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As we approach the close of the fiscal year on June 30, June is a critical month for campus finance administrators. It’s the time to tie up loose ends, ensure accurate reporting, and begin the closeout process. To support a smooth and timely yearend closing, we’re highlighting the critical processing dates in June and we’ve compiled a checklist of essential reminders and actions that should be completed during June.

Important Pre-Close Dates:

Important Close Dates:

Yearend Checklist Reminders

1. Review Open Purchase Orders

• Ensure that open purchase orders (POs) and requisitions reflect current and valid obligations on your grant and departmental accounts.
• Work with procurement to close or modify POs as needed. Before you request the closure of any POs you need to ensure that all invoices have been submitted and paid against the PO. Once a PO is closed, it cannot be reopened, which will result in additional work for you to get the invoice paid.
• For more information on POs for yearend please see BobcatBuy (BCB) - Managing POs at Year-end & Pre-entry of FY26 PO’s Open May 5, 2025 and How to Properly Close a Purchase Order

2. Submit and Approve Transactions Promptly

• Process any outstanding journal entries, expense transfers, pcard transactions, expense reports, or any other financial document that needs processed.
• Ensure that all May transactions are submitted in time for approval and posting before deadlines. See the Finance Calendar for important yearend processing deadlines.
• If you will be out of the office make sure to set your delegates/proxies in BobcatBUY, Concur, and ICD to ensure transactions do not sit while you are out of the office.

3. Reconcile Accounts

• Conduct a thorough review of all accounts to ensure all charges appear where they should and are properly classified.
• Ensure you sign off on the trial balance in accordance with the due dates, if you have balance sheet account reconciliation responsibilities.

4. Payroll Corrections and Reporting Departing Employees

• Review and correct any payroll issues, especially for grant-funded or term-limited appointments.
• Communicate with HR to confirm end dates for faculty, staff or students so that pay to departing individuals is stopped appropriately.

6. Review Grants and Internal Awards

• Review pending or expired awards for final expense processing and closeout and correct any overspent awards.
• Verify that all cost transfers on grants are completed and justified per policy.
• Ensure you are getting award information to ORSP in a timely manner so that yearend processing dates for new awards can be met.

7. Inventory and Asset Management

• Conduct physical inventory checks, particularly for capital equipment, as required.
• Update asset records for any disposals, transfers, or acquisitions.
• Ensure that tagging and documentation for new assets are completed.
• For additional information please see Equipment Inventory (Oct 2023)

8. Communicate with Stakeholders

• Remind faculty and staff of important year-end deadlines and policies.
• Provide clear instructions for final purchases, as well as expense and travel reimbursements.
• Offer support and guidance for any unit-specific fiscal questions or concerns.

9. Prepare for Accruals and Deferred Revenues

• Identify revenue and expenses that need to be accrued or deferred to ensure proper period matching.
• Submit accrual documentation according to year-end schedules provided by central finance.
• Identify any prepaids and work with General Accounting to get them properly booked.

10. Review Year-End Calendar and Deadlines

• Familiarize yourself with the institution’s official year-end calendar.
• Note internal and external deadlines for transaction processing, journal submissions, and closing activities.
• Plan your team’s workload accordingly to avoid last-minute bottlenecks.

As in prior years, we have provided an online closing calendar for you to review critical yearend deadlines. You can find the link to the yearend close calendar here. This is an excellent resource to keep yourself on track with yearend deadlines and help you plan for coverage if you plan to be out of the office.

Taking proactive steps in June ensures a smoother yearend close process. Early action not only reduces stress but also supports compliance, financial accuracy, timely processing, and institutional accountability. Thank you for your continued diligence and stewardship!

If you have questions about yearend, please contact financecustomercare@ohio.edu