• Essex Westford School District
    Procedure: Fiscal Management / Attachment A: Fiscal Year-End Close Out

    Related: See also Fiscal Management Procedure (File Code F)
    Date:  3/28/2019

    To facilitate an orderly and timely close out of our finances at the end of the fiscal year on June 30, we are providing instructions, guidelines, and timetables to ensure timely document processing.
    The year-end closeout schedule places specific transaction processing restrictions and timetables on Governmental Funds and Grants when the funding period ends on or before June 30.
    Key Contacts

    The year-end close out timetable allows the Finance Department to ensure all current year expenditures and revenues are posted as of June 30. It is important to review the required timetables carefully and submit the appropriate documents by the dates and times indicated.  Each school (departments at the high school) must designate an individual to resolve scheduling or other issues that might arise during close out. If there any questions relating to payroll, purchasing, or budgets/cash receipts/journal entries, please contact the Finance Department.

    Close Out Schedule – Governmental/Grants and Business-type Activities Ending June 30

    On April 15, the District Office will halt non-essential purchases and transfer workflow authority to the Director of Finance & Accounting for all current funds for the remainder of the fiscal year ending June 30. The following table applies to transactions, regardless of dollar amount, approved during close out. These timetables provide adequate time to order and receive goods and services before June 30.

    Type of Purchase

    Deadline

    Orders that Require Processing by June 30

     

    Requisitions for Furniture and Equipment

    May 15th

    Blanket Purchase Orders

    May 15th

    Requisitions for Computer

    June 10th

    Requisitions for Supplies, Books and other Goods & Services

    June 15th

    Payment Processing Reimbursement Request to Accounts Payable

     

    Approved Invoice, Check Requests, Packing Slips indicating goods receipt

    June 15th

    Other types of processing:

     

    Petty Cash Reimbursement Requests to the District Office

    June 15th

    Budget Change Forms

    June 15th

    Close Out Schedule – Other Important Deadlines

    Travel Expense Reports - In order to reconcile travel charges to travel advances for the fiscal year and travel expense reports, all original documentation should be submitted to Accounts Payable according to the following schedule:

    Trip End Date

    Deadline

    June 1st and prior

    June 10th

    June 1st through June 20th

    June 22nd

    June 20th through June 30th

    July 5th

    [Note:  For partially completed trips, submit travel expense statements for the portion of the trip completed by June 30.  Each travel expense statement should comply with EWSD procedures, supported by appropriate receipts, signed, and approved by the above deadlines.]

    Cash Receipts - Please forward all cash receipts to the Central Office immediately upon receipt.  Forward all cash receipts received on June 30 to the Finance Department by July 5.

    Journal Entries/Interdepartmental charges - Forward all journal entries applicable to the fiscal year to Central Office by June 20.  Interdepartmental requisitions for postage, and printing, etc. should be processed by June 30.

    Grants and Capital Contracts Ending after June 30

    Although the current fiscal year ends on June 30, many grants and capital improvement projects have award budget periods that end after this date. To accommodate these grants, we will calculate uncommitted budget amounts at June 30 and record these amounts as opening budget balances by July 1.  [Note: The budgets for grants are temporary budgets and the final beginning budget will be processed upon the final close out of the accruals.]