Year-End Closing Checklist

Click on link for downloadable version of Year-End Closing Checklist template.

Fiscal Year 2021 Closing Checklist

Note: For fiscal year 2021, only these RCs and campuses are required to complete and submit the closing checklist:

  1. SOUTHEAST CAMPUS
  2. BA-RC8 ATHLETICS
  3. RC10 MEDICINE & HEALTH SCIENCES
  4. BL-RC68 LIBRARY
  5. IN-RC14 DENTISTRY
  6. BL-RC4 COLLEGE OF ARTS & SCIENCES
  7. UA-RC92 VP & CHIEF FINANCIAL OFFICER

The Office of the University Controller (UCO) created the accounting closing checklist with tasks to be completed on a quarterly, semi-annual and annual basis. Items included in this list and relevant scope are subject to change annually. All items included below are discussed in further detail in the requirements sections of the closing procedures documents in the IU Accounting Standards Book. Users must review the checklist in conjunction with the IU Accounting Standards Book to get the exact requirements for each step of the checklist.

The checklist comprises UCO specific required activities at the RC level. The University Budget Office (UBO) will also have additional closing procedures that will not appear on this list. In addition, each campus may have individual specific requirements related to closing procedures, please check with your campus and/or RC.

General Controls
Activity IU Accounting Standard Fiscal Officer Toolkit Report Toolkit Report Instructions
1. Review and execute all items listed on the sub-certification checklist. N/A N/A N/A
2. Review the fiscal officer and internal controls policies to ensure compliance at fiscal year-end. N/A N/A N/A
3. Review all IU Accounting Standards. N/A N/A N/A
4. Review all system access controls (e.g. KFS roles). Confirm all account supervisors, managers, and fiscal officers are accurate and appropriate. N/A N/A N/A

Balance Sheet
Activity IU Accounting Standard Fiscal Officer Toolkit Report Toolkit Report Instructions
1. Analyze the comparative unit level balance sheet. To do this, complete the following procedures:
1.1 Run year-end financial statements with comparative balances and ensure the accuracy, reliability, and completeness of the financials. Balance Sheet Financial Statement Reports Financial Statement Reports Instructions
1.2 Run year-end multi-year stale balance report and substantiate/correct any stale balances. Balance Sheet Multi-Year Stale Balance Report Multi-Year Stale Balance Report Instructions
1.3 Run year-end account negative balance report and substantiate/correct any negative balances with exception of system generated object codes and fund balance.
*If you have questions or concerns, please reach out to your consultant and can be discussed seperately.*
Balance Sheet Account Negative Balance Report Account Negative Balance Report Instructions
1.4 Review balance sheet and ensure any identified errors have been corrected prior to closing cutoff. Balance Sheet N/A N/A
2. Provide substantiation for any non-system generated asset and liability RC object code balances on your balance sheet. Balance Sheet Substantiation N/A N/A
2.1 Ensure the accuracy, reliability, and completeness of the balance sheet substantiation. Balance Sheet Substantiation N/A N/A
2.2 Review system generated & UA generated balances to ensure reasonableness & to ensure entries have not been duplicated by the unit. Balance Sheet Substantiation N/A N/A
3. Complete a detailed variance analysis of identified variances on the balance sheet. Variance Analysis N/A N/A
4. Negative cash and fund balances should be covered at year-end or have an identified plan for resolution with your RC, Campus, University Budget Office (UBO) or your Year-End Consultant in the Office of the University Controller (UCO).
* Stale cash balances should be reviewed annually for appropriateness & accuracy.
N/A N/A N/A

Income Statement
Activity IU Accounting Standard Fiscal Officer Toolkit Report Toolkit Report Instructions
1. Analyze the comparative unit level income statement. To do this, complete the following procedures:
1.1 Run year-end financial statements with comparative balances. Income Statement Financial Statement Reports Financial Statement Reports Instructions
1.2 Run year-end account negative balance report and review any negative balances. Income Statement Account Negative Balance Report Account Negative Balance Report Instructions
1.3 Review the income statement and ensure any identified errors have been corrected prior to closing cutoff. Income Statement N/A N/A
2. Review all accrual entries posted by the unit during the fiscal year. Accruals N/A N/A
2.1 Review all system generated (automated) accruals for comprehension and completeness. Accruals N/A N/A
2.2 Substantiate and record any non-system generated accrual adjusting entry per the threshold requirement. Reverse any prior period accruals as necessary. Accruals N/A N/A
2.3 Review system generated & UA generated accruals to ensure reasonableness & to ensure entries have not been duplicated by the unit. Accruals N/A N/A
3. Complete a detailed variance analysis of identified variances on the income statement. Variance Analysis N/A N/A