Year End Close

• June 23:  Concur (travel and reimbursement) reports submitted and approved
• June 26:  Final FY23 invoices to Accounts Payable
• June 29:  Concur (PCard) reports submitted and approved
• June 30:  Buy-to-Pay (B2P) holds resolved (by noon)
• July 14:  Internal billings deadline
• July 18:  Accruals, deferrals, and prepaid expense journals
• July 18:  All remaining journal entries due

There is a shared calendar in Outlook called "FAS Finance Deadlines" that contains deadlines and events.

To view the shared calendar in Outlook, click Open Calendar-> Open Shared Calendar and type in FAS Finance Deadlines in the Name field.

 

There are two ways to determine if an account in your area is carrying a deficit balance.

Method One:  Deficit Summary in the FAS Reporting Application

Run the Deficit Summary report in the FAS Reporting application located at FINReport.fas.harvard.edu.   Log in with your Harvard Key and chose Visit the app under the FAS Reporting Application. Click on the reports tab and select the Deficit Summary Report.

 
Choose the Tub/Division/Department/Org as appropriate and select the desired output format, either PDF or XLSX (Excel). This report will list Restricted Gifts, Restricted Endowments, and Unrestricted Designated funds that are currently in deficit.  It will also include offsetting surpluses and deficits by Org for the Fund in the Department.

Method Two:  Fund Management in HART

Run the Fund Management (FA) report within HART. Choose the balance as of the most recent month. Include the Tub and Primary Managing Org, and limit the Fund Types to RE (Restricted Endowment), RG (Restricted Gifts), and UD (Unrestricted Designated).

Select the radio button for Funds in Deficit Only:
 

This includes:

• AP Accruals:  Expenses for goods and services received in FY23 that have not been paid for in FY23
• AR Accruals:  Revenue earned in FY23 that has not been received in FY23
• Deferred Revenue:  Revenue earned in FY24 that has been received in FY23
• Prepaid Expenses:  Expenses for goods and services that will be received in FY24 (or later) but have already been paid for in FY23

AP Accruals Guidelines

• During the first close (July 3rd through July 7th), departments should run Transaction Listings in HART and download to TLA Macro - Vz 5.1 to find FY23 invoices to accrue.
• Departments should also check for FY23 invoices received, but not in B2P, and create a separate journal for these invoices, along with an Invoices to Accrue_Template for Departments.
• All journal entries, along with completed invoice TLA template or Invoices to Accrue template, should be returned to Devon Losada in FAS Finance.
• Accruals will be posted daily.

AR Accruals, Deferred Revenue, and Prepaid Expenses Guidelines

• For AR accruals and deferred revenue, look at prior year Transaction Listing reports for examples of external revenue your department typically receives - pay attention to revenue received around year end and evaluate for which period it belongs.
• For prepaid expenses, ask yourself if your department has any expenses that are paid in a lump sum and span a long period of time.  Examples include service contracts, rental and lease contracts, license and software agreements.
• For AR accruals and deferred revenue, journal entries and their support should be returned to Devon Losada in FAS Finance.
• For prepaid expenses, journal entries and their support should be returned to Maria Geovanos in FAS Finance.

The last day for Accruals, Deferrals, and Prepaids is Tuesday, July 18^th at 5pm.
 

Resources

• Year End AP Accrual Instructions
• AR Accrual Quick Guide
• Deferred Revenue Quick Guide
• Prepaid Expense Quick Guide
   
• Controller’s Corner – Open office hours for any and all accounting questions.  No question too small! 
  • July 10th, 11^th, 12^th, 13^th, and 14^th from 10 am to 11am. Click here for Zoom link.

Concur (travel and reimbursement) reports must be approved by June 23rd.  Concur (PCard) reports must be approved by June 29th.

The final deadline for B2P invoice submission is June 26th.  The final deadline for B2P holds resolution is June 30th (noon).

• Process all AR transactions in a timely manner.
  • For departments using Oracle AR, all invoices and credit memo information must be entered by July 6th.
• Run dashboards to verify transactions have been posted accurately. Create correcting journals as quickly as possible. Export transaction listing data to TLX macro spreadsheet to facilitate journal entry creation and preserve audit trail. TLX is available here. The ADI template is available here. In addition, users can cut and paste the costing from the new template to an Excel spreadsheet to verify that the costing does not violate cross validation rules. 

Final checks on transactions and balances:

• Run transaction listings, budget variances, or other reports to determine:
  • Have all expenses been appropriately recorded?
  • Has all revenue been appropriately recorded?
  • Are all expenses and revenue recorded on the correct org/fund/activity/subactivity and root?
• Check fund balances for deficits. Funds in deficit at the end of the year will be charged interest.

The dashboard names, what they show, and why to run them are listed below. Please reach out to the ASAP team at fasasap@fas.harvard.edu if you have any questions.

Recommended Reports