Fiscal 2014 Year-End Closing Updates
Jennifer Edmonds
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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.
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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.
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Closing Documents on the Website
Detailed Closing Document and other reference materials will be available on the FAS Finance
website by May 16th: http://finance.fas.harvard.edu/reference-guides-if-applicable/fiscal-
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
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What’s 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.
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FAS Journal & Accrual Deadlines and HDW Availability
Fiscal Year 2014
Close Dates
Detail Listing Report Periods:
Show Transactions "Between Dates" CREW Updated
Actuals Available
in HUBS
First Close Fiscal June entries from June 1 through July 3 Friday, July 4 Monday, July 7
Second Close Fiscal June entries from July 4 through July 11 Saturday, July 12 Monday, July 14
Third Close Fiscal June entries from July 12 through July 18 Saturday, July 19 Monday, July 21
Fourth Close Fiscal June entries from July 19 through July 25 Saturday, July 26 Monday, July 28
Fifth Close Fiscal June entries from July 26 through Aug 1 Saturday, August 2 Tuesday, August 5
FAS Office of Finance Deadline Central Deadline Depts submit to [email protected] Depts post directly to Oracle 1st Close Wednesday, July 2, noon Thursday, July 3, 2 p.m.
2nd Close Thursday, July 10, noon Friday, July 11, 2 p.m.
AP Accruals to [email protected] or [email protected]
Thursday, July 17, 10 a.m. n/a
3rd Close Thursday, July 17, noon Friday, 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 [email protected]
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