Reporting and the Financial Cycle

Columbia University’s fiscal year financial cycle begins on July 1st and ends on June 30th and includes monthly financial periods. 

As part of your school or department requirements, you may be required to perform various weekly, monthly and quarterly financial reviews in relation to fiscal year progress. These financial reviews are necessary to identify financial transactions that may need to be adjusted or modified and financial variances that may need to be analyzed. In order to accomplish these financial functions, reporting allows users with the appropriate security role to monitor transactions, track balances, analyze budgets, generate financial statements and report to stakeholders. 

ARC receives feeds from the various integrated financial systems so that it can be the one combined source of financial information across the University.  ARC tracks financial activities through  a series of modules including the ARC General Ledger, the financial record for the University.  June year-end financial results are critical for internal and external reporting and are reviewed by our external auditors.  In July of each year, review your financial results and enter adjustment journal entries and internal transfers as needed, and clear payroll suspense and fund balance overdrafts.  Senior management will conduct its review of the financial results based on the activity recorded. 

Report types are available to you depending upon your access, the type of information you need and the format you prefer to view the information. 

 

More detailed descriptions of each can be found in the section Types of Reports.