Closing the Fiscal Year
Fiscal Year 2023 Year-End Closing Guidance
For guidance on closing procedures, please refer to:
- Detailed Deadline Guidance (pdf)
- Transaction Processing Guidance (pdf)
- Accrual Basics and Guidance (pdf)
- Accrual Request Form (xls – for departmental use when submitting to Controller’s Office)
For key dates related to fiscal year close, please refer to the Year-End Closing Calendar.
FY23 deadlines are generally consistent with the FY22 deadlines; there is no significant change to the timeframes from last fiscal year end.
Please note that Schools and Departments may wish to set earlier internal deadlines for fiscal year-end close activities to enable them to meet the Finance Division deadlines.
Also available is a separate memo, “Fiscal Year 2023 Transaction Processing Guidance,” which contains information on the guidance and procedures for the close, as well as additional information regarding job aids, reports, and queries to assist with year-end transactions, as well as a calendar including all deadlines referenced in this memo.
CUIMC departments should also refer to the annual closing calendar which was sent by Ting Shi via email on May 3, 2023. Unless otherwise noted below, CUIMC departments should contact Ting Shi ([email protected]) regarding questions related to the CUIMC closing process.
During July 2023, ARC will be available for both FY23 (old fiscal year) transactions dated June 30, 2023 and prior, and FY24 (new fiscal year) transactions dated July 1, 2023 and after. FY24 will be available beginning Saturday, July 1, 2023. Please note that opening fund balances will be updated nightly for FY23 activity during the closing period. While FY23 remains open, users will be able to make necessary adjusting entries in FY23 to record accruals and cost transfers as well as clear fund balance overdrafts and sponsored project overruns, subject to the deadlines set forth herein.
- Monday, July 10, 2023 (5 PM)
- PAC is available until 5pm for the clearing of payroll suspense.
- Friday, July 14, 2023 (5 PM)
- All direct revenue and expense entries, accruals, cost transfers, and transfers between departments must be complete.
- Saturday, July 15, 2023 to Tuesday, July 18, 2023
- ARC will remain open for the purpose of transferring fund balances and clearing overdrafts. Schools and departments may set earlier dates for completion of these processes. Please check with your school/department senior business officer.
- Tuesday, July 18, 2023 (6pm)
- Schools and departments will no longer have access to the journal entry modules in ARC.
- Wednesday, July 19, 2023 through Friday, July 21, 2023 (12:00 Noon)
- Office of Management and Budget will be reviewing overdrafts and working with departments to appropriately clear any remaining overdrafts.
- Friday, July 21, 2023 (12:00 Noon)
- Controller’s Office will process the standard allocations for the month of June.
- Saturday, July 22, 2023
- Final COBs for June 30, 2023 are available in FDS.
Schools and departments must clear all overdrafts no later than Tuesday, July 18, 2023. Senior management will conduct its final review of overdrafts based on the activity recorded as of July 18, 2023.
- Accounts Payable and P-Card
- Sal Alioto—212-853-4608—sa4291
- Gifts (Development)
- Larese Miller—212-851-7995—lm2137
- Hugh Horowitz—212-854-4111—hh2143