# Year End Close The fiscal year 2026 will end on **Tuesday, June 30, 2026**. As in the past, FAS will close the books through a series of steps called "closings." The information below will help FAS successfully close the books. ## Closing Steps Open all sections Close all sections ### STEP 1: Review the Year End Calendar expand\_more Review University holidays and plan your department's or organization's needs accordingly. Review the [Year End Calendar](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/FY26%20Year%20End%20Calendar_Update_5-5.xlsx) for all FY26 year end deadlines. ## Details - **June 22**: Concur (travel and reimbursement) reports submitted and approved - **June 24**: Final FY26 invoices to Accounts Payable - **June 25:** Concur (PCard) reports submitted and approved - **June 30**: Buy-to-Pay (B2P) holds resolved (by noon) - **July 10**: Internal billings deadline - **July 14**: Accruals, deferrals, and prepaid expense journals - **July 14**: 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. ![Finance Calendar](/sites/g/files/omnuum766/files/fas_finance/files/ye3.jpg) ![Finance Calendar](/sites/g/files/omnuum766/files/fas_finance/files/ye4.jpg) ### STEP 2: Check Fund Balances for Deficits expand\_more Verify that gift, endowment, and unrestricted designated funds are not in deficit at fiscal year end. *\* This step is important because funds in deficit as of the final June 30th closing will be charged interest in the following fiscal year. \** ## Details 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](https://finreport.fas.harvard.edu/ivyprd/f?p=107:LOGIN_DESKTOP:10163641395473:::::). 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. ![Deficit Summary](/sites/g/files/omnuum766/files/fas_finance/files/check_bal.png) 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*: ![funds in deficit only](/sites/g/files/omnuum766/files/fas_finance/files/radio.png) ### STEP 3: Recognize Accruals, Deferrals, and Prepaids expand\_more It is important that the University recognizes both expenses and revenues in the correct period. ## Details This includes: - **AP Accruals:** Expenses for goods and services received in FY26 that have not been paid for in FY26 - **AR Accruals:** Revenue earned in FY26 that has not been received in FY26 - **Deferred Revenue:** Revenue earned in FY27 that has been received in FY26 - **Prepaid Expenses:** Expenses for goods and services that will be received in FY27 (or later) but have already been paid for in FY26 #### AP Accruals Guidelines - Departments should NOT create their own AP Accruals. - AP Accruals will be managed by the Accounting Group in FAS Finance. - A copy of any invoice received in a department for goods/services received in FY26 that were not entered into B2P, should be forwarded to the Accounting Group in FAS Finance to be accrued. - Accruals will be posted on the Thursday of the 2nd close and again on Tuesday of 3rd close. #### 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](mailto:dlosada@fas.harvard.edu) in FAS Finance. - For prepaid expenses, journal entries and their support should be returned to [Maria Geovanos](mailto:geovanos@fas.harvard.edu) in FAS Finance. ### **The last day for Accruals, Deferrals, and Prepaids is Tuesday, July 14th at 5pm.** #### Resources - [AR Accrual Quick Guide](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/Accounts%20Receivable%20-%20Quick%20Guide.pdf) - [Deferred Revenue Quick Guide](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/Deferred%20Revenue%20-%20Quick%20Guide.pdf) - [Prepaid Expense Quick Guide](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/Prepaids%20-%20Quick%20Guide.pdf) - **Controller’s Corner** – Open office hours for any and all accounting questions. No question too small! - Held throughout June and daily in July. See calendar below. [Click here for Zoom link](https://harvard.zoom.us/j/97682335116?pwd=OZuyivVUFVeHNZnLsdCukhEyEGrgbD.1). ![Controller's Corner 2026](/sites/g/files/omnuum766/files/2026-05/Controller%27s%20Corner%202026.png) ### STEP 4: Review Transactions expand\_more - Process any outstanding reimbursements as soon as possible. - Process any outstanding invoices as soon as possible. - Process all AR transactions in a timely manner. - Run dashboards to verify transactions have been posted accurately. ## Details Concur (travel and reimbursement) reports must be approved by **June 22.** Concur (PCard) reports must be approved by **June 25.** The final deadline for B2P invoice submission is **June 24.** The final deadline for B2P holds resolution is **June 30 (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 1.