Year-End Issues and Policies

​​​​​​​Fiscal year-end issues at June 30

Accounts payable

All accounts payable should be processed through Payable Accounting before June 30. If you have outstanding items that have not been processed, please contact Payable Accounting or Accounting Services for guidance.

If any outstanding invoice/invoices are greater than or equal to $50,000, they must be recorded as a liability at the fiscal year-end when services have been performed or goods have been received. If you have questions or need clarification, please contact Accounting Services at 989-774-3707 for additional information.

Cost center activity

Be sure to review your cost center activity for inappropriate charges and missing charges monthly. All requests for corrections should be submitted within 90 days of the occurrence. For June 30, all corrections must be received by noon in Accounting Services, Warriner 304, based on the June SAP Month-End Close Dates. All entries received after that time will be processed in the new fiscal year. Staff availability to run reports is also listed on that page.

Commitment items and encumbrances

All commitments are to be reviewed before year-end June 30. Any old commitments that remain should be removed if they are no longer valid. Any manual commitments will be deleted in June. Please contact Purchasing or Payable Accounting for assistance with old or invalid commitments.

College work-study chargeback

The university portion of college work-study wages will be charged back to the user department at year-end. Equal funding amounts are credited to all General Fund (2XXXX) cost centers. Designated Fund (4XXXX) and Auxiliary Fund (5XXXX) are responsible for their portion of work-study wages.

Summer session tuition

All summer tuition revenue for classes is recorded in the departmental cost centers as students register, which includes Session I, and Session II tuition. Entries will be processed to remove Summer Session II tuition from the departmental cost centers because only Summer Session I tuition should be recorded in the fiscal year that is currently ending. Summer Session II tuition revenue will be recorded in the next fiscal year. The Session II revenue will be calculated and removed periodically prior to the closing of the fiscal year. Any tuition deducted from your cost center will be returned to the same cost center in the new fiscal year.

Wire transfers

Be sure to process the appropriate journal entry when requesting a wire transfer out or when you are receiving a wire transfer. Please contact Payroll (OUT) ext 3481 or Accounting Services (IN) ext 3707 if you have questions related to wire transfers.

ActivePay

Be sure to go into ActivePay and update your credit card transactions for June before 5:00 PM on the date listed on the Credit Card Month-end Schedule. Please take extra care to use valid cost center, WBS, and general ledger accounts to ensure accurate year-end reporting. Commonly used general ledger accounts can be found on the Full General Ledger Accounting List.

Year-end policies

As fiscal year-end (June 30 of each year) approaches, there are special dates circulated by Purchasing and Payable Accounting. Please contact these offices for relevant purchase orders and check-run cutoffs.

Depending on your cost center number, several different things may happen to your balance at year-end:

• The balances will be reviewed and rolled forward as deemed appropriate.
• The balance will be carried forward to the new fiscal year in GL account number 599800.
• The transactions roll forward to the new fiscal year.