Following the 2026 Fiscal Close Memo shared on May 8, the Controller's Office would like to highlight the importance of closely monitoring June ledger activity.
As a reminder,all inventory, accrual, and deferral forms must be submitted by 5 p.m. PT on Thursday, July 2, 2026.
Campus departments may need to submit these forms for the 25-26 Fiscal Year in order to:
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Record physical inventory
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Request the accrual of an expense or income item that wasn’t recorded in the General Ledger (GL) for the current fiscal year
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Request the deferral of an expense or income item in the GL 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 GL reflects your requested updates.
The GL must capture all expenses and income items for the current fiscal year.
Accrual forms are used to report transactions for FY 25-26 that have not been captured in the GL.
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Accrued Expense (Form E): Non-exception processing for Accounts Payable and Travel Accounting will be completed by end of the day on June 24.
Starting June 25, review the ledger to identify expenses that have been incurred but not processed or posted. For any such expenses, submit Accrued Expense (Form E).
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Accrued Income (Form G): Review income items on the ledger though June 30 and use this form to report unrecorded transactions.
Deferral Forms
The GL 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).
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Deferred Expense (Form F): Use this form to report expenses that are recorded in FY 25-26 but the associated goods or services have not been received and/or will not be used to earn income until a future fiscal year. For example, a printing expense recorded in June 2026 for a publication that will be used to earn income in July 2026.
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Deferred Income (Form H): Use this form to report an income item that is recorded in FY 25-26 but will not be earned until a future fiscal year. For example, income recorded in June 2026 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.
