Budget & Fiscal Close
Fiscal Close is a process that allows for a "cut-off" of financial activity so the university can generate annual financial reports for stakeholders.
The university's fiscal year starts July 1 and ends June 30. It is divided into 12 periods that approximate the days of the month, and has an additional period (Period 13) during which final adjustments (e.g., accruals, deferrals, transfers, etc.) are made.
Fiscal Close occurs near the end of the university's fiscal year. Period 12 is June Preliminary and Period 13 is June Final.
This section present a basic overview of frequently used functions in the Kuali Financial System, which is especially helpful when preparing your unit’s budget for fiscal close.