Unlike Biennium Close, Fiscal Year close processing deadlines are not critical to most budgets because the budgets do not close. However, it is important, considering Generally Accepted Accounting Principles (GAAP), that transactions be recorded in the correct reporting period. Therefore, we recommend departments submit their accounting documents to the appropriate departments prior to fiscal close processing cutoff dates listed below.
Fiscal year end is a good time to ensure expenditures and revenue have been recorded to the appropriate budget(s) for the closing fiscal year. If transactions have not posted to the correct budget there are two mechanisms for correcting entries:
- MyFD Transactions Application - Allows MyFD users to transfer posted salary and non-salary expenditures online. Note that a MyFD expense transfer is the only mechanism for transferring posted salary transactions. There are no exceptions to this rule.
- Journal Voucher - Defficit, lump sum, revenue transfers and fabrications for State and Self-Sustaining budgets should be processed using the electronic Journal Voucher process. For grants and contract budgets, please use the GrantTracker deficit transfer module or send a request to GCA to make the transfer.
The chart below lists the purchasing and accounting documents related to fiscal close transactions. The cutoff dates represent the last day that departments can submit documents to allow sufficient time for processing and posting to the 2014 Fiscal Year End. Submittal of documents well in advance of the cutoff dates will ensure timely processing.