Year End at the University

Understanding Year End
How You Can Help
Year End Schedule, Guidelines and Templates

Understanding Year End

What is Year End and Why Do we Do it?

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.

What is Cut-Off and Why Does it Matter?

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:

  • The Financial Statements will contain errors
  • Your budget available may be impacted
  • Your carryover will be incorrectly reflected
  • • On a research grant, the expense could be deemed an ineligible expense as its outside the timeline of the grant

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!

How You Can Help

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.

  • Review your FOPs
  • Remind staff to submit travel claims promptly
  • Send ALL invoices from Suppliers to Supplier Payment Services as soon as possible
  • Review your Purchase Order commitments in FAST— if the goods/service was received on or before March 31 make sure your invoicing has been recorded. 
  • Have leftover commitments of completed orders? Let Purchasing Services know ( so they can close the PO and remove the commitment
  • Process all your payroll - including adjustments & changes in source of funds
  • Deposit all cheques/cash daily
  • Submit requests to Purchasing Services early
  • Follow up on outstanding Advances in your area - there may be old year expenses that need to be accounted for  
  • Approve your Concur expense reports
  • Approve EPIC Contract invoices
  • Reconcile EPIC Invoice Reconciliations (IR) in your To Do box
  • Ensure your receiving is completed accurately 
  • Make sure revenue “contracts” have been recorded
  • Respond to requests for information from Financial Services and/or Auditors
  • Follow the Year End deadlines 

Year End Schedule, Guidelines and Templates

The University follows an April 1 to March 31 reporting period. To ensure that all transactions relating to the current 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.

Guide to Year End Procedures

Year End Schedule Deadlines By Date PDF

Year End Schedule Deadlines By Date Excel

Reconciliation Template