Controller's Office Year-End Closing

Units should ensure that all non-sponsored projects (e.g., faculty funds, designated, gifts, and endowment operating) have positive balances and all deficits are cleared by the time the projects ledger closes. The 505 Project Cost, Revenue, Budget, Commitments report may be used when reviewing project balances.    

Cash journals, to be reflected in the June FY26 period, should be prepared and submitted by Thursday, July 9, 2026. This will permit time for the Cashier’s Office to review and approve these journals by Thursday, July 16, 2026.

Invoice Accruals/Deferrals

The AP ledger will close on Monday, July 20. For services and goods received in FY26, but the invoice is not received or processed until FY27, an accrual will be recorded. UCO will record manual accruals for invoices dated July 1 and after of $25,000 or greater that relate to FY26 goods and services. Additionally, manual accruals will be managed for invoices dated prior to July 1^st of $25,000 or greater, but processed and approved after the AP ledger closure, related to FY26 goods and services.  UCO will record these entries on behalf of the unit/school, so units are advised to not record them.  Invoice accruals for sponsored projects will be recorded solely in the general ledger and not to the project by UCO.  Non-sponsored invoice accruals will be recorded to the project, if applicable, based on the closing schedule. 

Units are advised to record any non-sponsored invoice accruals of less than $25,000 that have not been processed and approved by the AP ledger close date. 

When accruing a payable accrual, please use Accounts Payable Year End account #20306 (available for use after the AP ledger close of July 20) unless you find a more appropriate value to use in the 200TT GP Accounts Payable & Accrued Expenses account series within the COA Segment Structure 

For invoices of $25,000 and greater related to FY26 that have not been processed/approved by the AP ledger close date of July 20^th, departments can assist UCO by providing supporting documentation via the UCO Help Desk Request Form selecting the Year End/Monthly Close  .

Expenses for goods or services that are processed or paid and recorded in FY26, but not received in FY26, should be deferred appropriately by the unit with the recording of a prepaid expense.  In recording a prepaid expense, please use Prepaid Other Expenses account #14730 unless you find a more appropriate value to use in the 1450T P Prepaid Expenses account series.   

Revenue Accruals/Deferrals

Revenue earned related to FY26, but not received in FY26, should be accrued appropriately with the recording of receivable and revenue. In recording the receivable, please use A/R Miscellaneous account # 12845, or A/R Auxiliary Enterprises #12958 if an auxiliary unit. Any revenue accruals on sponsored projects will be recorded by UCO in collaboration with RFS. 

Revenue received and recorded in FY26 but not earned in FY26, should be deferred appropriately with the recording from revenue to deferred revenue also known as unearned revenue (a liability).  In recording the deferral, please use Unearned Revenue Year End account #24329 (available for use on May 28^th) unless you find a more appropriate value to use in the 240TT GP Unearned Revenue account series. 

Units should use the general ledger journal entry ‘categories’, entitled “RU Accrual/Deferral” for general ledger, and “RU PGM Revenue Accrual” for non-sponsored projects to be able to create year end (Jun-26) journal accruals and/or deferrals that will automatically reverse in the Jul-27 period or the earliest FY27 open period. These categories, when used in the Jun-26 or 14_Jun-26 period, require two levels of approval beginning on Thursday, May 28. The first level will be the preparer’s finance approver, and the second level of approval will be in the UCO. The second level of approval is only required during the year end close. Please attach appropriate supporting documentation to these journals so the first and second level approvers can evaluate the appropriateness and understand the implications of the entries. Failure to include this documentation may lead to the rejection of the journal. 

For all expense and revenue accruals / deferrals using accounts in the 1XXXX or 2XXXX series, please use your U-D-O-L with the same fund type as the revenue or expense and a business line of 9999. 

Revenue from summer student activities is recognized proportionately across June FY26 and July / August FY27, based on summer course begin and end dates. This includes revenue from tuition, fees, dining and study abroad programs. Adjustments are recorded in the period they occur, with a final clearing entry processed in the October 2027 fiscal period. The FY26 portion of this summer revenue, which is based on data reflected in the student registration and accounting data files as of June 29^th, is expected to be recorded on or about July 13, 2026. 

State paid fringe benefits revenue for FY26 through June will include all June pay periods and a revenue accrual for the remaining six business days of the month (June 22-29, 2026).  This accrual considers the payroll accrual for those days, ensuring that state paid fringe revenue is properly aligned with the related fringe, FICA, and Medicare expenses in GL and Projects SL. 

The June state paid fringe benefits revenue is calculated after payroll accrual entries and final salary reallocations are completed by July 13, 2026. Please note that the timing of the accrual entry is dependent on these processes being completed as scheduled.   The state paid fringe benefits accrual entry for June 2026 is expected to be recorded on or about July 20, 2026.

As part of year-end close activities, units are responsible for ensuring the GL is aligned with the Project Portfolio Management (PPM) subledger (SL) for project-only fund types through reconciliations.   A listing of GL vs. PPM resources may be found on Canvas under GL vs PPM Dashboard section.   Units should carefully review all discrepancies and ensure necessary corrections are processed before the fiscal year end close deadlines listed above.  Reconciliation-related questions can be assisted through one of the year-end close open labs. 

To assist users with running appropriate financial reports, the Controller’s Office has compiled a list of the most frequently used reports in the Reporting – Quick Reference Guide. Additionally, to help users with year-end activities, the Data Analytics & Reporting team has shared the following resources: 

1. P&L Reports - RU GL 104B BOG P&L All Units - Variance  - This report includes Full Year Budgets, Budget, Actual, and associated variances either year-to-date or period-to-date. 
    

2. Video:  Account Analysis Report (RU GL 089) – This report provides detailed GL transactions, including relevant sub-ledger information, such as project#, task, PO#, revenue source, etc. for reconciling sub-ledger transactions to the GL. 
    

3. RU GL 145-GL and Sub-Ledger Transaction Report- This report is similar to the Account Analysis Report in the details. This provides additional sub-ledger data for all transactions.
    

4. Sponsored Projects - Summary and Detail (expenses and PO encumbrances)-This report provides a summary of sponsored projects’ budget, cost, and encumbrance by expenditure type as well as the transactional details. This would minimize or eliminate the need to go to manage project cost (MPC) and manage commitment cost (MCC) screens in Oracle Financial Cloud.  The transactional details can be downloaded for further analysis. 
    

5. 505 - Project Consolidated View by Fund Type – This dashboard displays various views of information for a project such as a consolidated view, commitment detail, project cost detail, revenue detail, and budget detail. 
    

6. GL to PPM Reconciliation Dashboard – This dashboard displays the GL and Projects SL balances for project only fund types as of a certain period and will highlight the differences between them. 
    

7. Video:  Scheduling a BI Publisher Report  (e.g. Project cost detail report – RU PJ 073) – This video outlines the reasons why scheduling a report would be beneficial and provides step by step instructions for scheduling a sample BI publisher report and emailing the report output.