The fiscal year-end close process is required to prepare the general ledger accounts for financial statement presentation and for the start of the next accounting process.

The closing process consists of steps to transfer income statement accounts to balance sheet accounts.  Since income statement accounts record current year activity, they must be zeroed out or closed in preparation of the next accounting period.  This process begins after June 30, UCSB’s fiscal year-end close date.  The process continues until the financial statement audit and various reporting to the Office of the President are complete. At the end of the fiscal close, the income statement accounts are closed into net position for the beginning of the next accounting period.

Department Responsibilities

Departments prepare for fiscal year-end close by reviewing their financial transactions to ensure that revenues and expenses are recorded in the proper period. This includes recording accruals for revenues earned but not received or expenses incurred but not yet paid.  Refer to the Fiscal Closing Schedule that is sent out annually and posted to our website in the months prior to close for year-end deadlines, which may differ from normal monthly deadlines.

Fiscal Closing Memo

Prior year closing schedules: