Closing Standards and Procedures

This Section Will Continue To Be Updated - Please Check Back For More Information In The Future

Overview of both the interim and year-end closing process

"Closing the books" refers to the process of finalizing an entity's financial information and creating reports after a specified accounting period has ended. Closing procedures are performed to keep accounting data organized and ensure all transactions for the period are properly accounted for and recorded on a timely and accurate basis.

Closing standards provide detailed information on the analysis and substantiation of financial information as well as requirements and best practices related to those processes.

The Office of the University Controller requires all entities to perform closing procedures at the following frequencies:

  • Interim Close Key fiscal officer responsibilities included in interim close include variance analysis, balance sheet and income statement substantiation, accruals and account reconciliation.
  • Year-End Close Key fiscal officer responsibilities included in year-end close consists of interim closing activities in addition to specific year-end items such as org reversion, covering cash balances and a complete fiscal year-end checklist to complete prior to closing.

A detailed closing calendar is shown below to note when all documentation and procedures should be completed: