April 15, 2019

2019 Fiscal Year End Processes

As the weather starts to get warmer and we look forward to summer vacations, it is also time to start preparing for the fiscal year end fun. Here is a brief overview of all the important things to keep in mind as we approach the end of FY2019.

First, all deficits on overspent projects must be cleared as of June 30. Your Post-Award Team will reach out with a list of overspent projects. Please work with them to clear the deficits by the end of June, which is critical to ensure the accuracy in our Schedule of Expenditures of Federal Award (SEFA) and our system-wide financial statements. 

Next, the Controller’s Office has set the FY2019 Closing Calendar. For future reference the calendar can be found here. Note, as of today, the website does not reflect the updated calendar, but we anticipate all documents to be uploaded this week. Below are the essential dates to put on your calendars now.  

  • PeopleSoft Production Maintenance/Outage: 5PM 6/28 – 6/30
  • Department JE Cut-off 7/15
  • OSPA JE Cut-off 7/19
  • Accounting Services JE Cut-off 7/26

REMEMBER: When you enter a correction to an FY19 transaction (including clearing a deficit on an overspent project), change the journal date in the upper right-hand area to 6/30/2019. This will ensure the correction posts to the appropriate fiscal year.

Finally, state funded projects with an end date of 6/30/2019 often require a final invoice/financial report prior to the end of the project. Your Post-Award Team will contact you in the event an early report is required and request an estimate of final expenses.

That’s all the updates we have for now. We will reach out with any new information as it arises, but don’t hesitate to reach out to your Post-Award Team if you have any questions or need clarification as we close down another fiscal year.