Fiscal 2019 Year-End Close Reminders
May 15, 2019
The Controller’s Office would like to share information and accounting reminders to support business offices during the FY2019 year-end close and with ongoing operations.
- Year-End Closing Instructions – The FY2019 year-end closing packet and calendar was released in the May 8 Business Update. Information and Links
- Assets and Liabilities - As a reminder, all asset and liability balances must be substantiated; i.e. fully documented, including any required account reconciliations. This is consistent with the monthly closing checklist expectations.
- A more-disciplined approach to balance sheet account reconciliations is in process and will be posted prior to the June accounting period.
- For asset and liability balances as of June 30, 2019, an account certification Workday business process will be implemented as a phased approach based upon certain quantitative and/or qualitative risk factors. The June 2019 adoptees (Controller’s Office and Lead Administrators of four Planning Units) have already been notified.
- Reclassification and Transfer of Funds – There are specific ledger accounts and spend/revenue categories to use for reclassifications and transfers based on the Funds involved and the underlying business circumstances. It is important to perform these transactions correctly and to understand when NOT to use these accounts. Please review the detailed accounting guidance in the University Accounting Manual for Reclassification and Transfer of Funds.
- Equipment Purchases – See the Equipment Policy 4209 for the university’s policy governing capitalizable equipment, known as Moveable Equipment Inventory (“MEI”). Reminder:
- When purchasing or leasing equipment greater than $5,000, use spend categories containing the key words “Equipment” and “Asset Purchase” or “Lease” (ex: SC034 - Equipment - Laboratory Instruments - Asset Purchase). These spend categories post to ledger account 81038-Equipment Expense and will generate an asset record in Workday.
- All equipment that is less than $5,000 is considered supplies expense and must use spend category SC583 (Supplies - Equipment). This spend category posts to ledger account 81018-Supplies and Materials Expense.
Questions may be directed to General Accounting in the Controller’s Office at firstname.lastname@example.org.