Year End Closing Procedures and Deadlines

2020 Year End Closing Deadlines Letter

In order to close out the current fiscal year in an orderly fashion, your cooperation in observing the following guidelines for processing financial transactions is requested: 

JUNE 

May departmental statements will be available on Thursday, June 4, 2020

The last day to create requisitions for 2020 is Friday, June 19, 2020.

Please review the status of all open purchase orders on your May budget reports. If the status of the order is incorrect, then notify the assigned buyer in Purchasing. Your cooperation is required to ensure the accuracy of encumbrances for year end.

JULY

Purchase orders for the new fiscal year cannot be processed until the new budget is allocated to your account. However, purchase orders for items with long lead-time and high dollar value can be processed by contacting the Department of Purchasing.

Bank of America VISA Credit card charges for June 21st through June 30th must be coded in WORKS by Wednesday July 8, 2020.

Preliminary June departmental statements will be available on  Thursday, July 9, 2020. June transactions will continue to post throughout July until final closing. June departmental statements can be printed at any time to review transactions that have been posted since the first closing.

Invoices held by departments for 2020 goods and services must be received in Accounts Payable no later than Wednesday, July 8, 2020 to be properly charged to the fiscal year 2020 budget. Travel Expense Reports for travel in 2019-20 should be emailed to TravelExpenseReport@uakron.edu several days prior to this deadline to allow for review and processing.

The University’s deficit account policy requires that June 30th deficits must be satisfied by a budget transfer or an expense recharge. Expense recharge requests must be received in the Controller’s Office by Thursday, July 16, 2020. Budget transfers must be received in the Office of Resource Analysis and Budget by Wednesday, July 22, 2020. 

Final June departmental statements will be available on Wednesday, July 29, 2020. 

AUGUST 

Carry forward fund balances will be reflected by Wednesday, August 5, 2020.

July departmental statements will be available on Thursday, August 6, 2020.