Policies & Procedures

Section: ACT
Part: POL
Statement No.: 7.2
Date: 07/01/08
University of North Carolina - General Administration
Administrative Policies and Procedures Manual
Title: Fiscal Year End Transactions 


1.             Computer generated transactions to carry forward appropriate budget amounts, encumbrances, and project to date amounts are run by submitting parameters for programs FBY001 through FBY007. Program FBY005 uses additional parameters found in the report description file.


2.             A test file is created using ending cash balances for accrual purposes. This file is referred to as the "13th month" file. Transactions are entered into the 13th month file for financial statement purposes. These include:


      beginning balances (accrual basis)

      reversals needed in the current year for prior year accruals

      accrual entries for current year data received in future year

      any adjusting entries needed


3.             Computer generated Accounts Payable for accrual purposes are entered in the 13th month file. All invoices received after June 30 should be reviewed to determine whether they are to be included as Accounts Payable for the prior fiscal year. These invoices are for goods or services received on or before June 30.