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Get a head start on fiscal year-end tasks

It’s that time of year again! It may only be April, but 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 Departmental Cash Clearing 
    • 013109 Company Card Personal Charges 
    • 150300 Undistributed Receipts 
    • 410100 Suspense Salary 
    • 553201 Company Card Unallowable Expense 

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

    1. Enter a SpeedType, a set of SpeedTypes or an org number in the search parameters on the first page. Click Next at the bottom of the screen. 
    2. Click Account Custom Range and enter the account code you want to look at in the From and To boxes and click Insert.   
    3. If you entered more than one SpeedType or a full org on the first screen, click Next. 
    4. At the Page By drop-down box, choose SpeedType then click Finish. 
    5. If you entered just one SpeedType, click Finish. 

    Be sure to:

      • Ensure all the assets (except allowance for doubtful accounts) in the general fund, auxiliary, gift fund and renewal and replacement plant funds are in positive (debit) status.  
      • 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 SpeedType individually or the Balance Sheet Total if you would like 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 SpeedTypes to 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 SpeedTypes in a cash or budget deficit? Do you anticipate that they will be in deficit by the end of the fiscal year? If so, how will you remedy that? 

      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  to reimburse petty cash funds and record in the Finance System all petty cash purchases made in FY24.
      • Submit a prior to acceptance for all qualifying non-cash gifts during FY24 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 (AP Dates will be available soon) 

      • April 3 - Last day to submit requisitions for purchases requiring Documented Quotes (purchases of goods or services between $100,000-$500,000). 
      • April 14 - Last day to submit all requisitions exceeding $100,000 that do not require a solicitation using FY 2024 funds. Note: All security and compliance reviews must be completed before this deadline and submitted with the requisition.
      • April 14 - Last day to submit change orders that require a contract amendment.
      • May 1 - Last day to submit purchases with contracts greater than $10,000.

      Budget Dates

      April General Fund continuing budget freeze date in Anaplan
      In prior years, BFP established a General Fund continuing budget cutoff date in mid-April to prepare for the following fiscal year’s C-ROLL (continuing budget roll forward).

      Starting this year, the C-ROLL will now be prepared in the new Anaplan budget tool.

      Please reach out to budgettool@colorado.edu with any questions about the Anaplan budget tool and the FY25 budgeting process. 

      FYE Close Tentative Dates

      • July 2 - First close (also last day to allocate PCard reports for accrual)
      • July 10-12 (TBD) - Second close
      • July 17-19 (TBD) - Final close

      As we get closer to fiscal year-end, you’ll be hearing from us through emails and newsletters about further important dates and tasks. Also, our town halls (date TBD) will be held at the beginning of June. We’ll walk through the calendar, discuss important topics and answer your questions. Subscribe to emails and the Budget & Fiscal News.

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