It's that time of year again!

The year-end close (YEC) process of recording and reporting expenses from September through August gives a snapshot of the university's transactional activity each fiscal year. For an in-depth look at the process, review Topic Overview: Year-End Close. All times listed on these pages are for Pacific Time (PT) unless otherwise indicated.

Schedules and Deadlines

YEC officially begins Wednesday, Aug. 28, 2024. There are five distinct closing stages for YEC activities:

2024 year-end close timeline showing five stages of year-end close over an arrow pointing to the right

Daily Deadlines

Deadlines for same-night processing (exceptions noted in calendar) are below. Review the Year-End Close Interactive Calendar for more information.

  • 3 p.m. - Submit core journals and iJournals
  • 7 p.m. - Final approval (including end-route) for iJournals
  • Sept. 1-17 core journal posting: 12 p.m., 2 p.m., 5 p.m. and 7 p.m.
  • Sept. 18 core journal posting: 12 p.m., 2 p.m., 5 p.m., and 7 p.m. (CO only)

Reminders

  • Accounts Payable (AP) payments (ACH/direct deposit, wires, checks) are on hold Aug. 28 through Sept. 2, 2024. There will be no payments made for any reason during this time. Payments resume Sept. 3, 2024.
  • PTA blackout period is Aug. 28 through Sept. 19, 2024. PTA changes may resume on Sept. 20, 2023.

Helpful Resources

Questions?

Contact Systems and Reporting Operations (S&RO).

Subscribe to YEC communications to stay up to date on each stage. 

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

  • The deadline for submitting requests is Aug. 1 at  5 p.m.
  • The freeze will be in effect Sept. 1 through Oct. 31.
Impact
  • If you submit a request by the Aug. 1 deadline, every effort will be made to process your request in time for the August close.
  • Requests submitted Aug. 2 through Oct. 31 will be reviewed and processed beginning Nov. 1 and will be available only for the November month-end close.
Resources and support

(Invoice payments, PCard and TCard transactions, and expense reimbursements/requests)

Prompt submission is important to ensure financial reporting compliance. In addition to timely submission of current year invoices and Expense Requests system  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.

Monday, Aug. 12 deadlines (5 p.m. submission, 10 p.m. approval)

  • Expense Requests transactions (Reimbursement/expense reports including TCard transactions, advance requests, non-purchase order (PO) payments, and petty cash replenishments): Transactions must be submitted by this deadline with backup documents attached.
  • Accounts Payable (AP) invoices:  Submit invoices to AP by this deadline to guarantee payment in FY 2024 (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.

Wednesday, 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 2024. 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 2024 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. 28.
    • If a check is in the Correction Tool due to an invalid PTA, it must be corrected through the Deposits and Receipts Manager system before month-end close on Aug. 30.
  • At any Wells Fargo branch no later than 5 p.m. PT on Aug. 28.
  • Through the Wells Fargo desktop or mobile app by 7 p.m. PT on Aug. 30.

See the New Deposits and Receipts Manager System 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. 24, 2024. The rollover will automatically extend labor schedule end dates to the end of next fiscal year (Aug. 31, 2025).

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, 2024. 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, 2024.
  • 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 (OSAs), we recommend reviewing entries using OBI reports. Note: The labor schedule pay period end dates for the full fiscal year will be available Sept. 1.

  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, 2024 lines were updated to Aug. 31, 2025.
    • 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

Manage funds

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.

Post-Close Activities and Deadlines Include:
  • Opening of SEP-2024 for all ledgers
  • Processing of all pending* data for SEP-2024:
    • AP (e.g., invoices, PCard/TCard, ERS, etc.)
    • iJournals (all form types)
    • 9/15 payroll in Oracle Financials, including FY24 salary commitments        
    • Labor distribution adjustments
    • Endowment payout      
  • Labor Distribution Adjustments system responsibility reactivated (clear browser cache and cookies)
  • Tidemark FY24 year-end variance process opens Sept. 25, 2024 (submissions due Oct. 15, 2024)
  • SEP-2024 month-end close begins Oct. 2, 2024.
*Complete SEP-2024 data will be reflected in reporting by the end of September.
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