fiscal Close Instructions for SSAs

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 July to provide you with weekly updates and guidance related to Fiscal Close.
• Timely updates will be posted to the Fiscal Close Updates Blink page.

June Ledger (Period 12) Close

The June ledger close should be treated the same as any other monthly close. 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 the Self-Supporting Activities document linked above).

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

• PPM, Receivables, & Fixed Asset subledger cut-off date is July 10, 2026 - after the subledger cut-off date, no further subledger transactions can be processed for the fiscal year.
• Last day for departments to submit GL journal entries with all department approvals finalized is July 16, 2026.
• Last day for Vice Chancellor offices to submit exception GL journal entries with all departmental approvals finalized is July 22, 2026.
• 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 10, 2026. After this date, material errors should be reported to the department's Vice Chancellor office and Internal Controls & Accounting for evaluation. If correcting entries are required, then they will be performed using a journal entry impacting the General Ledger only.

AP & Concur Accruals

IPPS (Integrated Procure to Pay Solutions) posts expense accruals annually during fiscal year end. The accrual entries are prepared to post in the General Ledger (GL) only with project numbers for outstanding AP expenses of $2,500 or more that are in Oracle as of the ledger cutoff date of July 6. The accrual process will start on July 8, and reflect in the GL on or before July 13. If adjustments need to be made beyond the departmental journal entry cutoff date of July 16, then they can be submitted for VC office approval by July 22.

Reminders:

• AP accrual journals are posted in the GL with an accounting date of 6/30/2026 and automatically reverse on 7/1/2026.
• If adjustments are made to the June AP accruals for any departmental annual year-end reporting needs, please make sure to reverse the adjustment in July

Accounts Payable Accruals

While most supplier invoices are received electronically at UC San Diego, there is a small percentage of invoices that are received via physical mail. Please ensure that all invoices dated on or before June 30 are submitted to IPPS through Transcepta.

For fiscal close, IPPS will accrue the following:

• Oracle AP invoices totaling $2,500 or more in the system that are currently in “not validated” or “needs revalidation” status (not accounted to GL/PPM).
• Oracle AP invoices totaling $2,500 or more in the system that are validated but pending approval (not accounted to GL/PPM).

Recommended Department Actions before June 30:

• Remind requesters and financial unit approvers to review and approve assigned invoices as soon as possible
• Review personal “Worklist” under “Tools” for any pending AP invoice approvals
• Proactively work with IPPS to resolve any invoice holds by submitting a ServiceNow ticket to Budget and Finance Support. Below are the ticket attributes to use:
  • I want to... Ask a Question or Make a Request
  • About... Invoices & Payables
  • Related to... AP Invoice Holds
  • More Specifically... AP Invoice Hold
  • Subject: AP invoice number and Purchase Order number
  • Description: [provide any additional information]

Concur Accruals

In preparation for Fiscal Year-End Closing, reconcile Procurement Card, Travel & Entertainment Card and CTS card charges in Concur as soon as possible. Note that Concur automatically sends reminders to cardholders with outstanding expenses twice monthly.

• Procurement Card expenses: reconcile within 30 days. Refer to the Procurement Card Guidance for detailed guidance.
• Travel and Entertainment (Events) expenses: reconcile within 45 days of the business travel end date or event date. Refer to the Timeframe for Travel & Entertainment information page for details on submission requirements.

For fiscal close, IPPS will accrue the following:

• Expenses assigned to expense reports against the chart string(s) specified with the below conditions:
  • The report has not been approved or the report does not have a status of “Sent for Payment” and totals $2,500 or more, and:
  • For P-cards, the posted date of the expenses are on or before June 30.
  • For Travel and Events, the Business Travel End Date or Event Date is prior to or on June 30.
• Card Charges not assigned to expense reports and total $2,500 or more per transaction.
  • In this case, accruals will post against the cardholder’s Profile Financial Unit/Project, if populated.  If not populated, they will post against the employee’s Primary [Payroll] Assignment Financial Unit/default project derived from OFC.
• Departments should utilize the following reports to help review their Concur activities: (1) Concur Expense Reports  (select all pending approval statuses except for "Approved"), and (2) Outstanding Card Charges .
  • Preliminary Accrual Data will be posted here starting in mid-June for departmental preview.
  • Columns starting with “f_entity” all the way to the right represent a preview of the accrual data.
  • Data files will be refreshed every Monday from mid-June through July 6, 2026 (final update).

Card charges represent the following:

•  UCSD – CTS Air, Hotel Card
•  UCSD – T&E Card
•  UCSD – Procurement Card
•  UCSD – T&E Instant Card
•  UCSD – Procurement Instant Card

Note: “Pending Card Transactions” are not actual card transactions.  Those can either be deleted or if possible, combined with actual card charges when they come through.

Recommended Department Actions before June 30:

• Assign transactions from Available Expenses to existing or new Expense Reports, fill out the Business Travel Dates or Event Dates and allocate the expenses to the appropriate chart string values. This will ensure the correct chart string for accruals.
  • If T&E and CTS card charges are for trips or events that will take place post-June 30^th, adding them to an expense report and completing the Travel or Event dates will accurately reflect whether the expense should be accrued this fiscal year or not accrued for the future fiscal year.
  • Reminder: you must always select the Financial Unit and Approver.  Enter either the Project and Task or the Fund and Function when not charging to a Project and Task.
  • Refer to this Services & Support article on How to Allocate Expenses in Concur.
• Add or Update your “Profile” chart string: once logged into Concur, by selecting your initials or “Open Profile” in the top right-hand corner, select Settings and select Request or Expense Information. 
• To view reports on Outstanding Card Transactions and Expense Reports for your department, visit the Business Analytics Hub  and search for “Concur” to find the reports.
• Submit Expense Reports and obtain all appropriate levels of approval by the Ledger Cutoff Dates for Travel, Events and Non-Events expenses. 
• Submit Expense Reports and obtain Financial Unit approvals for P-card expenses once a month. To post to the ledger for FYE, make sure they are approved by your Financial Unit approvers before fiscal year end.
• Questions?  Below are resources to help.
  • Ask TritonGPT and check the sources
  • Support.ucsd.edu, Budget & Finance, Get Help 
    • Select “Submit a Ticket to Budget & Finance Support” 
    • Under “More Specifically”, select “Concur Navigation”.  This will auto-populate the categories above.

Important Reminder: Expense Report Submission After Accrual

Accrued transactions are not exempt from the standard submission process.  All accrued expenses must still be assigned to expense reports and submitted for approval in the new fiscal year.  Accruals serve solely as an accounting entry to recognize goods and services received within the current fiscal year.