Annual Accounting and Budget Cycle

The annual cycle highlights core activities by fiscal quarter associated with the annual budget and accounting process.

open calendar book

Monthly Departmental Activities

Department and Program Activities

Q1 - September, October, November
One Fiscal Year Ends and Another Begins

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

Q2-December, January, February
Accounting Clean Up and Graduate Aid Budgeting

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.
Q3- March, April, May
At Mid Year, Review Budget Against Actual Expenses. Complete Graduate Aid Budget

Clear Org suspense balances.  Org suspense sweep occurs.

Review Budget Against Actual Expenses

Complete Graduate Aid Budget

  • Complete, finalize and submit Graduate Aid budget in GFPS
Q4 - June, July, August
Prepare and Submit Budget and Year End Close Activities

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.