Welcome to the University Bursar Monthly Bulletin. The June 2022 bulletin spotlights important reminders to help units successfully close FY22 and start FY23.
Spotlight on Fiscal End-Of-Year Processes
As fiscal year-end approaches, this Bulletin highlights important reminders to help units successfully close FY22 and start FY23. To ensure proper financial reporting, please make sure that all cash receipts, departmental deposits, and any other payments received during FY22 are properly deposited by June 30.
- Submit deposits to Bursar Cashier Operations by 2:00 p.m. on Thursday, June 30 to ensure all money received in FY22 is accurately recorded in FY22. Please contact University Bursar Cashier’s Office to confirm processing hours during the last week of June.
- When making a deposit, it is very important to enter the following information on your applicable department deposit form:
- The date the funds were received, needs to be recorded in the upper left-hand section of the form (i.e., the “Date Funds Received by Unit” field). This is critical for deposits submitted at the beginning of the new fiscal year to ensure funds are accurately reported in the fiscal year they were received.
- The fiscal year that the funds relate to, needs to be recorded in the upper left-hand section of the form (i.e., the “Fiscal Year (YY) the Goods or Services were Provided (Note: The fiscal year ranges from July 1 – June 30” field). For example, if the funds are from a customer whom you sold and provided services to during FY22, then you would enter “22” in that field. This is reportable to University Accounting & Financial Reporting (UAFR) for review by external auditors.
- If you receive payments on or before June 30, but fail to meet the aforementioned deadline, please advise Bursar Cashier Operations. UAFR will need to record a deposit-in-transit entry in Banner to account for these situations. Therefore, it is very important that the aforementioned fields on the applicable department deposit form are accurately completed.
- Revised Department Deposit Form: please use the Online Department Deposit form that was revised 6/2022. If you have a saved copy on your desktop, please download and save this new version with a Revised 6/2022 date in the lower left corner. https://www.obfs.uillinois.edu/forms/cash-handling/
In addition to these points, please see the Fiscal-Year-End Closing and Opening Procedures section of the OBFS website for more detailed information on FY22 closing and FY23 opening procedures.
Contact
For questions or more information about submitting departmental deposits to University Bursar Cashier Operations, please contact our office for your location:
