New Accounting Journal Close Deadline
October 21, 2020
Accounting Journal submission(s) will be restricted after 3:00 p.m. on the day of the month-end close. Journals that are in-progress by 3:00 p.m. can continue to route for approval until 8:00 a.m. the next day. Journals that have not been submitted by 3:00 p.m. will need to be created or copied to the next fiscal period. This change provides flexibility for journal approval prior to central closing processes.
What is changing?
- Deadline for accounting journal submission.
- Old: Deadline was 5PM on the day of the close.
- New: Journals cannot be submitted after 3PM on the day of the month-end close.
- Deadline for accounting journal approval.
- Old: Deadline was 5PM on the day of the month-end close.
- New: Journals can continue to be approved through 8AM the next day.
- Process for journal cancelation.
- Old: Journals in-progress were canceled at 5PM.
- New: After 8AM the next day, journals still in-progress will be canceled.
Why?
- More time for approval
- Less chance of journal cancelation
- Fewer last minute journal submissions, or “inbox surprises”
What is not changing?
- Deadline for Accounting Adjustments
- Deadline for MFT submission
- Deadline for Payroll Accounting Adjustments
Any questions, please contact the Financial Support Center (FSC) at askfinance@yale.edu.