Fiscal 2024 Year-End closing instructions

Links to the instructions and calendar for the year-end close for the fiscal year ending June 30, 2024 (FY24) are available in the online accounting manual. They have been provided below for your convenience.

• Year End Closing Procedures
• Year End Closing Calendar

The Controller’s Office is hosting two kick-off meetings this month for the FY24 year-end close. The sessions, identical in content, will be offered via a Zoom format on May 22 and May 29 from 11 AM – 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:

• An email containing your journal entry (JE) number(s) must be sent to General Accounting at controller.genacct@yale.edu no later than 10:00 AM the day before the unit’s close deadline to allow for the Controller’s Office review process.
• Cost center manager(s) must approve the manual journal no later than 5:00 PM the day before the unit’s close deadline.
• Cost center managers do not need to add additional approvers. Please follow the COA guidelines noted in the instructions (use of the Manual Journal source, a specific project, and ledger accounts are required) and the journal entry will automatically route.

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. While the year-end packet includes report parameters to help streamline asset and liability reporting and responsibilities, the Assets and Liabilities – Yale report was enhanced during FY24 to include default parameters in the Ledger Accounts and Summaries prompt of the report. These parameters can be removed by clicking on the “x” to the left of each item in the event the user considers the item relevant for their purposes. Refer to the January 10, 2024 Business Update for details.

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) as noted below. The FSC will triage and send your issue to the correct contact to ensure timely resolution.

Email:  askfinance@yale.edu

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 controller.genacct@yale.edu.

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