Revised: September 08, 2011
Established Year End procedures must be followed in order to make sure that all revenues and expenses are credited and charged to the correct year and that accurate financial reports are given to management on a timely basis. The custodian of each account is responsible to follow these procedures and to meet the deadlines. Each custodian should work closely with the Accounting Office to ensure the accuracy of assigned accounts. Once the fiscal year is closed, no corrections can be made.
- BYU-Idaho is on a calendar year which ends on December 31. The old year is not closed until all appropriate revenues and expenses for the old year are posted. The deadlines for the submission of documents and requests to the Accounting Office are the same as any month during the year, except that there will be more time allowed for custodians of accounts to review their accounts and make corrections.
- Purchase Orders written after December will be charged to the new year. The deadline for Purchase Requisitions (usually 10 days before year end) is set and communicated by the Purchasing Department to allow time to place orders and create the Purchase Orders.
- In the Appropriated Fund (budgeted accounts which begin with one, 1xxx-xx-xxxx), goods and services ordered before but not received until after December 31 will be encumbered. This means the amount of the Purchase Orders will be charged to the old year and carried as additional budget into the new year to pay for the item(s) when received.
- In all other funds, goods and services must be received by December 31 in order to be charged to the old year. All goods and services received after December 31 will be charged to the new year, even if the Purchase Order was written in the old year.
- The following should be in the Accounting Office by noon of the first working day in January.
- Campus Purchase Orders (CPOs) and memos for inter-account transactions; i.e., sales, purchases, transfers, and corrections: Transfers and corrections resulting from the reviewing process should be brought to the attention of the Accounting Office as soon as found.
- Travel Expenditure Reports (TAs and GTEs) for completed trips: If a trip starts in the old year and ends in the new year, the report should be turned in immediately upon return to have it charged to the old year. For budgeted areas, the approved amount of the uncompleted trips will be encumbered.
- Check Requests: These requests must have the date of December 31 or before.
- Vendor Invoices with a notation of when the goods or services were received: Invoices received later than this date should be submitted as soon as received.
- Departmental Hand Checks: These checks must have been used and dated in the old year.
- Petty Cash reimbursements: These slips with attached receipts must be submitted to the Cashiers Office before 4:30 pm on the last working day of the old year.
- University Invoices charging businesses, governmental agencies, and individuals: The services being charged must have been performed in the old year. The date on the invoice must be December 31 or before.
- Account custodians will be notified by e-mail when the Preliminary Closing has taken place. They should immediately make a final review of their accounts for any needed corrections and notify the Accounting Office. Custodians should have been reviewing their accounts each month to identify needed corrections. They should not wait until year end. Once the Final Closing steps are taken (around January 25th), no corrections can be made.