FY20 Year-end and First-quarter Close

September 30, 2020

The general ledger for FY20 officially closed last week. The FY21 first quarter closes the week of October 5, 2020 with the September month-end. Please note, when running FY21 financial reports, that July beginning balances reflect the final year-end close balances.

Other information and reminders about monthly close and reporting:

  • The FY21 monthly close calendar is available. A link is included in Business Update each week and is accessible via the online Accounting Manual.
  • To guide you through the monthly close process, please use the Monthly Financial Review Checklist. Additional monthly close resources are available in the online Accounting Manual (select finance topic “Month-end Financial Close” and apply filter).
  • As a reminder, pursuant to Procedure 1101.04, units are responsible for ensuring that balance sheet ledger accounts for which they are accountable are reconciled monthly and in a timely manner.
  • The year-end GA Sweep ran with the final year-end close last week.
    • The GA Sweep is visible in transaction reports on ledger account 92025 (GA Sweep Activity – CENTRAL USE ONLY).
    • Additional details about the GA Sweep are available online.
    • As discussed on page 2 of the online guidance, the GA Sweep cannot drop the Assignee worktag that defaults into all transactions with Grant. If your unit has year-end cost share account balances in GA funds that are missing the Assignee worktag, please review the online guidance for assistance in recognizing and addressing these remaining balances.

Questions about the GA Sweep or accounting matters can be directed to General Accounting at controller.genacct@yale.edu. For any other system close questions, please call the Financial Support Center (FSC) at 203 432-5394 or email sharedservices@yale.edu.