Fiscal 2023 year-end closing instructions
May 3, 2023
The Controller’s Office is hosting two kick-off meetings this month for the FY23 year-end close. The sessions, identical in content, will be offered via a Zoom format on Thursday, May 18, from 1 – 2 p.m. and Thursday, May 25, from 11 a.m. – noon. The invitations have been sent to Lead Administrators who are asked to forward them to other participants with year-end related responsibilities.
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 email@example.com.
- Cost center managers do not need to add additional approvers. The journal entry will automatically route if you follow the COA guidelines noted in the instructions (use of the Manual Journal source, 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 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:
- Email: firstname.lastname@example.org
- Phone: 203-432-5394
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.