FY 2022 Year-End Closing
This page highlights important information about the Fiscal Year 2022 year-end closing process. The left navigation menu provides detailed information by topic.
Information in menu on the left will be updated soon. Check back closer to year-end close.
Year-End Resources
Additional resources for the year-end closing process are listed below:
- Year-End Closing Checklist
- Closing procedure templates: Balance Sheet Substantiation Template; Balance Sheet Variance Analysis Template; Income Statement Variance Analysis Template; Stale-Negative Balance Template; Material Transactions Substantiation Template
- IU Accounting Standards - Closing Standards Section
- Controller's Office Reporting Tools
Documentation
- 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 Thursday, 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 2022.
Please note that your department or campus may have earlier deadlines. Check with your fiscal officer.
Important Dates
| Monday, July 4 | Indiana University recognizes Independence Day |
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| Tuesday, July 5 | First Closing at 10:00 PM. Entries submitted to the Controller's Office (UCO) for posting due in by noon. CAMS Processing of GEC’s for Fiscal 2022 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. |
| Wednesday, July 6 | Publish the First Closing Standard Reports Fiscal Officer Reporting Tools (financial statements, reconciliations, others) can be accessed on the Office of the University Controller’s website at the following link: Controller's Office Reporting Tools. Year-End Campus Business Manager Reports may be accessed via the IUIE by selecting the Master Catalog and then drilling down on the Kuali Financial, General Ledger, Year End Reports folder. |
| Thursday, July 7 | Run June Depreciation (batch process sets create date for assets created from July 1 through July 7 to June 30, 2022) – Run beginning of batch |
| Monday, July 11 | 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. |
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| Wednesday, July 13 | Second Closing at 10:00 p.m. Entries submitted to the Controller's Office (UCO) for posting due in by noon. Last day for 68 Clearing Account entries All auxiliary vouchers must be entered and approved |
| Thursday, July 14 | Fiscal Officer Reporting Tools (financial statements, reconciliations, others) can be accessed on the Office of the University Controller’s website at the following link: Controller's Office Reporting Tools Year-End Campus Business Manager Reports may be accessed via the IUIE by selecting the Master Catalog and then drilling down on the Kuali Financial, General Ledger, Year End Reports folder. |
| Friday, July 15 | Final Closing at 10:00 p.m. Entires submitted to the Controller's Office (UCO) for posting due in by noon. Publish the Final Closing Standard Reports in the IUIE Fiscal Officer Reporting Tools (financial statements, reconciliations, others) can be accessed on the Office of the University Controller’s website at the following link: Controller's Office Reporting Tools Year-End Campus Business Manager Reports may be accessed via the IUIE by selecting the Master Catalog and then drilling down on the Kuali Financial, General Ledger, Year End Reports folder. Run June Depreciation again (if needed) CAMS Final Snapshots – Run end of batch (Saturday 1am) |
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| Monday, July 18 | Run Reset Annual Depreciation for CAMS to initialize FY 2023 Balances CAMS process FY 2023 Transactions Re-set Depreciation Parameters to the Regularly Scheduled Depreciation Run Times |