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.
Schedules and Deadlines
YEC officially begins Monday, Aug. 29, 2022. 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- 9/18 core journal posting: 12 p.m., 2 p.m., 5 p.m., 7 p.m., and 9 p.m.
- 9/19 core journal posting: 12 p.m., 2 p.m., 5 p.m., and 7 p.m. (CO only)
- Accounts Payable (AP) payments (ACH/direct deposit, wires, checks) on hold from 8/29/2022 through 8/31/2022. There will be no payments made for any reason during this time.
- PTA blackout period is 8/29/2022 through 9/13/2022. PTA changes may resume on 9/14/2022.
- YEC Interactive Calendar
- YEC Interactive Calendar - 13 Business Days Close (printable PDF)
- YEC Summary of Deadlines (printable PDF)
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, 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.
- 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.
- 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.
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, Aug. 10, 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, Aug. 19, 4 p.m. (PCard) 5 p.m. (AP) 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.
The Systems and Reporting Operations group will be changing end dates on labor schedule lines on the weekend of Aug. 26, 2022. The rollover will automatically extend labor schedule end dates to the end of next fiscal year (August 31, 2023).
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 August 31, 2022. The end date rollover will NOT alter:
- Labor schedule lines with sponsored accounts (PTAs)
- Labor schedule lines with an end date not equal to August 31, 2022
- Labor schedule lines for employees with existing lines in the new fiscal year
What Happens Next
To verify the effect of the rollover and avoid earnings being charged to Organization Suspense Accounts, we recommend reviewing entries using OBI reports.
Run the OBI Payroll and Labor Management/Labor Schedule report for your work assignment org for pay periods ending Sept. 15, 2022 to Aug. 31, 2023. Within the Labor Schedule Details section of the report, select the option to Show Data As Schedule Details by Labor Schedule Line, then review labor schedule end dates.
Use this information and update labor schedule end dates in Oracle Financials as needed.
Work with your Axess time and leave administrator to review timecards for hourly employees and update PTAs, if necessary.
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, and 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 Saturday, Sept. 3, 8 a.m. LDAs must be submitted and approved by Tuesday, Sept. 6, 5 p.m. Year-end close OSA sweep fees are waived.
- To monitor and review the status of LDAs, run the report Labor Distribution Adjustments (Real-time).
- 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.
- 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.
Post-Close Activities and Deadlines Include: