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.
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.
Purchase requisitions must meet the following deadlines to be charged against the Fiscal Year 2012-2013 budget.Date Item
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.
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.
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.
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.
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.
Human Resources has detailed instructions involving fiscal year end payroll processing. Download instructions.
The following accounting guidelines should be followed during the fiscal year-end process.
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.
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.
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.
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.
Open the original version of this page.