You are here: Chapter XI Procurement and Contract Management > 12. Contract Management > D. Closing Contracts

XI.12.D
Closing Contracts


Only the Office of the State Comptroller (OSC) can close a contract in the Statewide Financial System (SFS), regardless of whether the contract was subject to OSC prior approval. A contract is eligible to be closed if it meets all the following criteria:

 

  1. 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) associated with the contract. All purchase orders are in “Complete” status (see Section 2C - Encumbering a Contract).

  3. No retainage remaining on the contract.

 

Generally, OSC will close eligible contracts quarterly. To facilitate closing contracts, agencies should be timely in closing purchase orders associated with contracts by disencumbering excess funds and processing retainage if applicable (see Section 11E of this chapter for further information). Once OSC has closed a contract, the contract header status on SFS will be “Closed.” No further transactions can be processed against a contract which is in the “Closed” status.

 

 

Guide to Financial Operations
REV. 03/19/2012