TO: All Financial Managers and Staff
FR: Amanda Visser, Senior Director for Accounting & Financial Reporting
RE: Closing Dates for Fiscal Year 2022/2023 – ALL BUSINESS UNITS
June 30, 2023 marks the end of fiscal year 2022/2023. Financial Services conducts many year-end related activities from May through October to comply with financial reporting requirements established by the California State Controller, Department of Finance and the CSU Chancellor’s Office. During this time, we must also prepare for the annual financial audits.
The California State Controller has mandated that the CSU close its books and submit year end reports in early July. Therefore, it is critically important that you understand the impact of the State Controller’s requirement on our closing schedule.
To ensure success, we have developed operational timelines to facilitate the orderly processing of transactions, closing of accounts, compliance with the State Controller’s closing schedule and subsequent financial reporting.
Please note, these timelines are the same for and apply to ALL Sonoma State business units (SOASI, SOCMP, SOFDN, and SOSSE).
We request your assistance and partnership in accomplishing the many tasks associated with our year end process. Please take time to review this document carefully and incorporate the closing dates into your year-end planning. As always, we appreciate your cooperation.
SONOMA STATE UNIVERSITY FY 2022/2023
ADMINISTRATIVE PROCESSING TIMELINES
ALL BUSINESS UNITS
The following timelines are established to facilitate an efficient fiscal year closing and minimize disruptions to ongoing campus operations.
To avoid unnecessary delays in Purchase Order and payment processing, a current signature sample must be on file in Financial Services for all individuals in your department who are authorized to approve expenditures. If you have questions or require assistance, please contact Joy Sun.
To ensure that each unit’s planned FY 2022/2023 expenditures are expensed or encumbered by June 30, 2023, it is extremely important that these administrative timelines be followed. Unit transactions that are received after the dates indicated are at risk of being processed against FY 2023/2024.
April 28, 2023 – Requisitions over $100,000
Last day to submit requisitions to Purchasing for acquisitions of $100,000 or more. This date applies to all funding sources and is established to enable Purchasing to comply with formal competitive bidding requirements and issue contracts or purchase orders dated on or before June 30, 2023.
May 26, 2023 – Requisitions under $100,000
This is the last day to submit requisitions to Purchasing for acquisitions of less than $100,000. This date applies to all funding sources and is established to enable Purchasing to comply with informal bidding requirements and issue contracts or purchase orders dated on or before June 30, 2023.
May 31, 2023 – Critical Date for Accounts Payable, Travel Claims, and Petty Cash
· Accounts Payable Invoices (excluding claimable funds, mentioned above)
All 2022/2023 invoices must be submitted to Accounts Payable on or, preferably, before May 31, 2023 for payment in the closing year. Please do not hold invoices. Approve and submit them promptly as they are received. If you receive invoices after this date, please route them to Accounts Payable for immediate processing.
· Travel Claims
All completed travel claims, with supporting documentation, should be submitted in Concur for processing by May 31, 2023. For travel in progress or for a claim that has not been completed and submitted to Accounts Payable for processing by this date, the claim will be processed in July against FY 2023/2024.
· Petty Cash
May 31, 2023 is the last day for Petty Cash Custodians to submit FY 2022/2023 reimbursement requests to Accounts Payable.
June 2, 2023 – Critical Date for Claimable Funds
This is the last day to submit claimable invoices (PS funds AD and/or GK) to Accounts Payable to ensure payment this fiscal year. Claimable invoices received after June 2, 2023 will not be processed until July 1, 2023.
June 9, 2023 – Critical Date to Comply with State Deadlines for IFTs and Procard
· Interagency Financial Transactions (IFTs formerly called CPOs)
All requests for CPOs, with supporting documentation, should be turned into Dusty Magallon in Financial Services for processing by June 9, 2023.
· ProCard Transactions
May ProCard Reconciliation (billing cycle is May 7 – June 6): Assign chartfield coding and submit ProCard charges to Accounts Payable for recording in 2022/2023 by June 9, 2023.
June ProCard Reconciliation (billing cycle is June 7 – July 6): Any ProCard purchases made after June 6, 2023 will be processed with the July ProCard statement against FY 2023/2024.
June 16, 2023 – Critical Date for Accounts Receivable
· Accounts Receivable
June 16, 2023 is the deadline for submission of any type of external Accounts Receivable billing request for June 2023. Submissions should include external billing for activities that occurred during June.
July 3, 2023 – noon – ORSP transactions
This is the last day for campus end users to submit FY 2022/2023 ORSP related transactions to the ORSP team. Please have all transactions submitted by Noon on the 3rd. (ORSP = Office of Research and Sponsored Programs).
July 6, 2023 – 4pm – Journal Reclasses
This is the last day for departments to submit FY 2022/2023 journal reclass requests, please have all journals submitted by 4pm on the 6th. Note: Labor Cost Distribution (LCD) should be posted by June 29th and available in the Data Warehouse by June 30, 2023.
CAMPUS BUDGET YEAR END BALANCES
Year end balances for the Campus Budget are available at the end of the fiscal year for expenditure in the next fiscal year at the discretion of the Cabinet and the Division Vice Presidents.
Year end balances available are defined as Revised Budget less expenditures and encumbrances. These balances are determined by Finance Data Warehouse reports. The University Budget and Planning Office will verify each Division’s balance. Distribution of the Division’s year-end balance is the responsibility of the Division Vice President.
Year end balances will be adjusted for the following items:
· A remaining balance available from a restricted allocation will be returned to the original recipient.
· In cases where the Division’s prior year encumbrances are canceled, the savings will be reallocated to that Division’s Vice President for use in the new fiscal year.
GUIDELINES FOR CASH OPERATIONS
All offices receiving cash, checks or credit card payments must complete the “Request to Establish/Maintain Cashiering Collection Point” form and obtain approval prior to accepting payments. Please visit https://finance.sonoma.edu/ar-
WEBSITE
Please visit the Financial Services website throughout the year for important announcements and forms. https://finance.sonoma.edu/