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Finance Division

Fiscal Year Closing Schedules

Download Fiscal Year 2014 Monthly Schedule

Download Fiscal Year 2013 Deadline Schedule

2012-13 Monthly Closing Schedule

Clemson University's business organization extends across a network of personnel from colleges and administrative divisions to the institutional financial area. The Monthly Closing Schedule is established to coordinate a timely end of each month’s financial activity. Typically the month-end process includes the recording and allocation of monthly charges, closing the monthly accounts receivable process, clearing of budget errors and the posting of monthly facility and administrative charges.

Fiscal Year Closing Calendar

Date Item
April 15 Last day to submit purchase requisitions to be bid as RFP (versus sealed bid).
April 30 Last day to submit purchase requisitions for IT for bids over $50,000.
May 6 Last day to submit purchase requisitions for bids over $10,000.
June 28 Last day to deposit Foundation program revenues for Fiscal Year 2012-2013.
June 30 Last day to receive goods or services for payment to be made against the Fiscal Year 2012-2013 budget.
July 1 Noon.  Last day for deposit of University gifts and revenues received during Fiscal Year 2012-2013.
July 8 Last day for deposit of Foundation gifts for Fiscal Year 2012-2013. Gifts must be dated and postmarked no later than June 30, 2013.
July 10 Post 7/15/13 payroll.
July 12 Last day to enter and approve annual and sick leave taken through June 30, 2013
July 12 Last day to enter invoices for goods and services provided by University departments no later than June 30, 2013.
July 12 Last day to enter account numbers and approvals for departmental credit card purchases made by June 30, 2013.
July 15 Last day (prior to 4:30 p.m.) to enter and approve all vouchers for goods and services received by June 30, 2013.
July 15 Last day (prior to 4:30 p.m.) to enter journal entries and final approval of corrections for transactions in Fiscal Year 2012-2013.
July 17 Noon. All June errors must be cleared. Facilities and Administrative costs posted for June.

July 18 thru July 25

Central accounting staff prepares final University-level fiscal year end entries and closes FY 12. Journal entry panels available in “View” mode.

Procurement Services

Purchase requisitions must meet the following deadlines to be charged against the Fiscal Year 2012-2013 budget.

Date Item
April 15 Last day to submit purchase requisitions to be bid as RFP (versus sealed bid)
April 30 Last day to submit purchase requisitions for IT for bids over $50,000.
May 6 Last day to submit purchase requisitions for bids over $10,000.

Purchase requisitions received after May 6, 2013 may be charged against the Fiscal Year 2012-2013 budget if delivery does not occur prior to June 30, 2013. Departments should coordinate with Procurement Services after these deadlines for requisitions that should be charged against fiscal year 2012-2013.

Departments ordering goods or services before the close of the fiscal year and expecting payments to be made from the Fiscal Year 2012-2013 budget must ensure the goods or services will be received by June 30, 2013. Meeting the established purchase requisition deadlines does not guarantee the delivery of goods or services before June 30, 2013.

Receipts/Revenues

All cash receipts for Clemson University gifts and revenues to be posted in Fiscal Year 2012-2013 must be received and receipted in the Cash and Treasury Services Department by Noon, July 1, 2013. Receipts received after the deadline will be posted to Fiscal Year 2013-2014.

All cash receipts for Clemson University Foundation program revenues must be received in the Foundation Office at 155 Old Greenville Hwy by 4:30 p.m. on Friday, June 28.

All cash receipts for Clemson University Research Foundation non sponsored research revenues must be received at P.O. Box 946, Clemson, SC, 29634, by 4:30 p.m. on Friday, June 28.

All invoices for goods and services provided by University departments prior to June 30, 2013 must be entered no later than July 12. All invoices entered from July 1 thru July 10 will be posted to Fiscal Year 2012-2013.

Please hold all "new year" invoices until after July 12. After July 12, all invoices will be posted to Fiscal Year 2012-2013.

Disbursements/Expenditures

Departments are encouraged to process all disbursement documents promptly in accordance with the closing guidelines.  All disbursement items which are to be charged to the Fiscal Year 2012-2013 budget must receive final approval and budget check by 4:30 p.m. on Friday, July 15. These disbursements must be for goods or services received through June 30, 2013.   

Vouchers
Invoices for goods and services received through June 30, 2013 must be charged to Fiscal Year 2012-2013.

