Year-End Planning Details

Clemson University's business organization extends across a network of personnel from colleges and administrative divisions to the institutional financial area. The Fiscal Year Closing Schedule is established to communicate and assist in planning processes for current fiscal year-end closing. The objective of the year-end closing process is to record all receipts/revenues and disbursements/expenditures in the proper fiscal year. An accurate fiscal year-end cutoff is important for all funds, not merely State appropriated funds. Various audits, reports and financial statements require that even sponsored projects, capital projects, and the University's related organizations accurately report their transactions as of the University's June 30 fiscal year-end. Unless specifically noted, this Fiscal Year Closing Schedule applies to, not only Clemson University, but also to the Clemson University Foundation and the Clemson University Research Foundation. 

Procurement Services

In lieu of specific date deadlines for submitting requisitions, Procurement Services has provided basic guidelines for year-end planning.

All goods and services received by June 30, 2024, will be charged to fiscal year 2023-24. Goods and services received after June 30, 2024, will be charged to fiscal year 2024-25. Please account for delivery times in planning and plan to submit requisitions as early as possible. Allow three weeks from when a finished scope of work and requisition is submitted to a Contract Officer until it is advertised.

Depending on the complexity of the bid, the entire process from advertisement to award/intent to award will vary from two to six weeks. A simple bid for a purchase of <$100K may be completed (from advertised to awarded) in two to three weeks.  A purchase of >$100K will automatically require an additional two weeks for processing the Intent to Award period. RFPs will depend on the availability of the evaluation team to evaluate and award the contract.

Disbursements/Expenditures

Departments are encouraged to review all open purchase orders for their area that have not been paid in full. If the items have been reviewed, but not invoiced, please work with the supplier to obtain a copy of the invoice and submit it for payment. Departments should process all disbursement documents promptly, in accordance with the closing guidelines. All disbursement items to be charged to the fiscal year 2023-24 budget must receive final approval and budget check by 4:30 p.m. on Wednesday, July 10. These disbursements must be for goods or services received through June 30, 2024, with an invoice date of June 30, 2024 or earlier.

Vouchers

Invoices for goods and services received through June 30, 2024, must be charged to fiscal year 2023-24. All vouchers for fiscal year 2023-24, including purchase orders, direct purchases and travel vouchers, must be entered and receive final approval by 4:30 p.m. on Wednesday, July 10. All remaining open purchase orders over $2,500 will be rolled over on Thursday, July 11.

Departments should either close any open purchase orders no longer needed, or submit a Purchase Order Close request prior to June 24 to ensure any remaining encumbrances are relieved prior to fiscal year-end.

ALL NEW YEAR (FY25) buyWays vouchers will be held until after the PO Rollover is completed on July 11. If you have an emergency and need a payment for FY25, please plan to use the prepaid account (1301) on the Payment Request Form by June 30, 2024. Please refer to the Prepaid Expenses section of this document for details.

If the supplier accepts Visa, this is another payment option for FY24 transactions prior to July 10 for amounts < $10K. This information includes p-card increase requests. Any purchases made online after this date may be charged to FY25 due to delays and processing by merchants. If cardholders need to make purchases after July 10, the best method is to make purchases in person, where you can pick up items at the time of purchase.

VISA Departmental Purchasing Card

Procurement card transactions will be posted to the general ledger based on the purchase date reflected in Concur. Charges with a purchase date on or before June 30, 2024, will be posted in fiscal year 2023-24. Charges with a purchase date on or after July 1, 2024, will be posted in fiscal year 2024-25. Please note that a charge initiated on June 30, especially an online charge, does not guarantee that the payment will be processed on that date. Please carefully review transactions in Concur to ensure that charges are classified to the appropriate fiscal year, based on fiscal year-end guidelines.

All June procurement card transactions must be classified, submitted and fully approved in Concur as of 4:30 p.m. on Wednesday, July 10 for overnight posting to the general ledger. If additional charges appear in Concur with a purchase date on or before June 30, 2024, after submitting your report, you can submit a second report to ensure all fiscal year 2024 charges are submitted, based on fiscal year-end guidelines.

We strongly encourage cardholders to submit two June reports if there are large amounts of transactions. By submitting/approving two p-card expense reports, one mid month and one by the of day on July 10, it should alleviate delays due to large amounts of approvals and reduce budget errors that need to be cleared.

Any corrections or budget amendments necessary to correct procurement card posting errors must be approved by noon on Friday, July 12. You must clear any budget check errors resulting from corrections by noon on Friday, July 12.

