blog posts University Bursar Monthly Bulletin: Fiscal End-of-Year Processes Jun 16, 2021 9:00 amTravelAccounting and BudgetingBuying and ContractsPaying PeopleWelcome to the University Bursar Monthly Bulletin. Spotlight on Fiscal End-of-Year ProcessesAs fiscal year-end approaches, this Bulletin highlights important reminders to help units successfully close FY21 and start FY22. To ensure proper financial reporting, please make sure that all cash receipts, departmental deposits, and any other payments received during FY21 are properly deposited by June 30.Submit deposits to Bursar Cashier Operations by 2:00 p.m. on Wednesday, June 30 to ensure all money received in FY21 is accurately recorded in FY21. Please contact your university’s Cashier 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 payment was received, which needs to be recorded in the upper left-hand section of the form (i.e., the “Date Money Was Received” 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 payment relates to, which needs to be recorded in the upper right-hand section of the form (i.e., the “Fiscal Year in Which the Goods/Services were Provided to the Customer” field). For example, if the payment is from a customer whom you sold and provided services to during FY21, then you would enter “FY21” 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 deposit deadline, please advise Bursar Cashier Operations. UAFR will need to record a deposit-in-transit entry in Banner to account for these situations. This is why it is so 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 02/2021. If you have a saved copy on your desktop, please download and save this new version with a Revised 2/2021 date in the lower left corner.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 FY21 closing and FY22 opening procedures.ContactFor questions or more information about submitting departmental deposits to University Bursar Cashier Operations, please contact our office for your location:Chicago: BursarCashiersUIC@uillinois.eduSpringfield: BursarCashiersUIS@uillinois.eduUrbana-Champaign: BursarCashiersUIUC@uillinois.edu.