Fiscal Close Focus: Resources and System Updates

This limited-edition newsletter delivers bi-weekly updates and guidance on fiscal close activities through July 2024. Please note that deadlines featured here are set by central offices, and your department might have earlier deadlines to manage workload and business processes effectively. For additional details, reach out to your department's business office.

In case you miss it...

Review the previous edition of Fiscal Close Focus

Fiscal Close Resources

Finance Office Hours and Trainings

• Office Hours: Available daily, offering real-time resolution of questions with special topic breakout rooms. This support channel can be utilized to answer any individual questions users may have. 
• In-Person Training: Instructor-led sessions on campus provide hands-on instruction to users. Registration is available in the UC Learning Center.  

Fiscal Close Overview and Support

• Fiscal Close Overview: The Fiscal Year-End Close Overview provides an outline of the fiscal close processes, including a detailed calendar with deadlines and support resources.  
• Report Enhancements: New reports, such as the UCD GL Balances Summary Report and the UCD Transaction Listing Report – GL and Subledger Detail, provide detailed financial information, including balances.
• Finance Experts: Available to attend specific meetings within schools, colleges, or administrative units to offer additional guidance on the general ledger and carryforward. Assistant Deans and CAOs received an email with details to coordinate these connections.  

System Updates

New Report: UCD PPM Department Kickout Project Balances

Department Kickout (DKO) projects temporarily store Boundary Application transactions that did not post successfully to sponsored or non-sponsored projects. Departments must periodically review their DKO projects and transfer these costs.   

The new UCD PPM Department Kickout Project Balances Report helps units identify their current DKO balances so they can take appropriate action. An initial draft of the Run the PPM Department Kickout Project Balances KBA is available now to get you started, with additional information coming soon.  

Fiscal Close: Using Accruals and Deferral

In compliance with Generally Accepted Accounting Principles (GAAP), goods and services must be recorded in the year they were received or performed, and income must be recorded in the same year as the expenses that generated the income. 

The new Fiscal Close: Using Accruals and Deferrals KBA provides examples and guidance, including specific Natural Account values, when processing adjustments for:

• Accruals:  
  • Accruals: Accrued Expense
  • Accruals: Accrued Revenue (Income)
• Deferrals:  
  • Deferrals: Deferred Expense (Prepaid Expenses)  
  • Deferrals: Deferred Revenue (Income)

Composite Benefit Rate (CBR) Add-On 

The Composite Benefit Rate Add-on is the additional benefit cost for non-General Fund, non-Contract and Grant funds to reflect the benefit amount that these funds would have otherwise paid had the State not provided $436 million to the UC Retirement Plan.    

With the transition to Aggie Enterprise, the CBR Add-on was delayed.  It has now been posted to Jun-24 for fiscal periods 8 – 11 (Jan-24 thru May-24), using natural account 505001-CBR Addon Prop2. Period 12 (June-24) will be posted after the final Salary Cost Transfer Posts to Ledgers in mid-July. 

Please note, the CBR Add-On is only posted to the General Ledger. The Aggie Enterprise system does not currently support posting to PPM task level for any central assessments. 

Visit the Salary and Benefits webpage for additional information. 

Upcoming dates and deadlines 

To ensure that units have ample time to complete fiscal close tasks and reassess appropriations, fiscal close for 2023-24 has been extended to July 22, 2024. Central office deadlines for specific tasks are highlighted below.

Friday, July 12, EOD  

Deadline: Capital/ Non-Capital Transfers 

Last day for departments to submit requests to transfer expenses to/from capital to/from noncapital for inclusion in FY 23/24. (Not including equipment.) 

Saturday, July 13, EOD  

Notification: Salary Cost Transfers Post to Ledgers 

Salary Cost Transfers completed by 8:00pm on 7/7/2024 post to the ledgers.  See the FY 23-24 tab of the Salary Cost Transfer Processing Schedule. 

Monday, July 15, EOD*  

Notification: Composite Benefit Rate (CBR) Add-on (Prop 2) - Period 12 

*Estimated date. Period 12 CBR Add-on will post at the GL level after the final Salary Cost Transfers are posted.  

Tuesday, July 16, 5 p.m. 

Deadline: PPM Subledger Closes 

Project Portfolio Management (PPM) subledger closes. 

Wednesday, July 17, 12 p.m.* 

Deadline: Accounts Receivable (AR) Subledger Closes 

*Estimated date – Closing the AR Subledger is contingent on successful closing of prior modules

Accounts Receivable subledger closes. 

Deadline: Accrual/ Deferral Deadline for Departments 

In compliance with Generally Accepted Accounting Principles (GAAP), goods and services must be recorded in the year they were received or performed and income must be recorded in the same year as the expenses that generated the income. The 100000D Accrual Deferral journal is used to make these adjustments. 

A new KBA, Fiscal Close: Using Accruals and Deferrals, provides examples and guidance, including specific Natural Account values for processing adjustments. 

Wednesday, July 17, EOD 

Deadline: Gift & Endowment Overdrafts 

Last day to clear Gift/Endowment fund overdrafts. Transfer sufficient expenses to an appropriate alternative fund source.  

To monitor funds, use the UCD GL Summary Balances Report, running by financial department and parent codes: 1000C, 1010C, 1020C, 6000C, 7000C, 8000C, 3000C. If your fund uses multiple financial departments, run the report by fund to get a more accurate balance of the fund. 

Friday, July 19, 11:59 p.m. 

Notification: Campus Income Assessment Period 12 

After AR subledger closes, final income assessment will post to the ledgers. 

Monday, July 22, 11:59 p.m. 

Deadline: Campus General Ledger 2024 transactions 

Last day to post to the General Ledger. 

Deadline: Central Campus Funding Allocation Requests to Budget Office 

Last day for Dean/VC Office to submit for previously approved Central Campus Funding Commitments to BIA analyst.  

Thursday, July 25, 7 p.m. 

Funding Entry - Monthly 

Update Funding Entry as needed before the July pay confirm. 

Thursday, August 8, 7 p.m. 

Deadline: Period 1 Closes to Campus 

Last day for departments to process documents for the July (Period 1) fiscal period. Documents must be fully approved by 7:00pm.