The University’s fiscal year end close calendar and time table is posted on the UI Accounting & Financial Reporting website. Listed below are additional guidelines and estimated dates for closing for CLAS departments. CLAS accountants will be working with departmental administrators to review accounts in March and April. All requests for additional carryover +-5% need approval, and foundation accounts should be reviewed to see if any funds need to be divested before year end. In May and June, departments should be reviewing purchasing, travel, and HR transactions that need to be processed before year end.
Here are some estimated deadlines:
6/8: for purchasing
6/15: for procurement card transactions
6/20: last date to transfer funds from UI Foundation
6/25: to have all workflow forms processed (HR & travel)
6/29: to have all vouchers completely routed through workflow for signature
6/30: departmental entries posted
7/9: CLAS preliminary closing on 050 accounts
Accounting & Financial Reporting will have later deadlines for all accounts (est. 7/12)
CLAS Guidelines for Carryover
Please let your CLAS Departmental Accounting Contact know if you will not be available during closing!