Year End Close

The fiscal year 2018 will end on Friday, June 30, 2018. As in the past, FAS will close the books through a series of steps called "closings." Steps 1 through 5 will assist in the facilitation of those closings.

Details

Adhere to Key Dates

Review the Year End Calendar to see all of the deadlines for the FY18 Year End Close. It is very important that we recognize all FY18 revenue and expenses in FY18. Be mindful of any deadlines and deliverables.

Some key dates include:

arrowJune 25 - Concur Reports Submitted and Approved

arrowJune 28 - Final FY18 Invoices to AP

arrowJuly 13 - AP Accrual information due from FCOR, Museums and IFI

arrowJuly 17 - FCOR, Museums and IFI are done with journal entries

arrowJuly 18 - All affiliate tubs are done with journal entries

 

Check Balances

It is important to verify gifts, endowments and unrestricted designated funds are not in deficit. Funds that are in deficit at the end of the year will be charged interest. To find funds that are in deficit, run the fund management dashboard and in the 'Parameters' section check the radio button next to 'Funds in Deficit Only?'

funds in deficit only

If you have a deficit, please take the necessary steps to clear it. The preferred process is to credit the fund in deficit and the new fund being changed the same object code as the original transaction. Since the Gift AEA is assessed on expenses, please follow the instructions in How To Zero Out a Restricted Gift Fund Deficit.

Also, review centrally-controlled funds to ensure charges are correct: 000760, 000770, 000775, 000780, 000795, 000800, 000801, 000802.

Recognize Accruals

FAS Finance will send out a blank template to all department contacts on July 9th.

  • Departments add invoice information and return template with copy of invoice to FAS Finance.  Accruals will be posted daily.

FAS Finance will send out information related to Invoices posted in FY19 with invoice dates in FY18 to affected departments on July 11th.

  • Departments indicate if the lines should be accrued and return the template to FAS Finance. Accruals will be posted daily.

Last day for Accruals is Friday, July 13th at 4pm.

FAS Finance will continue to monitor FY19 expenses through 3rd close and will work with affected departments as necessary.

NO PAYROLL TRANSACTIONS, SPONSORED FUNDS or INTERNAL TRANSACTIONS.

Contact Heather Fusco with any questions.

 

Review Transactions and Balances

Pay close attention to the following:

  • Check fund balances for deficits. Funds in deficit at the end of the year will be charged interest.
  • Process any outstanding invoices as soon as possible.
  • Send Payment Requests to AP by June 28th to have the most complete financial view for the First Close. All complete invoices received by AP by June 28th will be available in reporting applications on July 5th.
  • The final deadline for AP is June 28th at 5pm.
  • Process any outstanding reimbursements as soon as possible.
  • Concur reports must be approved by June 25th.
  • Process all AR transactions in a timely manner.
  • For departments using Oracle AR, all invoice and credit memo information must be entered by July 11th.
  • 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 Web 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. The Chart Validator spreadsheet is available here.

In addition, to help in your review, please follow the Year End Checklist for FAS Units.

    Use FAS Recommended Reports

    There are dashboards that are available to help departments in year end activities. 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 Dashboard Reports

    System Dashboard/Report
               Name

    Purpose

                  Results
    OBI Budget and Actuals Comparison
    (any version)
    • To compare budget v. actual spending rates for prior and current fiscal years to confirm spending is aligned with budget
    • Annual operating, YTD budget and actual data for prior fiscal and current fiscal years
    OBI

    Committed Funds Report

    CFR job aid

    • To monitor purchase orders and prevent overspending on funds. Allows users to know if open POs exist on closed funds/grants, if goods are being received and suppliers are being paid in a timely manner
    • Open POS where funds have been committed but have not yet posted to the General Ledger
    • Note: There is a one day delay for the reported data
    OBI Transaction Listing
    (any version)
    • To reconcile monthly financial transactions
    • To ensure income is recorded correctly
    • To ensure income/expense transfer have been completed
    • Details regarding every transaction posted to the General Ledger
    OBI Fund Management
    • To monitor fund balances and ensure that a deficit does not occur
    • To confirm income is recorded correctly
    • Prior year balance, income and expense of current year, and ending balance for all fund types
    OBI AP Invoice Holds
    • To confirm purchases are being received, ensuring that the vendor is being paid in a timley manner
    • A list of POs that have not been received by a Shopper, list of invoices on hold for price or quantity issues

     

    • Don't Forget

      COA validator is available to verify costing is valid for all users. Available Here
    • Don't Forget

      Paychecks paid to employees on July 6th is for work from June 17th to June 30th, will be posted as a June 30, 2017 entry.

    • Don't Forget

      FAS has a new WEB ADI Template that includes error checking to help users create correct entries. Available Here

    • Don't Forget

      There will be no payroll accrual this year.

    More Info

    arrowAEA on June Gift Expenses

    After AP posts, posted July 5th

    Through end of first close, posted July 9th

    Through end of second close, posted July 16th

    Through end of department and tub journal entries, July 19th
    Through end of 3rd close, July 23rd

    arrowAccrual Template

    arrowYear End Checklist

    Who to Contact

    Nancy GuisingerHeather FuscoRebecca SolariMaria GeovanosMiguelina Rodriguez