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,
the fund managers 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
General Ledger.
To assist you in the closing process for fiscal year 2023-2024, we have attached
the following information:
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Summary of Due Dates
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June 5th, 2024 |
Inventory Count Notification Form
|
|
|
July 3rd, 2024 (10:00 AM) |
Form A
Physical Inventory
Form B
Publication Inventory
Form D
Work in Process Inventory
|
|
July 8th, 2024 (10:00 AM)
|
Form C Materials Included in Physical Inventory but not Recorded as
Expense
Form E
Accrued Expense
Please review the ledger after June 28, 2024 to see if any expenses need to be accrued and submit Form E between July 1 and July 8, 2024. Use Form E to report duplicate/overpayments.
**For Sponsored Research funds see additional instructions below.
Form F
Deferred Expense
Form G Accrued Income
Form H Deferred Income
|
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Guidelines for
Reporting Finished Inventory
- Guidelines for
Reporting Work-in-Process Inventory
- Guidelines for
Reporting Income and Expenditure Accruals and Deferrals
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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.
All forms must be submitted online, with the exception of large inventory reports, which may be emailed. (No hardcopies will be accepted.) Please contact the appropriate accountants, as indicated below, for further instructions on submitting large inventory reports.
After preparer completed a form, preparer will be prompted to send the form to department approver. The approver will then be responsible for submitting the final report for processing, within the stated deadlines.
** For sponsored research funds, to accrue expenses, submit Form E. To accrue income, submit Form G. Complete the journal justification and submit with supporting documents to ORA EFM Operations by the stated deadline. For specific questions,
contact the EFM accountant.
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 by
the preliminary cutoff.
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.