Did you know that the lapse period for State funds begins on July 1? 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 State fund for FY20 (100020) and the State fund for FY21 (100021). To ensure expenses post to the correct State fund, it’s important to pay special attention when posting transactions during the lapse period. See below for further guidance:
- The 100020 State fund must be used to pay for goods or services which were contracted for or received on or before June 30; and
- The 100021 State fund must be be used to pay for goods or services which were contracted for or received on or after July 1.
It's also important to perform a detailed reconciliation of the transactions posting to the 100020 fund within your unit before August business closes. This will help ensure that any corrections are recorded in Banner with a transaction date on or before August 31. Once August business closes, no further corrections or adjustments can be made to the 100020 State fund.
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For questions related to this topic, refer to the State Funds section of UAFR’s Who to Ask list.
