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Finance Office

Accounting

Accounting supports all schools as well as all departments and auxiliary and service enterprises. 

Accounting is responsible for maintaining the Oracle general ledger, preparing journal entries, input of financial data, reconciling of bank accounts, recording fixed asset transactions, account analysis and internal controls for college assets, and policy development. Accounting is also responsible for the financial systems and grant post-award support.

Frequently Asked Questions

Please use the Journal Entry template. Instructions are provided in the worksheet. Send the upload to cojg@middlebury.edu.

Middlebury closes each fiscal year (fiscal year July 1–June 30) following a year end close process in Oracle. To ensure a timely fiscal year end close, please note the following due dates:

  • Pcard transactions must be reconciled and approved in Oracle by July 8.
  • Invoices must be entered and approved by July 10.
  • Journal entries must be submitted by July 13.

Finance performs processes and procedures to properly reflect all business transactions in the appropriate fiscal year which includes:

  • Recording a prepaid for expenses posted in the current year that relate to the next fiscal year.
  • Accruing for revenue or expenses incurred but not yet recorded in Oracle.
  • Deferring revenues received in the current year that relate to the next fiscal year.

Please contact the Controller’s Office if you believe that you have a prepaid, accrual or other deferral that requires posting in Oracle.

Capital assets are real or personal property that have a value equal to or greater than the capitalization threshold of $5,000 and have an estimated life of greater than two years.

Each VP area has a Super-User. Your Super-User should always be your first point of contact as they work most closely with the budgets of your area