The University’s fiscal year begins on May 1st and ends on April 30th. This fiscal year is separated into four quarters
- Quarter 1: May 1st-July 31st
- Quarter 2: August 1st-October 31st
- Quarter 3: November 1st-January 31st
- Quarter 4: February 1st-April 30th (year end)
The General Accounting Office requires additional information from each department at the end of every quarter and year.
Deadlines are sent to the financial users mailing list by Accounting near the end of each quarter/year; A memo is sent campus-wide at year-end.
These deadlines are strictly enforced due to external audit timeline.
- Be aware of ALL expenses and activity through those cut-off dates for our financial statements and audit.
- Submit all invoices through that quarter to Accounts Payable.
- For amounts owed but that aren’t invoiced – send an email with dollar amount, vendor name, chartfield, date good/service was received and brief description to CUA-GenAccounting@cua.edu. These items (“accruals”) will show up as an expense as of the last-day of the quarter. The accrual will reverse on the first day of the month following the quarter. The expense will appear again when paid
- CRITICALLY IMPORTANT: Late/missing items can cause audit findings.
- Avoid waiting until the last minute for any fund/expense transfer requests.
- Any cash/checks received near fiscal year-end by department must be deposited by noon on the last business day of the Fiscal Year.
- Think ahead for items purchased via purchase requisition; if not received before April 30th, they will be charged to the next year’s budget.
- Revenue (funds) received in current Fiscal Year for a program in the next Fiscal Year will not be revenue until the next Fiscal Year. Please deposit the funds into Deferred Revenue Account “L650” with Department ID and related Chartfields; email a copy of the deposit ticket and the backup to CUA-GenAccounting@cua.edu. General Accounting will credit the revenue to the Department in the beginning of next Fiscal Year.
- Travel advances must be resolved.
- Scholarships should be entered at the beginning of each term and should not be entered after April 30 if they relate to the year being closed.