The fiscal year-end close process is required to prepare the general ledger accounts for financial statement presentation and for the start of the next accounting process.  The closing process consists of steps to transfer income statement accounts to balance sheet accounts.  Since income statement accounts record current year activity, they must be zeroed out or closed in preparation of the next accounting period.  This process begins after June 30, UCSF’s fiscal year-end close date.  The process continues until the financial statement audit and various reporting to the Office of the President are complete. At the end of the fiscal close, the income statement accounts are closed into net position for the beginning of the next accounting period. 

Department Responsibilities 

Departments prepare for fiscal year-end close by reviewing their financial transactions to ensure that revenues and expenses are recorded in the proper period. This includes recording accruals for revenues earned but not received or expenses incurred but not yet paid.  Refer to the Financial Calendar for year-end deadlines, which may differ from normal monthly deadlines.  The Controller's Office hosts Year-End Close Presentations each year to help departments understand the year-end close activities, timelines, and expectations.  Department managers, financial administrators, financial analysts, post-award research services analysts, and anyone else involved in the year-end close process should plan to attend one of these presentations, watch the live broadcast, or the recorded presentations. 

Key Dates
  • Salary Cost Transfers during the 1st business week in July. The Payroll Processing Calendar provides a SCT & DR batch schedule based on when your SCT or DR was approved.  
    • Tip: Look for deadline stating “SCT Local APPROVAL due by 8PM” 
  • As a best practice, departments should regularly monitor and take action to correct payroll expenses by the following month-end close.  
  • June Prelim Close: during the 2nd business week in July 
  • June Interim Close: during the 3rd business week in July 
    • Departments must be complete with journals by interim close deadline date. 
    • Journals after interim close are for Control Points, and Budget and Resource Management only. 
  • Call For Dean's Office program support dollars: 
    • Reimbursements–send request to Willy Hsieh by noon 2 business days before prelim close 
    • Deficit/operational support–send request to Willy Hsieh by noon 4 business days before interim close 
Fiscal Year-End Close Checklist 

Task 

Due Date 

Complete Date 

Journal entry processing 

 
 

 
 

Departments must be complete with journals by interim close. 
Default journal entry effective date is calendar date journal entry is created in PeopleSoft; reminder to change date if applicable 

 
 

 
 

 
 

 
 

 
 

Cash & revenue accrual 

 
 

 
 

Last business day in June is deadline to deposit cash for the fiscal year. 

 
 

 
 

Record related non-sponsored cash / check deposit journal entry in timely manner from when the deposit was made 

 
 

 
 

Review monthly undistributed ACH & wire deposit lists to claim additional funds received for your department 

 
 

 
 

Records accruals for sales and service revenues related to Fiscal Year activities where the cash has not been received by Departments by June 30th. SOM Control Point does this process centrally. Send copies of sales and services invoices and chartstrings to SOM Control Point by July 8. 

 
 

 
 

 
 

 
 

 
 

Payroll 

 
 

 
 

Approve SCT & DR before deadline for Accounting Period 12 stated on Payroll Processing Calendar

 
 

 
 

Review positions leading up to the final payroll of the year to ensure accurate recording of payroll expenses. 

 
 

 
 

As a best practice, departments should regularly monitor and take action to correct payroll expenses that are recorded to the department default chartstring by the following month-end close.   

 
 

 
 

 
 

 
 

 
 

Expense Accruals, Purchasing & AP 

 
 

 
 

Estimated bonus/incentive accruals are due to SOM Control Point two days prior to last June business day. 

 
 

 
 

Supply Chain Management (SCM) is asking departments to submit their end-of-fiscal year requests as early as 
possible. We will do our best to process every order we receive and with your assistance, we can make it happen. 

 
 

 
 

Submit accrual requests to AP for invoices >$100k related to Fiscal Year ~Approx July 15th 

 
 

 
 

Send unpaid invoices and accrual requests to [email protected]

 
 

 
 

 
 

 
 

 
 

Sponsored projects 

 
 

 
 

Complete June Award Verification by deadline  

 
 

 
 

 

 

 

Call for Dean’s Office program support dollars 

 

 

Reimbursements–send request to Willy Hsieh by noon 2 days before prelim close 

 

 

Deficit/operational support–send request to Willy Hsieh by noon 4 days before interim close