In This Issue:
- Fiscal Year 19-20 Voucher Processing Deadlines Revealed
- UT Austin’s Fiscal Year Explained
- Lori Peterson Announced as Executive Director for AFM
- Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
Fiscal Year 19-20 Voucher Processing Deadlines Revealed
The fiscal year 2019-2020 voucher processing deadlines have been established. This includes payment vouchers, cash receipts, departmental entries, and many more. It is encouraged to process documents as early as possible to avoid the year-end rush.
Please check the Accounting and Financial Management website for deadline reminders and year-end processing tips. If you have any questions, please contact the askUS Support at askUS@austin.utexas.edu or 512-471-8802, or Financial Accounting and Reporting at 512-471-2808 or oa.fr@austin.utexas.edu.
UT Austin’s Fiscal Year Explained
The University of Texas operates on a 12 month fiscal year which runs from September 1 to August 31. A fiscal year is referenced by the two years it spans. For example, the fiscal year starting Sept 1, 2018, is the “18-19” fiscal year. The fiscal year starting Sept 1, 2019, is the “19-20” fiscal year. Significant accounting activity takes place as the old fiscal year ends and the new fiscal year begins. The accounting records for the old fiscal year are adjusted and closed and the accounting records for the new fiscal year are opened.
Accounting and Financial Management prepares the Annual Financial Report (AFR) for UT Austin which is sent to UT System. The AFR is then combined with other UT System institutions and is sent to the Texas Comptroller’s Office to be combined with other state agency reports into the Consolidated Annual Financial Report (CAFR) for the State of Texas. In order to make these reports meet generally accepted accounting principles (GAAP) and other state requirements, various adjusting and closing entries are required. These are processed in a virtual “13th Month” after August has closed and have an August 31st record date. A virtual "14th Month" is opened in the new fiscal year with Balance Forward entries having a September 1st record date. The 14th Month is the true beginning of a new fiscal year.
For training on fiscal year, please visit the training resources available on the Financial and Administrative Services website.
Lori Peterson Announced as Executive Director for AFM
Senior Vice President and Chief Financial Officer Darrell Bazzell announced on July 15 Lori Peterson had been appointed as executive director for Accounting and Financial Management. Peterson previously led AFM as the interim assistant vice president.
Peterson’s career with the university began as a financial analyst nearly 13 years ago. Since then, she has held financial officer, assistant director, and director roles. Her executive director appointment makes her the permanent leader of AFM.
Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
Many thanks to the readers who have written in with suggestions and feedback about the newsletter. Please continue to write in with any suggestions for improvements or comments to the AFM@austin.utexas.edu email address.