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 sharedservices@yale.edu.