It's that time of year again!
The 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.
Schedules and Deadlines
YEC officially begins Friday, August 27, 2021. There are five distinct closing stages for YEC activities:
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
From 9/1- 9/17 core journal posting: 12 p.m., 2 p.m., 5 p.m., 7 p.m., and 9 p.m.
9/20 - core journal posting: 12 p.m., 2 p.m., 5 p.m., and 7 p.m. (CO only)
AP payments on hold (ACH, Wires, Checks, Direct Deposit) starts on 8/27/2021 and resumes on 9/1/2021. There will be no payments made for any reason during this time.
PTA Blackout Period starts on 8/27/2021 and resumes on 9/12/2021
Subscribe to the YEC communications to stay up to date on each stage.
Annual Freeze for Expenditure Type/Object Code Requests
Due to YEC, there is a temporary freeze on the set-up of new, and changes to, existing expenditure types and object codes.
The deadline for submitting requests is August 1 at 5 p.m.
The freeze will be in effect beginning September 1 and will end October 31.
If you submit a request prior to the August 1 deadline, every effort will be made to process your request in time for the August close.
Requests submitted August 1 through October 31 will be reviewed and processed beginning November 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.
Call Matt Savage at 1-650-723-8682 or email FAIR.
For instructions, see Request New or Change Existing Expenditure Type or Object Code
Reimbursements, AP deadlines related to YEC
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, Rejected transactions helps them get processed this fiscal year.
Transactions received by the deadlines below will be processed this fiscal year. Payment Services will make every effort to process items received after this date in this fiscal year, but that cannot be guaranteed.
Wednesday, August 11, 5 p.m. Deadline:
- Expense Requests Transactions (Reimbursement/Expense Reports including TCard transactions, Advance Requests, Non-PO Payments and Petty Cash Replenishments): Transactions must be completely approved with backup documents attached.
- Accounts Payable Invoices: Invoices must be received in Accounts Payable, via upload or mail delivery. A fully approved purchase order with sufficient funds must be in place and referenced on the invoice before submitting to Accounts Payable.
Friday, August 20, 4 p.m. (PCard) 5 p.m. (A/P) Deadlines:
- Purchasing Card (PCard) Approval: Please verify your transactions and have them completely approved. You can identify transactions awaiting verification and approval from your Oracle PCard Worklist
Submit a Support Request if you have any questions or need assistance.
OBI Resources for Year-End Close
These helpful OBI reports and techniques help you prepare for and complete Year-End Close:
- OBI How To Guide: Scheduling BI Publisher Report Jobs provides step-by-step instructions to receive your BI Publisher reports like the Fiscal to Date Fund Statement (153) and Monthly Expenditure Details Statement (285) via email at the frequency you prefer--daily, weekly or on a specific date and time.
Transfer Detail Report shows the transfers to and from your awards. Enter AUG-2019 for both Beginning and Ending Period to limit to the final month.
Expense Requests and SU Card Activity Dashboard has aging reports for Expense Requests, Credit Card transactions and Advances. Make sure to clear pending transactions.
- How To: Clear Organization Suspense Accounts for Labor provides instructions on how to find and clear organization suspense accounts. At 8:00 a.m. Sept 2, 2021 the final pay period payroll data is available for LD adjustment and must be cleared by 7:00 p.m. that same day.
Review status of LD Adjustments: To monitor the status of Labor Distribution Adjustment transactions, run the real-time report in OBI PLM Actual Pay > Labor Distribution Adjustments Batches – All Statuses.
Inactive Award Report shows unused funds.