Fiscal 2014 Year-End Closing Updates

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Fiscal 2014 Year-End Closing Updates. Jennifer Edmonds. Why Year-End Closing is Important. - PowerPoint PPT Presentation

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<p>Harvard University Enterprise Budgeting and Planning Ssytem Project Technical Workshop</p> <p>Fiscal 2014 Year-End Closing UpdatesJennifer EdmondsPage #1Why Year-End Closing is ImportantEach 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).</p> <p>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.</p> <p>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.Page #Closings - ReviewsIn 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.</p> <p>The use of object code is also very important and we rely on correct usage for University and FAS-wide financial reporting. </p> <p>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.</p> <p>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.</p> <p>Page #Closing Documents on the WebsitePage #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.</p> <p>Page #FAS Journal &amp; Accrual Deadlines and HDW Availability</p> <p>FAS Office of Finance DeadlineCentral DeadlineDepts submit to finjrnl@fas.harvard.eduDepts post directly to Oracle1st CloseWednesday, July 2, noonThursday, July 3, 2 p.m.2nd CloseThursday, July 10, noonFriday, July 11, 2 p.m.AP Accruals to Dunn@fas.harvard.edu or cbenoit@fas.harvard.eduThursday, July 17, 10 a.m. n/a3rd CloseThursday, July 17, noonFriday, July 18, 2 p.m.4th Close (FAS tubs only - no depts)Wednesday, July 23, 5 p.m.n/aFourth close journals require prior approval by Jennifer Edmonds at jenniferedmonds@fas.harvard.eduPage #Fiscal Year 2014 Close Dates Detail Listing Report Periods: Show Transactions "Between Dates" CREW Updated Actuals Available in HUBS</p> <p>First Close Fiscal June entries from June 1 through July 3Friday, July 4Monday, July 7</p> <p>Second Close Fiscal June entries from July 4 through July 11Saturday, July 12Monday, July 14</p> <p>Third Close Fiscal June entries from July 12 through July 18Saturday, July 19Monday, July 21</p> <p>Fourth Close Fiscal June entries from July 19 through July 25Saturday, July 26Monday, July 28</p> <p>Fifth Close Fiscal June entries from July 26 through Aug 1Saturday, August 2Tuesday, August 5</p>

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