Management of Year-End Balances

CLAS Finance will assist departments with fiscal year-end close. The finance staff will assist departments with first close. Once first close is complete, CLAS Finance will close all department and college accounts at the WhoKey level.

The University’s fiscal year-end close calendar and time table is posted on the UI Accounting & Financial Reporting website. Closing dates for CLAS departments will be provided annually. CLAS accountants will work 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 review purchasing, travel, and HR transactions that need to be processed before year end.

Please let your CLAS Departmental Accounting contact know if you will not be available during closing!