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Overview of both the quarterly 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.
The Office of the University Controller requires all entities to perform closing procedures at the following frequencies:
- Quarterly Close Key fiscal officer responsibilities included in month/quarter-end 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 quarterly closing activites 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: