Year-End Close.

Each fiscal year, Boston University is required to prepare consolidated financial statements per Generally Accepted Accounting Principles (GAAP).

These financial statements provide an overview of the University’s activities for the fiscal year (July 1 through June 30) and reveal important information about the financial health of our Institution.

Accounting procedures are undertaken throughout the year to ensure that all transactions posted are accurate and recorded to the appropriate period to prepare financial statements. Year-end accounting procedures are similar to the processes you already perform on a daily, weekly, or monthly basis, but are particularly important during this period as they provide one last opportunity to record all your departmental activities and make any necessary corrections.

The School’s Year-End Closing Guide details key dates, how to reconcile income and expenses, and responsibilities for managing the school’s finances.