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This page highlights important information about the Fiscal Year 2023 year-end closing process. The left navigation menu provides detailed information by topic. Please contact your Campus Controller with any questions.

Information in menu on the left will be updated soon. Check back closer to year-end close.

Year-End Close Procedures

Procedure Description
Review and ensure compliance with all IU Accounting Standards Link to IU Accounting Standards which are required to be reviewed as part of closing procedures and fiscal officer responsibilities.
Review and complete the Year-End Close Checklist This is the checklist that is to be submitted by the CRU to assist in completing year-end close procedures. Please see the 'Year-End Close Resources' section below for required substantiation templates, variance analysis templates, and links to the Controller's Office Reporting Tools (CORT) and report instructions.
Submit the completed Year-End Close Checklist and Templates The checklist details which templates and reports are required to be reviewed and submitted by the due date below in the 'Important Dates' section.


Year-End Close Resources

Resource Description
Year-End Close Checklist Checklist to be submitted by the CRU to assist in completing year-end close procedures
IU Accounting Standards Link to IU Accounting Standards
Controller's Office Reporting Tools Link to the CORT which contains the reports necessary to complete these year-end close procedures
Controller's Office Reporting Tools Report Instructions Link to the CORT instructions which contains the instructions on the reports necessary to complete these year-end close procedures
Balance Sheet Substantiation Template Link to the Balance Sheet Substantiation Template
Balance Sheet Variance Analysis Template Link to the Balance Sheet Variance Analysis Template
Income Statement Variance Analysis Template Link to the Income Statement Variance Analysis Template
Stale-Negative Balance Template Link to the Stale-Negative Balance Template
Material Transactions Substantiation Template Link to the Material Transactions Substantiation Template
Non-Student Accounts Receivable Checklist Link to the recommended Non-Student Accounts Receivable Checklist. This item is not required to be completed for FY23 close, but is recommended.



Additional Information

  • Note that several entries are due by a specific date. If you use Financial Processing (FP) e-docs in KFS, these documents must be in the system and fully approved by 10:00 p.m. for the entries to be processed by the accounting cycle and reflected in the closing reports. Because some KFS e-docs require additional administrative approvals, on the day of each closing, entries should be completed by noon to allow for all necessary routing and approvals. Visit the page KFS Financial Processing Documents on the left-side navigation menu for more information.
  • If you require access to KFS, please contact your RC Fiscal Officer.
  • Please contact uars@iu.edu if you need to have a document super approved.
  • On Friday, June 30, the automatic disapproval process will be initiated during the accounting batch cycle. If there are documents that need special approvals those will need to be fully approved by the times mentioned above.

Transaction Processing Deadlines

Information regarding all pertinent year-end closing dates can be found on the UCO Financial Closing Calendar. Below are the operational closing dates for Fiscal Year 2023. A printable PDF of closing dates can be found at bottom of page.

Please note that your department or campus may have earlier deadlines. Check with your fiscal officer.

Important Dates

Pre-Closing
Friday, May 26 Turn on Org Reversion process
Thursday, June 1 Campuses/Central Administration generate Closing Reports
Friday, June 30 Last day for billing and encumbrance transactions

First Closing
Tuesday, July 4 Indiana University recognizes Independence Day
Friday, July 7 First Closing at 5:00 PM. Entries submitted to UCO for posting due in by noon.

CAMS Processing of GAA’s for Fiscal 2023 AP invoices

UCO will reverse July BUY.IU invoice transactions posted to the GL, if the invoice was dated June 30 or prior and marked payable. Those entries, which include actual expenses and liabilities, and the associated dis-encumbrances, will then be posted back to June (period 12) and appear on the First Closing Reports.
Monday, July 10 Publish the First Closing Standard Reports

Campuses/Central Administration generate Closing Reports
Tuesday, July 11 Run June Depreciation (batch process sets create date for assets created from July 1 through July 11 to June 30, 2023) – Run beginning of the batch cycle

Second Closing/Final Closing
Wednesday, July 12 UCO will reverse July BUY.IU invoice transactions posted to the GL, if the invoice was dated June 30 or prior and marked payable. Those entries, which include actual expenses and liabilities, and the associated dis-encumbrances, will then be posted back to June (period 13) and appear on the Final Closing Reports.

Campuses/Central Administration generate Closing Reports
Thursday, July 13 Second Closing at 5:00 p.m.

Last day for 68 Clearing Account Entries

All Accrual Vouchers must be entered and approved

Run Accrued Vacation and Sick Calculation
Monday, July 17 Final Closing at 5:00 p.m.

Publish the Final Closing Standard Reports

Campuses/Central Administration generate Closing Reports
Tuesday, July 18 Run June Depreciation again (if needed)
Wednesday, July 19 CAMS Final Snapshots – Run at the end of the batch cycle (Thursday 1am)
Monday, July 31 Required year-end closing submissions for CRUs due to Campus Controllers

For all IU units, substantiation for any account with non-system generated transactions over $5M (material accounts) due to Campus Controllers

Sub-Certification Checklists due to Campus Controllers