Closing the general ledger on the evening of the 20th day of the month following the fiscal period allows the university to prepare financial statements in a timely manner. For these statements to be accurate, all material accrual and adjusting Auxiliary Voucher entries must receive final approval by the 20th of each month in order to be included in the general ledger.

• All Auxiliary Vouchers need to be routed and fully approved by 3:00 p.m. on the 20th day of the month following the period being closed. If the 20th falls on a weekend or holiday, the last day to approve AVs will be the following working day.

• It is the responsibility of the document creator to ensure that documents receive final approval by 3:00 p.m. on the 20th of each month. Vouchers that have not been received by 3:00 p.m. will not make it into the General Ledger for the prior period.

• If it is known ahead of time that someone in the routing hierarchy will be absent, steps should be taken by that person to establish a delegate to approve documents during the time period that they will be out. If an approver is absent and it was not possible to establish a delegate ahead of time, the appropriate auxiliary consultant should be contacted for instruction on how to handle the situation.

• If an organization misses the deadline for entering timely Auxiliary Vouchers, the organization's document creator, fiscal officer and director will receive written notification from Auxiliary Accounting after the first infraction. This notification will indicate that the organization's financial statements are inaccurately stated, due to the fact that accrual entries were not processed timely. Upon the second infraction the appropriate campus administration will be informed and asked to improve the situation.

Closing - Closing a fiscal period in the general ledger prevents additional transactions from being saved to that fiscal period in the general ledger.

Auxiliary Voucher - An FIS document used by organizations to post accruals and adjustments.