New fiscal year (July 2025) procurement card transactions will be available for classification and approval on Monday, July 15.

AirCard Charges and Travel Reports

All fiscal year 2023-24 travel that occurred prior to June 30 should be submitted and approved in Concur prior to Wednesday, July 10. Any outstanding registration charges and AirCard charges for travel taking place during fiscal year 2024-25 should be allocated to 1301 and submitted prior to Wednesday, July 10. Please refer to the Prepaid Expenses section of this document for details.

Receipts/Revenues

All cash receipts for Clemson University gifts and revenues to be posted in fiscal year 2023-24 must be taken to Wells Fargo bank and placed in the night drop no later than Sunday, June 30, 2024. If you do not drop your deposit on June 30, you may take it inside the bank no later than noon on Monday, July 1, 2024, and have a teller process it. You should wait for your receipt and keep it for your department records. You do not need to email or forward copies of receipts to Cash and Treasury Services. Web deposits must also be entered into the TouchNet by noon on July 1, accompanied by a bank deposit made at the same time, which will be posted in Fiscal Year 2023-24. Receipts received after the deadline will be posted to Fiscal Year 2024-25.

All cash receipts for Clemson University Foundation program revenues must be received in the Foundation Office by June 30. All cash receipts for Clemson University Research Foundation non-sponsored research revenues must be received in the CURF Office by June 30.

All invoices for goods and services provided by University departments prior to June 30, 2024, must be entered no later than July 9. All invoices entered from July 1 - July 9 will be posted to fiscal year 2023-24.

Please hold all “new year” invoices until after July 9. After July 9, all invoices will be posted to fiscal year 2024-25.

Journal Entries and Corrections

All journal entries and correction transactions for fiscal year 2023-24 must be entered by noon on July 11. You must clear any budget check errors resulting from corrections by noon on July 12.

Leave

All leave (Annual, Sick, Comp, Holiday Comp, etc.) taken through the period ending June 30, 2024, must be submitted and approved in Kronos by noon, July 1.

Fiscal Year-End Payroll

Payroll has detailed information regarding fiscal year-end payroll processing.

Year-End Accounting Guidelines

The following accounting guidelines should be followed during the fiscal year-end process.

Deferred Revenues

Receipts deposited prior to the end of the fiscal year that are advance payments for delivery of goods and performance of services in the next fiscal year are reported as deferred revenues in the current fiscal year.

Examples: orientation fees, continuing education fees, 4-H camp fees and football season tickets

Credits to deferred revenue accounts 24xx will be reversed in July and August of FY 2024-25 by Accounting Services and Related Organizations staff.

When revenues are collected for goods or services that straddle the fiscal year-end, revenues are recorded in the fiscal year in which the services are predominantly provided.

Example 1
Registration fees were received in May for a continuing education course to be held in July. Amounts should be deposited to deferred revenue account 2406.

Example 2
Advance sales for football tickets were received in April, May and June. Since the football season occurs entirely in the “new” fiscal year, amounts received should be deposited to deferred revenue account 2426.

Prepaid Expenses

Disbursements made prior to the end of the fiscal year, which are advance payments for the delivery of goods and the performance of services in the next fiscal year, are reported as prepaid expenses in the current fiscal year.

Examples: rent, insurance, subscriptions, airline tickets, maintenance agreements and conference registrations

Debits to prepaid expense accounts 13xx will be reversed in July and August of FY 2024-25 by Accounting Services & Related Organizations staff.

Guidelines to assist you in deciding on whether an expense is prepaid follow: Payment for services (contracts and agreements) exceeding more than one year.

Example 1
Payment of a five-year maintenance agreement — Annual contractual payments for services that straddle the fiscal year-end, and the charge is incurred during the last two months of the fiscal year, May and June. If the total amount exceeds $25,000, the charge should be prorated between fiscal years.

An annual maintenance agreement is due May 1, 2024, for $36,000. The charge should be prorated 2/12 maintenance agreement expense of $6,000 and 10/12 prepaid expense of $30,000.

Example 2
Individual payments, regardless of the amount, except annual contractual payments, for services paid in advance for the next fiscal year should be recorded as a prepaid expense. A registration fee is paid, and an airline ticket is purchased in June for a conference in July.

Exception
A good or service consumed during the current fiscal year (even though it is for a program that will generate revenues in the next fiscal year) and the charge that cannot be refunded should not be considered a prepaid expense.

Printing and postage expenses incurred in June for a continuing education meeting to be presented in July should be considered current fiscal year 2023-24 expenses.

If you need further information or assistance, please contact: