blog posts UAFR Weekly Tips Aug 3, 2022 2:30 pmAccounting and BudgetingFY 23FY22 is now officially closed, and UAFR would like to take this opportunity to say 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 year which will help ensure yet another successful year-end close in FY23: Ensure that all deposits for the fiscal year are made by the June 30 deadline. For any deposits which may miss this deadline, ensure that the deposit is made as soon as possible in July. Also, always ensure that the date the payment was received and the date the payment relates to is clearly identified on the cashiering deposit form when making the deposit. 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. 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. Once again, a very special thanks to everyone for your hard work throughout year-end. A successful close is truly a team effort that we couldn't achieve without your help!ContactFor any questions, feel free to reach out to UAFR as (217) 333-4568 or at email@example.com.