Annual Accounting and Budget Cycle

Close Out the Fiscal Year

• Upload annotated year-end close operating budget and non-operating budget reports with instructions for the close into the repository.
• Clear Org suspense account for last pay period in August
• Complete final Ijournal transfers
• Provide endowment capitalization and income exception instructions to your liaison.

Prepare the New Fiscal Year

• Review and update labor schedules for the new year.
• Review BPS budget reports in the repository against expense control budget in OBI.
• Check the year-end balance in restricted funds.
• Run HandSOn commitment report and review first quarter funding commitments.
• Review PTAs and close out old PTAs.

Accounting Clean Up

• Org suspense sweep occurs.  Clear Org suspense balances.
• Review and close out old PTAs.

Graduate Aid Budgeting

• Begin graduate aid five year forecast in GFPS.
• Finalize graduate aid five year forecast and prepare for grad aid budget meetings.

Clear Org suspense balances.  Org suspense sweep occurs.

Review Budget Against Actual Expenses

• Conduct Mid-year variance analysis and re-forecast year end

• Project Year-end Operating Budget and non-Operating Budget account balances

Complete Graduate Aid Budget

• Complete, finalize and submit Graduate Aid budget in GFPS

Clear Org suspense balances.  Org suspense sweep occurs.

Prepare and Submit Budget

• Budget Planning System (BPS) trainings are available for new and returning users.
• Enter and submit budget in BPS system.

• Submit Annual Operating Budget in BPS.

Year End Close Activities

• Attend H&S year end close orientation.
• Complete all AP Invoice, Expense Request, P-Card and T-Card transactions.
• Perform final reconciliation of expenditures.
  • Ensure restricted funds are spent according to fund authorization.
  • Ensure all payments associated with contractual obligations are complete.
• Clear all Org suspense accounts and make necessary labor distribution adjustments.
• Run HandSOn commitment report and confirm all remaining transfers.

• Validate Faculty salary savings.

• Validate Faculty salary cost share charges.

• Review and submit endowment reinvestment.

• Ensure Awards do not end the year in deficit.