Interim Controller Laura Bonner sent the following communication to CAOs, CFOs, and QDB users.

As a follow-up to the 2025 Fiscal Close Memo shared on May 12, I’m writing to emphasize the importance of closely monitoring June ledger activity and to remind campus that all inventory, accrual, and deferral forms must be submitted by 10:00 a.m. PT on Monday, June 30, 2025.

Campus departments may need to submit these forms for the 2024 – 2025 fiscal year in order to:

• Record physical inventory
• Request the accrual of an expense or income item that wasn’t recorded in the General Ledger for the current fiscal year
• Request the deferral of an expense or income item in the General Ledger that belongs to a future fiscal year(s)

Accrual and deferral forms will be processed and recorded in the ledger within 48 hours. Please verify the General Ledger reflects your requested updates.

Online submission tools and resources are available on the Fiscal Close Inventory, Accrual, and Deferral Forms web page.

Access Web Page

Accrual Forms

The General Ledger must capture all expenses and income items for the current fiscal year. Departments use accrual forms to report transactions for FY 2024 – 2025 that haven’t been captured in the General Ledger.

• Accrued Expense (Form E): New this year, non-exception processing for Accounts Payable and Travel Accounting will be completed by end of the day on June 18. Starting June 20, review the ledger to identify expenses that have been incurred but not processed or posted. For any such expenses, submit Accrued Expense (Form E).
• Accrued Income (Form G): Review income items on the ledger though June 30 and use this form to report unrecorded transactions.

Deferral Forms

The General Ledger includes transactions that have activity across fiscal years. Departments use deferral forms to report expense or income items that should be deferred into a future fiscal year(s). 

• Deferred Expense (Form F): Use this form to report expenses that are recorded in FY 2024 – 2025 but the associated goods or services haven’t been received and/or won't be used to earn income until the next fiscal year. For example, a printing expense recorded in June 2025 for a publication that will be used to earn income in July 2026.
• Deferred Income (Form H): Use this form to report an income item that is recorded in FY 2024 – 2025 but won’t be earned until next fiscal year. For example, income recorded in June 2025 for a publication that will be distributed in July 2026.

Inventory Forms

Departments with inventory must perform an inventory count during the latter part of the month (June 20 through June 30) and submit the appropriate Physical, Publication, and Work-in-Process inventory forms. We recommend completing these steps as early in this period as possible.

NOTE: The Inventory Count Notification form has been retired and no longer needs to be completed by departments.