Year end closing
Responsibilities at the department level
- Adhere to all deadlines related to the fiscal year-end closing.
- Make a year-end schedule that assigns tasks to individuals and hold them accountable for completion.
- Ensure key personnel are available to meet all year-end closing deadlines.
- Contact sub-contractors, customers, and other suppliers to stress the importance of prompt receipt of invoices and payments.
Additional responsibilities are listed below at the process level.
Responsibilities at Division of Finance-Accounting
Accounting Services is responsible for coordinating and completing the fiscal closing operations for the Columbia campus and for meeting the deadlines set forth in the schedule for fiscal closing. Additional responsibilities of Accounting Services are discussed below at the process level.
The University’s fiscal year-end closing calendar and general ledger monthly closing calendars are posted on the Office of the Controller’s website. The calendars provide the users of the PeopleSoft Financial System with information regarding financial activity, including deadlines, system processing, and the availability of PeopleSoft Financials and the PS Web Applications.
One of the most common closing items is accruals. Departments must note that most accruals will be picked up by an automatic process; however, they are responsible for verifying that no other adjustments need to be done by Accounting Services. Transactions automatically accrued include expense reports, PO vouchers, Non-PO vouchers, ARBI invoices, CRRs, and payroll.
Refer to the following tables for more information regarding year-end closing components.