Fiscal 2020 Year End Close Schedule

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Dear Colleagues,

The Controller’s Office recently issued the 2020 Fiscal Year-End Closing Schedule.  As we approach the fiscal year-end, please keep in mind these important deadlines with regard to purchases and reimbursements.  The full schedule is available at the following site:  2020 Fiscal Year-End Closing Schedule

  • Monday, June 8 – May close
    • buyND purchase requisitions greater than $150,000 must be submitted or communicated to Procurement Services to allow for the bidding process to occur. Check Procurement Services bidding guidelines for more information (http://buy.nd.edu/).
    • Please carefully review year to date activity and contact us if you have any questions. Any corrections should be submitted as soon as possible.
    • Please review encumbrances and contact Accounts Payable (A/P) regarding any encumbrances that need to be closed.
  • Friday, June 12
    • buyND purchase requisitions greater than $10,000, but less than $150,000 must be submitted.
  • Friday, June 19
    • buyND purchase requisitions requiring financial, Risk Management, RSPA, Fixed Asset, and/or Procurement Services approval must be submitted. This deadline will allow for any necessary approvals and ensure that purchase orders are processed by June 30th.
    • Maintenance must receive requests for work orders to ensure they will be charged to FY20.
  • Wednesday, June 24
    • Cut-off for FedEx Office charges for FY20. Charges after June 25th will post to FY21.
    • Tuesday, June 30 – Last business day of fiscal year
    • Last day to process buyND catalog requisitions and purchase orders processed under $10,000 (e.g., Office Depot, GovConnection, VWR, etc.) in FY20. Allow time for workflow approvals.
    • All deposits made on or before June 30th will automatically be credited to FY20.
  • Wednesday, July 1 – New Fiscal Year Begins
    • buyND purchase orders will be placed with new year funds. Submit requisitions for blanket orders.
    • Deposits should be posted via the Financial Toolkit with an FY21 posting date. If you wish to accrue the revenue to FY20, please contact Chuck Pope for assistance.
  • Monday, July 6
    • Financial Toolkit payment requests for FY20 must be submitted, approved and received in A/P by 5 PM.
    • travelND expense reports for FY20 must be submitted, approved, and received in A/P by 5 PM.
    • buyND “receipts” for FY20 must be entered by departments by 5 PM.
    • Procard statement reports for FY20 must be submitted and approved by 5 PM.
  • Thursday, July 9 – 1st Close
    • All A/P transactions for FY20 processing done by end of day.
    • Journal Entries must have a June posting date and approved in the Financial Toolkit by NOON for 1st close processing.
    • These entries should represent normal month-end closing entries. All charges / entries impacting other units should be submitted.
  • Wednesday, July 15 – campus final close
    • Journal Entries approved in the Financial Toolkit by 5:00 PM for FY20 processing

Only adjustments and corrections should be submitted in this close.

Thank you for continuing to limit non-essential expenses!

If you have any questions or concerns, please feel free to reach out to me or Rachel Parks.

All the best,

Geoff

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