There are a total of 15 fiscal periods to which General Ledger entries can be posted. Twelve of these periods simply represent the 12 months of the year, but three other special periods exist: Beginning Balances (BB), C&G Beginning Balances (CB), and Period 13. Most fiscal periods — except for special periods like BB and CB — include five working days after the month has ended. During these five days, some (but not all) transactions can be posted to the closing period. For example, a general error correction (GEC) could be posted to the September Fiscal Period as late as Oct. 7.
Fiscal Year 2021-22 Periods and Closing Dates
|Fiscal Year||Fiscal Period Code||Fiscal Period Name||Fiscal Period End Date||Fiscal Period Closing Date|
|CB||CG BEG BAL||N/A||N/A|
Selecting Fiscal Period
During the days after the month has ended, but the previous period is still open, documents that are eligible to post to the previous period will have a dropdown selection to post to either the previous period or the current period. The document must be finalized on the Fiscal Period Closing Date for it to post to the previous period.
Periods BB and CB
Fiscal Period ‘BB’ is a special period for previous year carry-forward activity for the new year, and initial budgets. Fiscal Period ‘CB’ is a special period to carry forward the balances for Contracts & Grants/Inception to date funds from the previous fiscal year.
Period 13 is reserved for Central Accounting to process transactions in preparation for reporting to the University of California, Office of the President. For the campus at large, all closing activities should be completed before the end of Period 12.
Fiscal Year End
The University’s fiscal year ends on June 30 and all accounts must reflect the correct financial transactions for the fiscal year. All income and expense must be accurately recorded in their correct accounts and all accounts must close in a solvent condition. Fiscal Period 12 has an extended close date — to be announced when fiscal year-end close approaches — allowing additional time to make appropriate adjustments, accruals, and deferrals.
The University of California, Irvine is required to comply with deadlines established by the Office of the President. For the campus at large, closing procedures will be completed in June (Period 12) in KFS.
For more information, visit the Fiscal Year End Page.