Year end is a snapshot in time where we report all assets and liabilities of the University, as well as the revenue, expenses and fund transfers for the year ending March 31st. The University is required to provide an Annual Financial Statement to the Provincial Legislature. This information is audited by the Auditor General of Manitoba; their audit process begins each fall.
Accounting cut-off procedures are used to record transactions in a specific time period being reported on, such as fiscal year ending March 31st, and to prevent transactions that occurred after March 31st from being recorded as “old year”. Essentially this means, if an event has occurred during a certain period, the financial impact must be recognized in that period. This includes both expenses and revenues.
Cut-off procedures ensure the integrity of our financial information. Without a clear cut-off, errors can occur which can impact the entire University. Information that contains errors impacts the Financial Statements and may be reported to the Board of Governors. When expenses or revenue are reported in the incorrect period:
Financial Services works diligently during Year End to review and enter transactions to ensure expenses and revenue are properly captured. This includes processing various transactions, accruals such as payroll to “old year”, tracking down large dollar invoicing from suppliers, preparing reports and much more!
Financial Services relies on you during Year End to provide the details of transactions that have occurred. The below list outlines how you can help.
The University follows an April 1 to March 31 reporting period. To ensure that all transactions relating to the 2017-2018 fiscal year are included in the financial results, we need your help! The following guidelines and schedule have been created to help you with this process.
**Please note: The deadlines contained in each schedule below is the same; different formats of the information have been provided to assist you with the year end process.
Year End Schedule 2017-18 Faculty Year End Schedule (Excel format)