Fiscal 2021 year-end closing instructions
May 5, 2021
Links to the instructions and calendar for the year-end close for the fiscal year ending June 30, 2021 (FY21) are available in the online accounting manual. They have been provided below for your convenience. The calendar of closing activities and timeline due dates have remained consistent with last year.
The Controller’s Office will be hosting a kick-off meeting this month for the FY21 year-end close. The invitation will be sent to Lead Administrators, who can then forward it to other participants, as needed. It is expected that the kick-off meeting will take place via a Zoom format.
Highlights and Reminders:
- 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 balance 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 case to the correct contact to ensure timely resolution. Contact FSC as follows:
- Email: firstname.lastname@example.org
- Phone: 203-432-5394
- Accruals and Deferrals - Manual Entries for Expense Accruals, Prepaids, Income Accruals, and Income Deferrals:
- 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 (use of a specific project and ledger accounts are required).
- An email must still be sent to General Accounting at email@example.com.
- Assets and Liabilities - As a reminder, all asset and liability balances must be substantiated, i.e., fully documented, including any required account reconciliations, in accordance with Procedure 1101 PR.04 Balance Sheet Ledger Account Reconciliation & Certification.
- The account certification Workday business process (BP) is in effect for asset and liability balances as of June 30, 2021, based upon certain quantitative and/or qualitative risk factors. If your balances are subject to certification, you will receive an event notification in your Workday inbox in August 2021 to complete the business process. Most reconciliation Preparers and Approvers impacted have already been through the process during a previous quarter-end. If you are new to the process and would like a BP training session, please contact General Accounting at firstname.lastname@example.org.
- The year-end packet includes report parameters to help streamline asset and liability reporting and responsibilities.
- Financial Review Checklist – Please note that the closing packet is in addition to, not a substitute for completing the Financial Review Checklist pursuant to University Procedure 1101 FR.01.
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 General Accounting at email@example.com.
As always, thank you for your time, effort, and diligence in support of Yale’s mission.