** - 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](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/fas_finance/files/tlx_macro_0.zip). The ADI template is available [here](https://hu.sharepoint.com/sites/FASFinanceResources). In addition, users can cut and paste the costing from the ADI template to the [Bulk COA Validator](https://oracle.fss.finance.harvard.edu/file_url/254) 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. ### STEP 5: Use FAS Recommended Reports expand\_more There are dashboards that are available to help department in year end activities. ## Details The dashboard names, what they show, and why to run them are listed below. Please reach out to the ASAP team at if you have any questions. #### Recommended Reports SortSystemDashboard/Report NamePurposeResultsFINReport **Detail by COA Segment** - To compare financial activity at 33 digit level actuals to budget - Summary financials at 33 digit level HART **Budgets 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 B2P **Open Commitment** - 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 opened but expenses have not yet posted to the General Ledger HART **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 FINReport **Deficit Summary** - To review all deficits in Gifts, Endowments and Unrestricted Designated Funds - Funds that are in deficit in aggregate for the department. Includes offsetting deficits and surpluses at the Org level HART **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 FINReport **Faculty Start Up Spending** - To confirm there are no deficits in Faculty Start Up accounts and all Start Up is recorded to a Faculty member and not Root 00000 - Faculty Start Up Balances by Root B2P **Invoice Holds** - To monitor PO invoice(s) that are awaiting receipts or have a pricing discrepancy that needs to be resolved for payment - A list of POs/Invoices that have not been received by a Shopper, list of invoices on hold for price or quantity issues ## Resources ### Year End Calendars - [Year End Calendar](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/FY26%20Year%20End%20Calendar_Update_5-5.xlsx) - [OGA (formerly ADS) Gift Processing Deadlines](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/2026%20OGA%20FYE%20memo%20deadlines%20FINAL.pdf) - [E-News Year End Issue 3/12/26](https://admin-enews.eureka.harvard.edu/news/2026/03/fiscal-year-end-2026-deadlines) ### Year End Links - [Year End Checklist for Departments](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/Year%20End%20Checklist%20for%20Departments.pdf) - [Invoices to Accrue\_Template for Departments](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-06/invoices_to_accrue_template_for_tubs_depts.xlsx) - [Prepaid Guide](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/Prepaids%20-%20Quick%20Guide.pdf) - [Deferred Revenue Guide](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/Deferred%20Revenue%20-%20Quick%20Guide.pdf) - [AR Accrual Guide](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-05/Accounts%20Receivable%20-%20Quick%20Guide.pdf) - [ADI Journal Example (Prepaid/AR Accrual/Def Revenue)](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2024-05/ADI%20Journal%20Example_PrepaidAR%20AccrualDef%20Revenue.zip) - [FY26 Year End Review Presentation](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/2026-06/Year-End%20Brown%20Bag%202026%20FINAL.pptx) ### Helpful Links - [ADI Template](https://hu.sharepoint.com/sites/FASFinanceResources) - [TLX Macro Spreadsheet](https://finance.fas.harvard.edu/sites/g/files/omnuum766/files/fas_finance/files/tlx_macro_0.zip) - [Credit Voucher Template](https://otm.finance.harvard.edu/files/otm/files/credit_voucher_10.2020.xlsx?m=1602866166) ### Other Helpful Links - [COA Validator](https://oracle.fss.finance.harvard.edu/file_url/254) - [Upcoming Training](https://adminops.fas.harvard.edu/calendar/upcoming) ## Who to Contact **FAS General Accounting Inbox** Email: [fas\_accounting@fas.harvard.edu](mailto:///fas_accounting@fas.harvard.edu) **FAS Funds Inbox** Email: [FAS\_Funds@fas.harvard.edu](mailto:FAS_Funds@fas.harvard.edu) **FAS Journal Vouchers Inbox** Email: **Nancy Guisinger** Controller Email: [nancy\_guisinger@harvard.edu](mailto:///nancy_guisinger@harvard.edu) **Christine Boyer** Assistant Controller Email: [christine\_boyer@harvard.edu](mailto:///christine_boyer@harvard.edu) **Devon Losada** Manager of Accounting Email: [dlosada@fas.harvard.edu](mailto:///dlosada@fas.harvard.edu) **Maria Geovanos** Financial and Compliance Analyst Email: [geovanos@fas.harvard.edu](mailto:///geovanos@fas.harvard.edu) **Fabi Theodat** Financial and Compliance Analyst Email: [fabienne\_theodat@harvard.edu](mailto:///fabienne_theodat@harvard.edu) **Liza David** Staff Accountant Email: [lizadavid@fas.harvard.edu](mailto:///lizadavid@fas.harvard.edu) **Keith Bitely** Endowment and Gift Administrator Email: [keith\_bitely@harvard.edu](mailto:///keith_bitely@harvard.edu)