Fiscal Year End Closing Dates
The memo is intended to provide University departments with guidelines and information regarding the end of fiscal year 2012-13. The controller?s office coordinates the fiscal close and must comply with professional accounting standards. Your help in this close is essential to comply with these standards.
Expenses for goods and services must be included in the fiscal year in which the goods or services are received or used, regardless of when the payment is made. For this reason, accounts payable and/or accounting may adjust check requests/travel expense reports to be paid out of the budget year in which the goods and services are used. Implementing this accounting rule can be complicated, please follow these guidelines and contact the accounting department if you have questions.