1.5 Accounting Periods
The accounting periods will consist of twelve (12) monthly periods that coincide with calendar months, with twelve (12) monthly periods constituting the accounting year. Depending upon the accounting system software utilized, other specialized periods may exist due to software concerns.*
*Note: Institutions using the PeopleSoft Financials software will also have period 0 that contains beginning balances and period 999 that contains closing entries.
1.5.1 Accounting Year
The accounting year in the University System of Georgia will be the period beginning with July 1st and ending with June 30th.
1.5.2 Monthly Closing of Accounting Record
Accounting records shall be closed at the end of every calendar month, no later than five (5) days after the end of the month. After all required adjusting journal entries have been made, all allocations processed, all interfaces from other software systems posted, and required reports processed, the accounting records for that month should be closed.*
* Note: Institutions using the GeorgiaFIRST model of the PeopleSoft Financials software should follow the instructions provided for closing the prior accounting period.
1.5.3 Year End Closing of Accounting Records
The closing of the account year shall be accomplished by the date established by the Vice Chancellor for Fiscal Affairs each year. This shall include all required adjusting journal entries entered, all allocations processed, all interfaces from other software systems posted, and all required reports processed to prepare the system-generated annual financial reports.