Subject:

Closing Contracts in the Statewide Financial System (SFS)

Guidance:

The Office of the State Comptroller (OSC) Bureau of Contracts (BOC) is actively closing contracts in the Statewide Financial System (SFS). Once OSC has closed a contract the SFS header status will display “Closed”. No further transactions can be processed against a contract in the “Closed” status.

Contracts meeting the criteria below are subject to archiving and may be closed by BOC:

1. A minimum of one year has passed since the Expire Date of the contract and there has been no activity (SFS amendment transactions or payments) for one year.


2. No open purchase orders (encumbrances) are associated with the contract. All purchase orders are in either “Cancelled” or “Complete” status.

Agencies should make every effort to facilitate the closing of aged contracts, including making final payments and cancelling purchase orders on a timely basis.

References:

SFSSecure Job Aids:

• JAA-PO220-021 Viewing PO Information for Canceled and Closed POs – FYE
• JAA-PO220-034 Viewing PO Information for Canceled and Closed POs - Lapsing

Guide to Financial Operations

• Chapter XI, Section 2.C - Contract Funds Reservation
• Chapter XI, Section 12.D - Closing Contracts