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Get a head start on fiscal year-end tasks

It鈥檚 that time of year again! Fiscal year-end is just around the corner. What can you do now to get ready for June 30? Here are a few tips and upcoming dates to get you started.

Things You Can Do Now

Start clearing balances in all clearing SpeedTypes and account codes, including:

  • 013106鈥�Departmental Cash Clearing
  • 013109鈥�Company Card Personal Charges
  • 150300鈥疷ndistributed Receipts
  • 410100鈥�Suspense Salary
  • 553201鈥�Company Card Unallowable Expense听

听

To check these balances, run the m-Fin Financial Detail II in CU-Data:听听

  1. Enter a SpeedType, a set of鈥疭peedTypes鈥痮r an org number in the search parameters on the first page.鈥疌lick Next鈥痑t the bottom of the screen.
  2. Click鈥疉ccount Custom Range鈥痑nd enter the account code you want to look at in the鈥疐rom鈥痑nd鈥疶o鈥痓oxes and click鈥疘nsert.鈥€�
  3. If you entered more than one鈥疭peedType鈥痮r a full org on the first screen, click Next.
  4. At the鈥�Page By鈥痙rop-down鈥痓ox, choose SpeedType鈥痶hen click鈥�Finish.
  5. If you entered just one鈥疭peedType, click Finish.听

Be sure to:

  • Ensure all the assets (except allowance for doubtful accounts) in the general fund, auxiliary, gift fund鈥痑nd renewal and replacement plant funds are in positive (debit) status.鈥�
  • Ensure all the liabilities in the general fund, auxiliary, gift fund, and renewal and replacement plant funds are in negative (credit) status.
  • You can check the balances of both asset and liability account codes with the m-Fin Balance Sheet report. Use the Balance Sheet Summary if you would like to see each鈥疭peedType鈥痠ndividually or the Balance Sheet Total if you would鈥痩ike to see everything summarized by fund type.
  • For goods/services that were previously recorded as prepaid expenses and were received in the current year, move the cost to expense.
  • Recognize revenue for any previously recorded unearned revenue for which the department has now provided the goods/services.
  • Move any deposits held in custody into revenue for situations where the customer failed to return the goods as required.
  • Reconcile your鈥疭peedTypes鈥痶o ensure all of your transactions are posted accurately and any deficits are being resolved.
    • Do all of the expenses belong to that program or project?
    • Do you have the appropriate back-up documentation for each transaction?
    • Are any鈥疭peedTypes鈥痠n a cash or budget deficit?鈥疍o you anticipate that they will鈥痓e in deficit by the end of the fiscal year?鈥疘f so, how will you remedy that?听

Things to Do Closer to June 30

  • Record all amounts owed to the department by external entities as an accounts receivable. Reconcile accounts receivable customer detail to the amounts in the Finance System.
  • Calculate and adjust any allowance for doubtful accounts.
  • Analyze any past-due accounts receivable and/or collection agency reports and submit a request to CCO to write off those determined to be uncollectible.
  • Complete a physical count of inventories and enter any needed adjustments into the Finance System and turn in inventory worksheets to CCO by the deadline.
  • Submit a 听to reimburse petty cash funds and record in the Finance System all petty cash purchases made in FY25.
  • Submit a prior to acceptance for all qualifying non-cash gifts during FY25听in accordance with the .
  • Review funding distributions on both monthly and biweekly employees to be sure that pay information is correct so that payroll suspense will be avoided.

Upcoming Purchasing Dates from the PSC

  • May 1 - Last day to submit purchases with contracts greater than $10,000.Last day to submit all requisitions exceeding $150,000 that do not require a solicitation using FY2025 funds
  • May 15 - Last day to submit change orders that require a contract amendment or monetary increase. Send to Changeorder@cu.edu.听

Budget Dates

  • The general fund continuing budget change cutoff for the campus was April 18, 2024.
  • July budgets are due May 30, then input pages will be locked down for review.
  • Unit approvers will review and mark budgets completed June 2 鈥� June 13.
  • Campus will review all budgets to reconcile total budget June 16 鈥� June 27 prior to upload.听
  • BFP uploads FY26 budget into PeopleSoft June 30 鈥� July 1.听

Please reach out to budgettool@colorado.edu with any questions about the Anaplan budget tool and the FY26 budgeting process.听

FYE Close Tentative Dates

  • July 3听- First close (also last day to allocate PCard reports for accrual)
  • July 14 - Second close
  • July 21听- Final close

As we get closer to fiscal year-end, you鈥檒l be hearing from us through emails and newsletters about further important dates and tasks. Also, our . We鈥檒l walk through the calendar, discuss important topics and answer your questions.听Subscribe to emails and the Budget & Fiscal News.

If you have any questions, please contact your campus accountant.