Year-End Close: 2023 Reminders and Deadlines Posted May 31, 2023

Due to YEC, there is a temporary freeze on the setup of new, and changes to, existing expenditure types and object codes. 

• The deadline for submitting requests is Aug. 1 at  5 p.m.
• The freeze will be in effect beginning Sept. 1 and will end Oct. 31.
• For more details, see "Expenditure Type or Object Code Freeze" in Specific Year-End Close Processes.

Impact

• If you submit a request prior to the Aug. 1 deadline, every effort will be made to process your request in time for the August close.
• Requests submitted Aug. 1 through Oct. 31 will be reviewed and processed beginning Nov. 1 and will be available only for the November month-end close.

Latest Expenditure Types and Object Codes

• Refer to the Resource: Expenditure Type and Object Code Updates for a monthly summary of new expenditure types and object codes, and changes to existing expenditure types and object codes. 

Questions?

• Call Matt Savage at 1-650-723-8682 or email @email in Financial Analysis & Information Reporting.
• For instructions, see Topic Overview: Request New or Change Existing Expenditure Type or Object Code.

Prompt submission is important to ensure financial reporting compliance. In addition to timely submission of current year invoices and Expense Requests transactions, prompt attention and resolution of holds and returned or rejected transactions helps them get processed this fiscal year. Refer to the OBI Resources for Year-End Close section for guidance on using reporting tools to find these transactions.

Note: Transactions received by the deadlines below will be processed this fiscal year (for completed requests/transactions with no outstanding issues). Payment Services will make every effort to process items received after this date in this fiscal year, but that cannot be guaranteed.

Thursday, Aug. 10, 5 p.m. deadlines:

• Expense Requests transactions (Reimbursement/expense reports including TCard transactions, advance requests, non-purchase order (PO) payments, and petty cash replenishments): Transactions must be completely approved with backup documents attached.
• Accounts Payable (AP) invoices:  Submit invoices to AP by 5 p.m. to guarantee payment in FY 2023 (payment will be processed on or before Aug. 29 if the invoice payment terms fall within this period). Note: A fully approved PO with sufficient funds must be in place and referenced on the invoice before submitting to Accounts Payable.

Monday, Aug. 21 deadlines:

• Purchasing Card (PCard) approval: Please verify your transactions and have them completely approved by 4 p.m. You can identify transactions awaiting verification and approval from your Oracle Financials PCard Worklist.
• AP invoices: Submit invoices by 5 p.m. to post expenditure to FY 2023. All invoices submitted after this date will be posted to the next fiscal year.

Submit a support request if you have any questions or need assistance.

To be processed in the 2023 fiscal year, department cash and check deposits must be:

• Deposited through the JP Morgan (JPM) mobile app no later than 7 p.m. PT on Aug. 31.
• Deposited at any Wells Fargo branch no later than 5 p.m. PT on Aug. 31.
  • Claimed and booked to the correct PTA through the Unidentified Receipts and Branch Deposits website before the end of Soft Close on Sept. 6.
• Deposited through the WF desktop or mobile app by 9 p.m. PT on Aug. 31.

See the Cash and Check Deposit Enhancements news page for changes to the cash and check deposit process.

The Systems and Reporting Operations group will be changing end dates on labor schedule lines on the weekend of Aug. 26, 2023. The rollover will automatically extend labor schedule end dates to the end of next fiscal year (Aug. 31, 2024).

The process will only update labor schedule lines for those employees charged to non-sponsored accounts (PTAs) and have a current labor schedule end date of Aug. 31, 2023. The end date rollover will not alter:

• Labor schedule lines with sponsored accounts (PTAs).
• Labor schedule lines with an end date not equal to Aug. 31, 2023.
• Labor schedule lines for employees with existing lines in the new fiscal year.

What You Should Do

To verify the effect of the rollover and avoid earnings being charged to Organization Suspense Accounts, we recommend reviewing entries using OBI reports.

1. Run the OBI Payroll and Labor Management Labor Schedule Trend Report for your work assignment org for pay periods ending Sept. 15, 2023 to Aug. 31, 2024 and select the “View By” option Labor Schedule by Person PTA Start/End.
   • Review labor schedule end dates to verify Aug. 31, 2023 lines were updated to Aug. 31, 2024.
   • Confirm that labor schedule lines total 100 percent for each pay period.
     Note: Initially pay periods are only available to the end of the calendar year, but starting Sept. 1 the report will show pay periods to the end of the fiscal year.
2. Use this information to update (i.e., reduce or extend) labor schedule end dates in the Labor Schedules system as needed.
3. Work with your Axess time and leave administrator to review timecards for hourly employees and update PTAs, if necessary.

Questions?

View Learn About: Labor Schedules or submit a support request.

These helpful OBI reports and techniques help you prepare for and complete year-end close:

Record all expenses

• To find pending transactions that need to be completed, use aging reports:
  • Expense Requests - Aging
  • Credit Card Transactions - Aging
  • Advances - Aging
• To find invoices that are on hold or aging and need action before they can post to a PTA, use Procure to Pay at a Glance.
• How To: Clear Organization Suspense Accounts for Labor provides instructions on how to find and clear organization suspense accounts. The final pay period payroll data is available for reporting and labor distribution adjustments (LDAs) starting Sunday, Sept. 3, 8 a.m. LDAs must be submitted and approved by Wednesday, Sept. 6, 5 p.m. Year-end close OSA sweep fees are waived.
  • Three ways to monitor the status of LDAs:
    • Review LDAs in your At a Glance page in the Labor Distribution Adjustments system
    • Run the Labor Distribution Adjustments (Real-time) Report
    • Run the Actual Pay Report > Labor Distribution Adjustments Batches - All Statuses
• Additionally, processors and approvers can use the Oracle Financials Inquiry Tool: Pending Transactions to both see the status of and, in some instances, take action on pending transactions.

Manage funds

• Fund Statement helps monitor available balance to find awards that are in overdraft, especially cost shares which need clearing.
• Transfer Detail Report shows the transfers to and from your awards. Enter AUG-YYYY for both Beginning and Ending Period to limit to August only transfers.
• Budget Variance helps compare actuals with expected amounts for both revenue and expense to suggest variances for investigation.
• Inactive Awards Report shows unused funds, while Unused and Underwater Endowment Funds Dashboard identifies endowments that are underutilized and building up balances or underwater and unavailable to be used.

Schedule delivery of BI Publisher reports

OBI How To Guide: Scheduling BI Publisher Report Jobs provides step-by-step instructions to receive BI Publisher reports, such as the Fiscal to Date Fund Statement (Current year and prior year only) (153A) and Monthly Expenditure Details Statement (285), via email at the frequency you prefer – daily, weekly, or on a specific date and time.