Fiscal 2014 Year-End Closing Updates Jennifer Edmonds.

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Fiscal 2014 Year-End Closing Updates Jennifer Edmonds Slide 2 Page 2 Why Year-End Closing is Important Each year, the University is required to issue a report on its financial condition for use by a broad audience. These financial statements must be produced in compliance with Generally Accepted Accounting Principles (GAAP). To accomplish this, we convert from a modified cash basis to accrual basis by processing accruals and prepaids for expenses and receivables and deferred revenue for revenues. The FAS Office of Finance and affiliated tubs do this at a high level on the quarters during the fiscal year. At year-end we involve all FAS departments. Slide 3 Page 3 Closings - Reviews In addition to complying with GAAP, we expect departments to do a careful review of transactions to ensure they are charged to the correct fund and those charges are in accordance to fund terms. The use of object code is also very important and we rely on correct usage for University and FAS-wide financial reporting. We also rely on departments to carefully review their budget to actual results during the closings to be sure they agree and understand their variances. A close review of funds should be done to be sure restricted funds are utilized according to plan and before the use of unrestricted funds if possible. Slide 4 Page 4 Closing Documents on the Website Detailed Closing Document and other reference materials will be available on the FAS Finance website by May 16 th : year-end Year-End Processing Accounts Payable Prepaid Expenses Accounts Receivable Deferred Revenue Payroll Calendar of Transaction Processing during Closings Reporting Schedule Whom To Call List Slide 5 Page 5 Whats new in FY14? Started the process earlier - held two brown bag sessions on year-end closings this week to get depts. preparing for fiscal year-end. If adjusting an entry for an equipment purchase (using a 68xx object code) must use the new AP Adjustment process which follows AP deadlines. Oracle Assets is live for two FAS Tubs and goes live for remainder of FAS on 7/1/14. Reminder that accrual/prepaid threshold is $10,000. External Auditors, PWC arrive on campus 8/18 end of Sept., requests for information/documentation may come during that time. Depts. need to have someone available to pull documentation. Slide 6 Page 6 FAS Journal & Accrual Deadlines and HDW Availability FAS Office of Finance DeadlineCentral Deadline Depts submit to finjrnl@fas.harvard.eduDepts post directly to Oracle 1st CloseWednesday, July 2, noonThursday, July 3, 2 p.m. 2nd CloseThursday, July 10, noonFriday, July 11, 2 p.m. AP Accruals to or Thursday, July 17, 10 a.m.n/a 3rd CloseThursday, July 17, noonFriday, July 18, 2 p.m. 4th Close (FAS tubs only - no depts)Wednesday, July 23, 5 p.m.n/a Fourth close journals require prior approval by Jennifer Edmonds at