Year End Closing Procedures and Deadlines

2016 Year End Closing Deadlines Letter

In order to close out the current fiscal year in an orderly fashion, your cooperation in observing the following guidelines for processing financial transactions is requested: 

JUNE 

The last day to create requisitions for 2016 is Friday, June 24, 2016.

Please review the status of all open purchase orders on your May budget reports. If the status of the order is incorrect, then notify the assigned buyer in Purchasing. Your cooperation is required to ensure the accuracy of encumbrances for year end.

JULY

Purchase orders for the new fiscal year cannot be processed until the new budget is allocated to your account. However, purchase orders for items with long lead-time and high dollar value can be processed by contacting Andy Roth or Denise Cool in the Department of Purchasing.

Preliminary June departmental statements will be available on Thursday, July 7, 2016. June transactions will continue to post throughout July until final closing. June departmental statements can be printed at any time to review transactions that have been posted since the first closing.

Invoices held by departments for 2016 goods and services must be received in Accounts Payable no later than Tuesday, July 12, 2016 to be properly charged to the fiscal year 2016 budget. Travel Expense Reports for travel in 2015-16 should be emailed to TravelExpenseReport@uakron.edu several days prior to this deadline to allow for review and processing.

The University’s deficit account policy requires that June 30th deficits must be satisfied by a budget transfer or an expense recharge. Expense recharge requests must be received in the Controller’s Office by Thursday, July 21, 2016. Budget transfers must be received in the Budget Office by Wednesday, July 27, 2016

Final June departmental statements will be available on Monday, August 1, 2016

AUGUST 

July departmental statements will be available on Thursday, August 4, 2016