FY24 is now officially closed, and UAFR would like to take this opportunity to thank you for all your help throughout the year-end close process! Your efforts were greatly appreciated and helped ensure the accuracy of the University of Illinois System’s financial statements.
Looking ahead to the new fiscal year, see below for some helpful tips to keep in mind. Following these tips will help ensure a successful year-end close in FY25:
- Perform monthly reconciliations on a timely basis to help identify any transactions that need corrected, and make proper use of the lapse period to ensure any corrections needed on the prior year’s state fund are completed before the end of the lapse period on August 31.
- Ensure that all expense reports are completed with accurate service dates which properly reflect when the applicable goods or services were received.
- Complete and submit an Anticipated Incoming Wire or ACH Transfer Form any time you are anticipating an incoming wire or ACH payment, making sure to reference the applicable date or date ranges that the sale relates to. This will help ensure your wire or ACH receipt is credited to your applicable C-FOAP on a timely basis and will also help ensure any payments that may need accrued or deferred for financial reporting purposes are properly identified.
- Ensure that all requests for new fund, program, or index codes are submitted using the most current version of UAFR’s FPI form.
- Ensure that all deposits for the fiscal year are made on a timely basis. Also, always ensure that the date the payment was received and the date range that the payment relates to is clearly identified on the cashiering deposit form when making the deposit.
- Terminate any unused FOPAL segments to help prevent misclassified transactions and save yourself time during the monthly reconciliation process.
- Make sure all of your journal vouchers have proper description lines and FOATEXT so that they are able to stand up to any audit scrutiny and so that the transaction is clearly explained.
Once again, thank you for all your hard work and assistance throughout the year-end close process!
Contact
For any questions, feel free to reach out to UAFR as (217) 333-4568 or at uas@uillinois.edu.
