blog posts UAFR Weekly Tips Jul 28, 2022 1:15 pmAccounting and BudgetingDid you know that we are currently in the lapse period for state fund reporting? To ensure proper accounting during the lapse period, keep the following in mind: The lapse period occurs during the first two months of a new fiscal year (i.e., from July 1 through August 31). During this time frame, there are two state funds open – the FY22 state fund (100022) and the FY23 state fund (100023). The 100022 state fund can only be used to pay for goods or services which were contracted for or received on or before June 30. The 100023 state fund can only be used to pay for goods or services which were contracted for or received on or after July 1. It's important to perform a detailed reconciliation of the transactions posting to your unit’s state C-FOAPs before August business closes. This will help ensure that any erroneous transactions are identified and reclassified in Banner before the end of the lapse period on August 31 (which is when the 100022 state fund will be officially terminated). Once August business closes, no further corrections or adjustments are allowed on C-FOAPs utilizing the 100022 state fund. Any unidentified errors which remain on the 100022 fund after August business closes will have to stay as-is. ContactFor questions related to this topic, refer to the State Funds section of UAFR’s Who to Ask list.