Key Processes

Haas Finance

Annual Close

UC Berkeley's fiscal close occurs on June 30 each year.

Campus divisions are responsible for the integrity and accuracy of their financial transactions. Divisions should review their revenues, expenses, and any balance sheet items under their control for propriety and make necessary corrections by the relevant fiscal close deadlines. Divisions which have unrecorded revenues for services rendered or goods delivered to third-parties (not campus units) on or prior to June 30 should process an accrual journal entry to recognize the revenue in the current fiscal year. Divisions which have received services or goods from third-parties on or prior to June 30 but have not received or processed the invoice should process an accrual journal entry to recognize the expense in the current fiscal year. All accrual journal entries should be supported with appropriate documentation.