Fiscal 2022 year-end closing instructions

    May 4, 2022

    Links to the instructions and calendar for the year-end close for the fiscal year ending June 30, 2022 (FY22) 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 host kick-off meetings this month for the FY22 year-end close. The invitations will be sent to lead administrators who are encouraged to forward to other participants, as needed. The kick-off meetings will take place virtually via Zoom.

    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 balances updates, and reporting events. From this schedule, you will be able to select dates you wish to add to your Outlook Calendar through iCalendar functionality. Detailed instructions are available in the referenced section.
    • Accruals and Deferrals: Manual Entries for Expense Accruals, Prepaids, Income Accruals and Income Deferrals:
      • Must be completed and reviewed by departmental preparers and approvers no later than one day before the unit’s close deadline to allow for the Controller’s Office review process.
      • An email must still be sent to General Accounting at controller.genacct@yale.edu.
      • 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).
    • 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 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.
    • Support Contacts: For help with year-end inquiries in specialized areas, including Workday transactions and reporting issues, contact the Finance Support Center (FSC). The FSC will triage and send your issue to the correct contact to ensure timely resolution. Contact FSC as follows:

      The year-end close is an essential part of your role as a financial professional at Yale who prepares and presents 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 controller.genacct@yale.edu.  

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