Review the Year End Calendar to see all of the deadlines for the FY20 Year End Close. It is very important that we recognize all FY20 revenue and expenses in FY20. Be mindful of any deadlines and deliverables.
Some key dates include:
June 22 - Concur Reports Submitted and Approved
June 25 - Final FY20 Invoices to AP
July 15 - AP Accrual information due from FCOR, Museums and IFI
July 15 - All journal entries due
Also, to help keep track of deadlines, we have created a shared calendar in Outlook called "FAS Finance Deadlines" that also 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.
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 for a Department, run the FAS Fund Deficit report in RUFFAS. The report includes Org level detail of the Fund balances to assist in clearing the deficit in detail. To find funds that are in deficit for a Tub, run the Fund Management dashboard and in the parameters section, check the radio button next to ‘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 debit the new fund being charged in 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: 000760,000780,000800, 000801,000802 and 016110.
- During the week of July 6th, departments should Run Transaction Listings in HART and download to TLA Macro - Vz 5.1 to find FY20 invoices to accrue.
- Departments should also check for FY20 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, email@example.com, in FAS Finance. Accruals will be posted daily.
- Last day for Accruals is Wednesday, July 15th at 4pm.
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 22nd
Process any outstanding invoices as soon as possible.
- Send Payment Requests to AP by June 25th to have the most complete financial view for the First Close. All complete invoices received by AP by June 25th will be available in reporting applications on July 3rd.
The final deadline for AP is June 25th at 5pm.
Process all AR transactions in a timely manner.
- For departments using Oracle AR, all invoices and credit memo information must be entered by July 8th.
- 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 firstname.lastname@example.org if you have any questions.
Budgets and Actuals Comparison
|HART||Committed Funds Report||
|HART||AP Invoice Holds||
Don't ForgetCOA validator is available to verify costing is valid for all users. Available Here
The weekly and biweekly paychecks paid to employees on Thursday July 2 is for worked performed in FY20 and will be posted into June FY20. In addition, two days from the weekly paycheck on 7/10/20 and biweekly paycheck on 7/17/20 will be accrued in June FY20.
AEA on June Gift Expenses
After AP posts, posted July 2nd
Through end of first close, posted July 6th
Through end of second close, posted July 13th
Through end of department and tub journal entries, July 16th
Through end of 3rd close, July 20nd
Year End Checklist