As of June 30, the General Ledger should accurately reflect the financial
results of your business activity for the fiscal year. To achieve that accuracy,
managers of Auxiliary and Service Enterprises and Self-Supporting Activities are
responsible for preparing reports showing the value of inventory and the amount
of accruals and deferrals of income and expense that must be recorded in the
To assist you in the closing process for fiscal year 2015-2016, we have attached
the following information:
Reporting Finished Inventory
- Guidelines for
Reporting Work-in-Process Inventory
- Guidelines for
Reporting Income and Expenditure Accruals and Deferrals
List of Funds:
All of the above reports should be completed and submitted for processing by the
noted deadline dates for the June PRELIMINARY ledger. Departmental
transactions and adjustments will not be processed after the preliminary cutoff.
The exception to this will be any individual transaction or adjustment
exceeding the campus materiality limit of $25,000.
Departments will be able to submit forms to General Accounting via the web. All
forms should be submitted electronically, especially Forms E and F, Accrued and
Deferred Expenses. When forms are sent via the web, the preparer will be
prompted to send them to an approver in their department. The approver will then
be responsible for submitting the final report for processing, within the stated
If you are unable to submit forms electronically, please mail/messenger them to
General Accounting, Wilshire Center 5th Floor, 143348, to the attention of the
appropriate accountant, as indicated below. (For example, large inventory
For your convenience, we have attached a listing of funds for each department.
Funds are grouped into three categories (General Campus, Health Science, and
Auxiliary and Service Enterprises). Please review the lists to identify the
funds coded to your department.
Due to the automation of the re-appropriation process, ledger balances in the
unexpended balance and revenue account area must be zero at fiscal year end.
Campus fund managers are expected to allocate all activity in these accounts for
the prelim deadline.
These responsibilities are in addition to those stated in our letter dated May 5, 2015, Subject: Fiscal Closing Instructions 2014-2015, June 30, 2015. If you have any questions about
this material or are unable to open any of the attachments, please contact the
accountants listed below:
Reminder: With the implementation of Statement on Auditing Standards (SAS 115)
entitled Communicating Internal Control Related Matters Identified in an
Audit , departments need to retain documentation, electronic or hard copy,
providing proof of internal controls and their operation. Without substantiation
that key controls are in operation, the auditors could identify this lack of
documentation as a control deficiency and note it on their report to the
Chancellor and the Regents. For your reference, SAS 112 Key Controls
Documentation Sample Template is still available in the Other Accounting
Guidelines on the General Accounting website.
Peter J. Larson