It is important to verify that gift, endowment, and unrestricted designated funds are not in deficit at Fiscal Year End (FYE). Funds that are in deficit as of the final June 30th closing will be charged interest in the following fiscal year. There are two ways to determine if an account in your area is carrying a deficit balance.

Deficit Summary in FAS Reporting Application

The first way is to run the Deficit Summary report in the new 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 (Orange).
 

Choose the Tub/Division/Department/Org, as appropriate and select the desired output format- 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.

Fund Management in HART

The second way is to 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 Type to RE, RG, and UD. Select the radio button for Funds in Deficit Only.

If an account(s) in your Department is currently carrying a deficit balance, please take the necessary steps to clear it. The preferred process is to move expenses off to another account that has similar terms and has a sufficient balance to cover the expenses in question. AEA should not be moved to another account. If you wish to zero out an account (carrying either a  debit or credit balance), please contact Keith Bitely in the FAS Finance Office @ keith_bitely@harvard.edu.

Also, please review centrally controlled funds to ensure that charges are correct: 000760, 000780, 000800, 000801, 000802, and 016110.

Guidelines

• During the week of July 5th, departments should Run Transaction Listings in HART and download to TLA Macro - Vz 5.1 to find FY21 invoices to accrue.
• Departments should also check for FY21 invoices received, but not in HCOM/B2P, and create a separate journal for these invoices, along with an Invoices to Accrue_Template for Tubs_Depts.
• All journal entries, along with completed invoice TLA template or Invoices to Accrue template, should be returned to Christine Boyer, christine_boyer@harvard.edu, in FAS Finance. Accruals will be posted daily.
• Last day for Accruals is Tuesday, July 13^th at 5pm.

Resources

• Year End Accrual Instructions
• Year End Accrual Clinic: July 6^th 10:00-11:30. Sign up here.
• Controller’s Corner – Open office hours.  No question too small. July 7^th, 8^th, 9^th, 12^th and 13^th from 10 am to 11am. Click here for Zoom link.

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 reimbursements as soon as possible.
  • Concur reports must be approved by June 24th
• Process any outstanding invoices as soon as possible.
  • Send Payment Requests to AP by June 24th to have the most complete financial view for the First Close. All complete invoices received by AP by June 24th will be available in reporting applications on July 2nd.
  • The final deadline for AP is June 24th at 5:00pm.
• Process all AR transactions in a timely manner.
  • For departments using Oracle AR, all invoices and credit memo information must be entered by July 7th.
• 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.

There are dashboards that are available to help department 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.