blog posts Spotlight on Fiscal End-of-Year Processes Jun 22, 2023 10:00 amAccounting and BudgetingFY 23Paying PeoplePayments to the UniversityAs fiscal year-end approaches, this Bulletin highlights important reminders to help units successfully close FY23 and start FY24. To ensure proper financial reporting, please make sure that all cash receipts, departmental deposits, and any other payments received during FY23 are properly deposited by June 30.Submit deposits to Bursar Cashier Operations by 2:00 p.m. on Friday, June 30, to ensure all money received in FY23 is accurately recorded in FY23. Please contact University Bursar Cashier’s Office to confirm processing hours during the last week of June.When making a deposit, it is very important to enter the following information on your applicable department deposit form:The date the funds were physically received must be recorded in the “Date Payment(s) Funds Received by Unit” field. This is critical for deposits submitted at the beginning of the new fiscal year to ensure funds are accurately reported in the fiscal year they were received.For example, if a check were physically received in the mail on June 28, you would enter 6/28/23 in that field.If you receive payments on or before June 30 but fail to meet the deadline above, please advise Bursar Cashier Operations. UAFR must record a deposit-in-transit entry in Banner to account for these situations. Therefore, the fields above on the applicable department deposit form must be accurately completed. Please use the Online Department Deposit Form that was revised on 3/2023. If you have a saved copy on your desktop, please download and save this new version with a Revised 3/2023 date in the lower left corner.The Department Deposit Form contains interactive fields and must be downloaded with Adobe Reader/Acrobat for offline use. MAC users should install Adobe Reader for Macintosh and then download the form.In addition to these points, please see the Fiscal-Year-End Closing and Opening Procedures section of the OBFS website for more detailed information on FY23 closing and FY24 opening procedures.ContactFor questions or more information about submitting departmental deposits to University Bursar Cashier Operations, please contact our office for your location:Chicago: BursarCashiersUIC@uillinois.eduSpringfield: BursarCashiersUIS@uillinois.eduUrbana-Champaign: BursarCashiersUIUC@uillinois.edu.