SPA Fiscal Year-End Close Process

Overview

Applicable to

State agencies (and institutions of higher education choosing to report to SPA)

Policy

The final State Property Accounting (SPA) system processing cycle prior to the 24CY year-end closeout will run after 5 p.m. on Aug. 30. Normal online availability will resume Sept. 3.

Effective Dates

Note: If any entries are made in SPA during the two-month period when both the current fiscal year and the prior fiscal year allow transactions, ensure that the correct effective date is assigned. Entering assets in the wrong fiscal year will cause errors in your capitalized asset balances. See SPA Fiscal Year-End Reconciliation and Certification of Fiscal Balances for more information.

SPA will be available on Sept. 3, to accept both fiscal 2024 and fiscal 2025 transactions. The effective date determines if the transaction is recognized as fiscal 2024 or fiscal 2025. The transfer date and disposal date represent implied effective dates.

Fiscal 2024 effective dates: Sept. 1, 2023 through Aug. 31, 2024

Fiscal 2025 effective dates: Sept. 1, 2024 through Aug. 31, 2025

SPA will not accept an effective date greater than the current date.

Reporting Agency Alert

Our prior year experience suggests at least a few of the batch transaction preparation scripts supply the current date as the effective date, regardless of the entry date intended.

Monitor the date populated in the effective date field of your agency’s records before they are sent to SPA to ensure the correct fiscal year is referenced.

Schedule of Events

GR Consolidated Agencies

SPA will accept fiscal 24CY agency transactions until Sept. 20. Agencies must notify their Financial Reporting (FRS) analyst and SPA analyst when entries are complete. The FRS analyst will then complete entries in CANSS and certify for the agency. At any time prior to that date, when the Capital Asset Note 2 and SPA Fiscal Balances are certified in CANSS, fiscal 24CY activity will be closed for entry.

Full Reporting Agencies

SPA will accept fiscal 24CY transactions until Oct. 20. At any time prior to that date, when the agency certifies the Capital Asset Note 2 and SPA Fiscal Balances in CANSS, fiscal 24CY activity will be closed for entry.

Final Fiscal 24CY Close

The statewide SPA fiscal 24CY close is initiated immediately after processing completes on the evening of Oct. 20.

Note: The agency’s current fiscal ending balances can change until the accounting period is closed.