Year End Information

OVERVIEW

Texas Woman's University's fiscal year begins September 1, 20xx and ends August 31, 20xx.  Several items of importance must be considered at the end of each fiscal year.

Year End Deadlines

The following deadlines are established annually to assist departments in completing fiscal year purchases and payments, as well as planning for the new fiscal year.  In addition, these deadlines are necessary to allow the Accounts Payable to finalize payments for the year in a timely manner.   

GUIDELINES

The following items provide information which should be beneficial to departments when reviewing budgets and closing fiscal year expenses while anticipating new year funds and expenditures:

• Funds 10, 12, and 14 are closed at the end of each year.  All remaining balances are removed and new funds are budgeted for the new fiscal year.
     
• For Funds 10, 12, and 14, consumable items must be ordered, received, and paid for in the same fiscal year.   It is important to anticipate this issue in a timely manner at the end of the fiscal year so that merchandise can be received and paid for before the fiscal year closes.
     
• Travel expenditures must be reimbursed using funds from the fiscal year in which the travel occurred.
     
• Departmental accounts beginning with Funds 11 and 19 must follow end of the year deadlines, however, unused funds will roll forward to the next year.
     
• Grant contracts have various award year end months. The deadline for encumbering funds is the 15th of the month the grant year ends (i.e. grant ends March 31, encumbrances close March 15).
     
• As of September 25th each year, all unpaid purchase order's for Funds 10, 12, and 14 in the categories of M&O (81) and Travel (82) will be closed.

For additional information, contact Accounts Payable or Grants Accounting