FY23 is now officially closed, and UAFR would like to take this opportunity to thank you for all of your help throughout the year-end close process! Your efforts were much appreciated and helped ensure the accuracy of the University of Illinois System’s financial statements.
Looking ahead, see below for some tips to keep in mind throughout the coming year which will help ensure yet another successful year-end close in FY24:
- Ensure that all expense reports are completed with accurate service dates which properly reflect when the applicable goods or services were received.
- Ensure that all deposits for the fiscal year are made by the June 30 deadline. 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.
- Ensure that all requests for new fund, program, or index codes are submitted using the most current version of UAFR’s FPI form.
- 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.
- Use accurate revenue and expense account codes when processing your entries, and ensure all journal vouchers have accurate descriptions and FOATEXT to clearly explain the purpose of your entries.
Once again, thank you for all of 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.
