Month End & Year End Close

Month End Close  |  Year End Close

Month End Close

Dartmouth closes each accounting period following a month-end close process in Oracle. Prior to the monthly close process, all those with financial responsibilities (fiscal officers, department administrators, finance centers, financial reporting, institutional accounting, etc) need to perform the processes and procedures necessary to properly reflect all business transactions for the month.  The month is typically closed on the third business day of the new month. 

For additional information see the current month close schedule:

• GL Monthly Close Schedule

During the first three business days of a month, two accounting periods are open in the general ledger (GL).  Special attention must be taken when processing transactions to ensure they are recorded in the correct accounting period/month.

IRA Financial Reports reflecting financial information through the latest month closed are generally available the morning after the monthly close is completed.

Year End Close

Dartmouth closes each fiscal year (fiscal year July 1- June 30) following a year-end close process in Oracle. Prior to the year-end close process, all those with financial responsibilities (fiscal officers, department administrators, finance centers, financial reporting, institutional accounting, etc) need to perform the processes and procedures necessary to properly reflect all business transactions for the fiscal year.  This includes reviewing and recording the following;

• accruing for revenue or expenses incurred but not yet recorded in Oracle
• deferring revenues received in the current year that relate to the next fiscal year
• recording a prepaid for expenses posted in the current year that relate to the next fiscal year

The year-end close typically consists of a 1st close on July 3rd, a 2nd close approximately 7 business days later and a 3rd and final close approximately 7 business days after the 2nd close. The Budget & Planning Office schedules year-end closing meetings with divisions and schools to review their budget-to-actual performance, and other related information, following the final close. The Financial Reporting and Institutional Accounting organizations begin preparing the fiscal year financial statements and audit workpapers after the final close. Financial statements are generally issued by the end of October.

The deadlines set forth in the year end calendar and memo must be met for transactions to be properly recorded in the correct fiscal year and for Dartmouth’s financial statements to be presented completely and accurately. Please note that Finance Centers may have earlier deadlines that are necessary to allow them to complete their processing and meet the institutional schedule. Any earlier dates will be communicated directly by the Finance Centers. Please be sure to first contact your Fiscal Officer or Finance Center if you have questions regarding specific deadline dates or year-end instructions, or need assistance completing year end tasks for your area.

For additional information see the current year close memo and calendar:

• Year End Close calendar
• Year End Close memo
• Year End Finance Center Processing Schedule

Two accounting periods/fiscal years will be open in the general ledger (GL) for certain days in July.  Special attention must be taken when processing transactions to ensure they are recorded in the correct accounting period/fiscal year.

IRA Financial Reports reflecting financial information through the latest close are generally available the morning after the close is completed.

For general questions concerning the fiscal year end close contact:

• Michael Barrett, Director of Financial Reporting (ext. 6-2360), or
• Dianne Ingalls, Controller (ext. 6-3001).