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It’s that time of year again! Fiscal year-end is just around the corner. What can you do now to get ready for June 30? Here are a few tips and upcoming dates to get you started.

Things You Can Do Now

Be sure to:

• Ensure all the assets (except allowance for doubtful accounts) in the general fund, auxiliary, gift fund and renewal and replacement plant funds are in positive (debit) status. 
• Ensure all the liabilities in the general fund, auxiliary, gift fund, and renewal and replacement plant funds are in negative (credit) status.
• You can check the balances of both asset and liability account codes with the m-Fin Balance Sheet report. Use the Balance Sheet Summary if you would like to see each SpeedType individually or the Balance Sheet Total if you would like to see everything summarized by fund type.
• For goods/services that were previously recorded as prepaid expenses and were received in the current year, move the cost to expense.
• Recognize revenue for any previously recorded unearned revenue for which the department has now provided the goods/services.
• Move any deposits held in custody into revenue for situations where the customer failed to return the goods as required.
• Reconcile your SpeedTypes to ensure all of your transactions are posted accurately and any deficits are being resolved.
  • Do all of the expenses belong to that program or project?
  • Do you have the appropriate back-up documentation for each transaction?
  • Are any SpeedTypes in a cash or budget deficit? Do you anticipate that they will be in deficit by the end of the fiscal year? If so, how will you remedy that?Ìý

Things to Do Closer to June 30

• Record all amounts owed to the department by external entities as an accounts receivable. Reconcile accounts receivable customer detail to the amounts in the Finance System.
• Calculate and adjust any allowance for doubtful accounts.
• Analyze any past-due accounts receivable and/or collection agency reports and submit a request to CCO to write off those determined to be uncollectible.
• Complete a physical count of inventories and enter any needed adjustments into the Finance System and turn in inventory worksheets to CCO by the deadline.
• Submit a Ìýto reimburse petty cash funds and record in the Finance System all petty cash purchases made in FY25.
• Submit a prior to acceptance for all qualifying non-cash gifts during FY25Ìýin accordance with the .
• Review funding distributions on both monthly and biweekly employees to be sure that pay information is correct so that payroll suspense will be avoided.

Upcoming Purchasing Dates from the PSC

• May 1 - Last day to submit purchases with contracts greater than $10,000.Last day to submit all requisitions exceeding $150,000 that do not require a solicitation using FY2025 funds
• May 15 - Last day to submit change orders that require a contract amendment or monetary increase. Send to Changeorder@cu.edu.Ìý

Budget Dates

April General Fund continuing budget freeze date in Anaplan
In prior years, BFP established a General Fund continuing budget cutoff date in mid-April to prepare for the following fiscal year’s C-ROLL (continuing budget roll forward).

Starting this year, the C-ROLL will now be prepared in the new Anaplan budget tool.

Please reach out to budgettool@colorado.edu with any questions about the Anaplan budget tool and the FY25 budgeting process.Ìý

FYE Close Tentative Dates

• July 3Ìý- First close (also last day to allocate PCard reports for accrual)
• July 14 - Second close
• July 21Ìý- Final close

As we get closer to fiscal year-end, you’ll be hearing from us through emails and newsletters about further important dates and tasks. Also, our . We’ll walk through the calendar, discuss important topics and answer your questions.ÌýSubscribe to emails and the Budget & Fiscal News.

If you have any questions, please contact your campus accountant.