All vouchers for Fiscal Year 2012-2013, including purchase orders, direct purchase and travel vouchers must be entered and receive final approval by 4:30 p.m. on Monday, July 15, 2013.

VISA Departmental Purchasing Card
All June procurement card transactions must be classified and approved as of 4:30 p.m. on Friday, July 12. for overnight posting to the general ledger.  Any corrections or budget amendments necessary to correct procurement card posting errors must be approved by 4:30 p.m. on Monday, July 15. Budget check errors resulting from corrections must be cleared by noon on Wednesday, July 17. 

No new fiscal year (July) procurement card transactions will be available for classification and approval until Thursday, July 18.

Journal Entries and Corrections

All journal entries and correction transactions for Fiscal Year 2012-2013 must be entered by 4:30 p.m. on Monday July 15, 2013 Budget check errors resulting from corrections must be cleared by noon on Wednesday, July 17.

Fiscal Year-End Payroll

Human Resources has detailed instructions involving fiscal year end payroll processing. Download instructions.

Year-End Accounting Guidelines

The following accounting guidelines should be followed during the fiscal year-end process.

Deferred Revenues
Receipts deposited prior to the end of the fiscal year that are advance payments for delivery of goods and performance of services in the next fiscal year are reported as deferred revenues in the current fiscal year.

Examples: orientation fees, continuing education fees, 4-H camp fees and football season tickets.

Credits to deferred revenue accounts 24xx will be reversed in July and August of FY 2012-2013 by Accounting Services & Related Organizations staffs.

When revenues are collected for goods or services that straddle the fiscal year-end, revenues are recorded in the fiscal year in which the services are predominantly provided.

Example 1: Registration fees received in May for a continuing education course to be held in July. Amounts should be deposited to deferred revenue account 2406.

Example 2:  Advance sales for football tickets received in April, May and June. Since football season occurs entirely in the “new” fiscal year, amounts received should be deposited to deferred revenue account 2426.

Prepaid Expenses
Disbursements made prior to the end of the fiscal year that are advance payment for delivery of goods and the performance of services in the next fiscal year are reported as prepaid expenses in the current fiscal year.

Examples: rent, insurance, subscriptions, airline tickets, maintenance agreements, and conference registrations.

Debits to prepaid expense accounts 13xx will be reversed in July and August of FY 2013-2014 by Accounting Services & Related Organizations staffs.

Guidelines to assist you in making a decision on whether an expense is prepaid follow:
Payment for services (contract and agreements) exceeding more than one year.

Example 1:  Payment of a five-year maintenance agreement. Annual contractual payments for services which straddle the fiscal year-end and the charge is incurred during the last two months of the fiscal year, May and June, and the total charge is greater than $25,000, the charge should be prorated between fiscal years.

An annual maintenance agreement is due May 1, 2013 for $36,000.

The charge should be prorated 2/12 maintenance agreement expense $6,000 and 10/12 prepaid expense $30,000.

Example 2:  Individual payments regardless of the amount, except annual contractual payments, for services paid in advance for the next fiscal year should be recorded as a prepaid expense.

A registration fee is paid and an airline ticket is purchased in June for a conference in July.

Exception:
A good or service which is consumed during the current fiscal year (even though it is for a program which will generate revenues in the next fiscal year), and the charge cannot be refunded, should not be considered as a prepaid expense.

Printing and postage expenses incurred in June for a continuing education meeting to be presented in July should be considered current fiscal year 2012-2013 expenses.

Leave

Annual and sick leave taken through the period ending June 30, 2013 must be approved and posted to the leave system by Friday, July 12, 2013.

Departmental Assistance

Departments Contacts Phone
Purchasing Janice Wright 864-656-2066
Accounts Payable Angela Wiggins 864-656-6459
Information Technology Tammy Crooks 864-656-0641
Budget Office Virginia Baumann 864-656-2422
Accounting Services Sherri Rowland 864-656-5587
Comptroller Charles Tegen 864-656-3728
VISA - Procurement Card Lynn Crawford 864-656-2808
Foundation Clint Carlson 864-656-0925
Business Affairs Tara Long 864-656-4133
Cash and Treasury Services Phyllis Dunne 864-656-0879
Gift Management Mandy Smith 864-656-2552
Sponsored Programs Accounting Roberta Elrod 864-656-4352
Payroll Amy Hood 864-656-5585
Annual/Sick Leave Samantha Bass 864-656-2002

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