Fiscal 2019 Year-end closing instructions

May 8, 2019

Below please find links to instructions for the year-end close for the fiscal year ending June 30, 2019 (FY19) and the closing calendar. The calendar of closing activities and timeline due dates have remained consistent with last year.

Highlights and/or notable changes include:

  • Calendar Format - In the section of the packet entitled, Year-end Dates for Transaction Processing and Review, you can find a link to the full schedule of all processing deadlines, net balances updates, and reporting events. From this schedule, you will be able to select dates you wish to add to your Outlook Calendar as a reminder through iCalendar functionality. Detailed instructions are available in the referenced section.
  • Support Contacts - For help with year-end inquiries in specialized areas, including Workday transactions and reporting issues, contact the Finance Support Center (FSC) in Yale Shared Services. The FSC will triage and send your issue to the correct contact to ensure timely resolution. Contact FSC as follows:
  • Accruals and Deferrals - Manual Entries for Expense Accruals, Prepaids, Income Accruals and Income Deferrals - In FY18, Cost Center Managers had to add an additional approver in the Controller’s office AND send an email to General Accounting. In FY19:
    • Cost Center Managers do not need to add the additional approvers. The journal entry will automatically route if you follow the COA guidelines noted in the instructions.
    • An email must still be sent to General Accounting at controller.genacct@yale.edu.
  • 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.

o    A more-disciplined approach to balance sheet account reconciliations is in process and will be posted prior to the June accounting period.

o    For asset and liability balances as of June 30, 2019, an account certification Workday business process will be implemented in 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.

The year-end close is an essential part of your role as financial professionals at Yale who prepare and present accurate, timely, and relevant financial information while fostering an environment of exceptional stewardship of Yale’s assets. Your work is relied upon by both internal and external stakeholders who use our financial information for decision-making. Your work during the year-end close is especially important since it is incorporated into the official audited records of Yale University and used for tax and other regulatory filings.

If you have any questions about this communication, please contact Donna Ambrogio (donna.ambrogio@yale.edu; ext. 25403), Manager, General Accounting. 

As always, thank you for your time, effort and diligence in support of Yale’s mission.