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!

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 12, 2024 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:

• Self-Supporting Activities Fiscal Closing Special Items Instructions for FY2024

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.
• Meet with Internal Controls & Accounting (ICA) for support regarding the fiscal close process.

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 12, 2024 - 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 17, 2024.
• Last day for Vice Chancellor offices to submit exception GL journal entries with all departmental approvals finalized is July 24, 2024.
• 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 15, 2024. 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 it will only be performed using a journal entry impacting the General Ledger only.