University of Saskatchewan

Financial Services (FS)

Unit Year End Cut-off Procedures Checklist

In order to ensure that colleges/units have accurate decision-making information, and in order to ensure that the university financial statements present accurate and complete information, financial transactions must be recorded in the correct accounting period, ie. the period in which the transaction occurs. 

Accounting cut-off procedures are used to identify transactions that should be included in the time period being reported on (if they have not already been posted to the general ledger) and to restrict accounting information so that activity occurring in a subsequent time period is not included.  Cutoff procedures ensure the integrity of financial information. At the basic level, if an event has occurred during a certain period, the financial impact must be recognized in that period.

For example, all sales have to be recorded in the time period in which they occur, regardless of whether the customer has paid or not. Similarly, all purchases have to be recorded in the time period in which they occur, regardless of whether the supplier has been paid or not. This ensures there is proper cut-off of accounting information.

It is important that the centralized financial areas on campus receive such information in a timely manner. For year-end deadlines, please refer to the Fiscal Year-End Cut-off Dates provided by FSD on the website http://www.usask.ca/fsd/colleges_depts_research/accounting/index.php.
 
All actions referenced below should be completed by the appropriate deadline.

For activities occurring on or before April 30th:

  1. Was any cash received? If yes, ensure all amounts have been deposited, recorded on cash reports and submitted to Treasury.
  2. Is there petty cash? If so, ensure Payment Services receives the listing of expenses and receipts.
  3. Were any services performed by your unit for which monies are yet to be received? If yes, ensure appropriate invoices are prepared and recorded as accounts receivable in UniFi.
  4. Were any goods sold by your unit for which monies are yet to be received? If yes, ensure appropriate invoices are prepared and recorded as accounts receivable in UniFi.
  5. Were PO related services or goods received? If yes, ensure the items have been marked as received in UniFi.
  6. Have invoices been received for purchased goods or services? If yes, forward to payment services, along with cheque requisitions where necessary.
  7. Were there any changes relating to employees (hired, terminated, etc.)? If so, ensure all information is submitted to HR.
  8. Are there hourly employees? If yes, ensure that all time has been entered.
  9. Have you submitted/approved all vacation hours taken in the period?
  10. Was any travel completed? If yes, ensure travel claim forms have been submitted.
  11. Are journal entries or feeds necessary to correct/change information in UniFi? If so, ensure that all entries/feeds have been input/sent.
  12. Are there Pcards? Is yes, ensure all allocations have been made promptly.
  13. Is there inventory for resale? If yes, ensure that UniFi has been updated to reflect current inventory levels. Perform physical counts where necessary.
  14. Have any contracts been entered into or grant/award letters been received for funding that will flow to the University? If so, ensure Financial Reporting is aware and provide a copy of the documentation.
  15. 15. Are there any contracted service arrangements with individuals? Is so, ensure all services income requisitions have been submitted to payroll.
  16. 16. Have any donations been received? If so, ensure that University Advancement is aware of the donations and receives them promptly.
  17. 17. Have any expenses been prepaid? If so, ensure the necessary journal entries have been prepared to record the correct amount in the appropriate period in UniFi.