Fiscal Close: Information for Purchasing, AP, and Travel Transactions

This page provides information on preparing for fiscal close with your purchasing, accounts payable, and travel transactions.

The fiscal year runs July 1st through June 30thIn addition to the information below, please refer to the Finance and Business Fiscal Close website

Importance of Preparation

  • Some accounts/funds expire at end of fiscal year; work with your fiscal officers to make sure you are aware of the types of accounts you have.
  • Some accounts/funds may require usage and posting by fiscal year end.
  • Transactions require approvals before posting to General Ledger; allow enough time for approvals to take place.
  • Before submitting your Requisition or Purchase Agreement document in the Kuali Financial System (KFS), make sure that any required supporting documentation is added in the Notes and Attachments tab.  Adding all supporting documentation at the time the document is created expedites the approval and buyer assignment process, and the creation of the Purchase Order or Purchase Agreement to the outside supplier.  


2022-23 Fiscal Close Deadlines

The deadlines listed below are for the 2022-23 fiscal year end close. 

Thursday, 6/1 @ 5PM

Supplier set-up requests and supplier edit requests for FY 22-23 Kuali Financial System (KFS) Requisition (REQS) documents that will require approval by Procurement & Contracting Services, and Purchase Agreement (PA) documents, must be received by the Supplier Services Desk.

Friday, 6/9 @ 5PM

Any fiscal year-end KFS Requisition (REQS) that will require approval by Procurement & Contracting Services, and Purchase Agreement (PA) documents, must have all prior approvals completed and be received by Procurement & Contracting Services; however, if an agreement/order requires the other party’s signature, please submit earlier as additional processing time will be required.

Thursday, 6/15 @ 5PM

Supplier set-up requests and supplier edit requests for fiscal year-end KFS Automatic Purchase Orders (APO) and Disbursement Voucher (DV) documents must be received by the Supplier Services Desk.

Friday, 6/23 @ 5PM

Deadline for submission of invoices to invoicing@ucdavis.edu and void order requests to the AggieBuy Help Desk.

Friday, 6/23 @ 5PM

Deadline for Travel team to receive AggieExpense reports approved by department and free of errors

Friday, 6/30 @ 5PM

Deadline for Accounts Payable team to receive AP documents approved by department and free of errors

Thursday, 7/6 @ 7PM

Approve Purchasing documents and AggieExpense P-Card reconciliation reports by 7:00pm. Purchasing documents and reports approved after this time will post encumbrances to the new fiscal year. 

KFS Requisitions (REQS) and Purchase Orders (PO) approved after July 5th at 7:00pm will post encumbrances to FY 23-24.

The sequential Purchase Order numbering does NOT change for the new fiscal year.


Managing Open Orders and Unreconciled Expenses

There are several FIS Decision Support reports that can assist with fiscal close activities:

 


Purchasing Reminders for Fiscal Close

Supplier Records

Make sure supplier information is current for any upcoming suppliers you plan to use in KFS; update supplier records as needed, and allow time for review and approval of updates.  For the protection of the supplier, an updated W9 with the new address and/or new name is required for all individual vendor record updates. The W9 can be uploaded at any time using the existing vendor #.

AggieBuy

Allow time for departmental approval and order fulfillment by supplier. Some orders may take longer than others to fulfill, such as customized computer, oligos, and furniture orders.

Kuali Financial System (KFS)

For KFS Purchase Agreement documents and for KFS Requisition documents above the Automatic Purchase Order (APO) limit and for restricted commodity purchases, allow additional time for Procurement & Contracting Services to review, negotiate, and create KFS Purchase Orders.

Procurement Card

Allow enough time for the transactions to be paid by the bank and to appear on General Ledger reports in FIS Decision Support (DS).  Complete all AggieExpense reconciliation reports for your Procurement Card transactions prior to the end of June, so that charges post to desired account/object codes for the current Fiscal Year.


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