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Automatic Fiscal Close Entries

Travel Advances
Travel advances are funds advanced to or on behalf of university employees. Any balances in SB55 are automatically cleared out at year end and then posted in the July ledgers. When the balance is posted in the new year, it will be to the same FAU, but will NOT carry forward transaction reference or tracking information.

DaFIS Accounts Receivable
DaFIS Accounts Receivable balances (Object Consolidation BLSH; object code 0299) in department operating/expense accounts are cleared at year end and consolidated in one receivable account; in July, the balance will be returned to the same FAU.

Overdrafts on Sponserd Project Funds
Overdrafts remaining after July 1X are automatically drawn off the accounts (leaving it balanced to zero) and posted to a central dean's office account. This transaction is reversed in the new fiscal year and the overdraft will have to be cleared in accordance with university policies.

General Funds Small Balance Draw Off
To assist departments, small balances and overdrafts remaining in general funded accounts are drawn off.

Academic Salary Adjustments
Academic salary budget balances are adjusted to actual and positive balances are transferred to the Deans' offices. Negative balances are NOT automatically adjusted - consult your Dean's office to determine how these balances will be treated.

July 1 Adjusted Budget
Base budgets are posted to the current year budget as Jul 1 Adjusted Budget sometime before the close of Period 1 (July). Before this entry, you may get an insufficient funds message on general funds accounts.

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