University Accounting Cycle

The University’s fiscal year begins on July 1 and ends on June 30. GAO divides the year into monthly accounting periods and generates reports for each accounting period. 

The month of June has the following three closings:

• First Closing: is the period for departments to process journal vouchers, expense vouchers, invoices, various accrual entries and other accounting entries which relate to June activity.
• Second Closing: is additional time for departments to accrue any last minute June activity that was not captured in the first closing.
• Final Closing: is the period for GAO to process audit adjustments and final transfer entries submitted by the University fiscal officers

Departments must assign transactions to the appropriate accounting period, especially at the beginning of the fiscal year when the June closings occur. In July and August, departments must specify the fiscal year to which a transaction applies by indicating the fiscal year in the upper-right-hand corner of all paper accounting forms.

• GAO Closing Calendar
• Fiscal Close Calendar by Departments/Processes
• Guidance for Fiscal Close Accruals

• Subscribe to Fiscal Close – GMS Financials (Google Calendar)
  • Open Google Calendar
  • On the left side, find “Other Calendars” and select the + symbol
  • Select From URL
  • Cut and Paste the calendar’s address (below) in the field provided
    • https://calendar.google.com/calendar/ical/georgetown.edu_q2f34l77n683hih98mi9vt1t7g%40group.calendar.google.com/public/basic.ics
  • Click Add Calendar. The Calendar will appear on the left side under “Other Calendars”