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Schedule announced for FY2009 financial closings top
Overview
Harvard's fiscal year 2009 will end on Tuesday, June 30. As in the past, we will close the books through a series of steps called "closings."
Please note this year's closing dates:
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In the paragraphs that follow, you will find closing deadlines and submission information for the following financial transactions (click on a transaction to jump to that section of the e-News):
- Accounts Payable Web Vouchers
- Credit vouchers (cash receipts)
- Credit vouchers (validated deposit slips)
- Massachusetts taxable sales deposits
- Foreign check deposits on credit vouchers
- Voided checks
- Stopped checks
- Escheat checks
- Foreign currency drafts and wires
- U.S. wire transfers
- ACH payments (Benefits/Tax)
- Purchasing Card sweeps
- Web Voucher Travel Authorization Forms (WV-TAFs)
- Web Voucher Reimbursement reports
- Central Accounts Receivable billings
- Journal entries
- Interdepartmental billings
- Cost transfer requests on sponsored funds
- Chart of Accounts maintenance requests
Note the journal entries deadlines this year. In order to allow the tubs more time to process manual journal entries on the day of the closings, the manual JV entry deadline will be 11 am. On Thursday, July 2, Friday, July 10 and Friday, July 17, the days of the first, second and third closes, any journals entered into the General Ledger by 11 a.m. will be included in that close and will be available in the HDW the next day.
In addition, in order to provide the tubs with more timely information during the FY2009 year end, there will be two additional data refreshes to the Data Warehouse (HDW) on Sunday night, July 5 after the first close and on Sunday night, July 12 after the second close. This means that June journals entered after the deadline on the day of the close and before 6:30 p.m. on Sunday night will be posted and reflected in CREW on Monday morning. Note that there will not be a data refresh on Sunday, July 19 after the third close. Any regular invoice batches and invoice imports that have been processed by the Accounts Payable department from Friday through Sunday after the first and second closes will also be uploaded on Sunday evening and reflected in CREW on Monday morning.
The deadlines provided are the last allowable dates to submit transactions.
These are the FAD (Central Financial Administration) deadlines. Since some departments have internal deadlines that may be earlier than these, you should check with your local financial office to obtain any departmentally defined deadlines.
Reporting tips are also included in this e-News. We expect exceptional reporting demands during the year-end closings. Following our suggestions on reporting will reduce the time required to run your reports.
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Transaction Type |
Closing Deadlines and Submission Information |
A mail drop-off box will be located in Room 744 in Holyoke Center. Any items received at 1033 Massachusetts Avenue or deposited into the drop-off box by the deadlines listed below will be processed for FY2009. All invoices received by the Accounts Payable office either at 1033 Massachusetts Avenue or at the drop-off box in Room 744 in Holyoke Center by 5 p.m. on Tuesday, June 30 (with the exception of special handling requests; see note below) will be processed in FY2009, assuming they have already been entered and approved in the Web Voucher system. A significant exception relates to foreign currency drafts and wires and US wire transfers (see the Foreign currency drafts and wires and the U.S. wire transfers sections for these earlier deadlines). Invoices received between Wednesday, July 1 and Friday, July 10 at 5 p.m. will be processed as part of FY2009 if "PROCESS FOR JUNE 2009" is written clearly and prominently on each invoice to be processed. Invoice import batch coversheets must also clearly and prominently display "PROCESS for 2009". Also, blue bordered FY09 stickers can be placed on each individual invoice or invoice import coversheets. The stickers have been provided to the Tub Financial Offices. Any invoices received between July 1 and July 10 that are not clearly marked with PROCESS FOR JUNE 2009 or that do not have a cover sheet indicating JUNE 2009 INVOICES will be processed as July 2009 (that is, FY2010) invoices. Orange bordered FY10 stickers that can be placed on each invoice have been provided to the Tub Financial Offices. Please note that if you are submitting an invoice between Wednesday, July 1 and Friday, July 10 for goods or services received in FY2009, you should request that the invoice be processed in JUNE 2009, and not in July, consistent with Generally Accepted Accounting Principles. The availability of budget monies should not be a consideration in determining which fiscal year to process the invoice. If you purchase items late in the fiscal year that you want charged in FY2009, be sure to request immediate billing from vendors so that you can meet these deadlines. Special handling requests that need to be expensed in FY2009 must be received at 1033 Massachusetts Avenue, 2nd Floor by 12 p.m. on Monday, June 29. Special handling requests received after 12 p.m. on June 29 cannot be expensed to FY2009. If the special handling request is for an FY2009 expense you will need to accrue the item. For information on accruals, please contact your tub financial office. |
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If you maintain a departmental petty cash fund, you must submit your petty cash log for reimbursement to Accounts Payable either at 1033 Massachusetts Avenue, 2nd Floor or at the drop-off box in Room 744 in Holyoke Center by 5 p.m. on Friday, June 26 if you want the charges to be included in FY2009. |
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For new vendors that need to be set up or for changes to current vendors, the approved vendor setup form must be received in Vendor Setup either at 1033 Massachusetts Avenue, 2nd Floor or at the drop-off box in Room 744 in Holyoke Center by 5 p.m. on Monday, July 6. |
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| Credit vouchers (cash receipts) | The Cash Receipts Office, 1033 Massachusetts Avenue Mezzanine, will accept credit vouchers accompanied by cash or checks until 12 p.m. on Tuesday, June 30. |
| Credit vouchers (validated deposit slips) | For bank deposits made through Friday, June 19, the credit voucher accompanied by a validated bank receipt must be delivered to the Cash Receipts Office, 1033 Massachusetts Avenue, Mezzanine, no later than 5 p.m. on Monday, June 22. In order to allow for sufficient processing time in FY2009, the paperwork for all deposits made from June 22 through June 30 must be delivered on a daily basis to Cash Receipts. Deposit forms and validated bank deposit tickets for deposits made on June 30 must be delivered to Cash Receipts by 12 p.m. on Wednesday, July 1 in order to recognize the income in FY2009. |
All Massachusetts Taxable Sales forms with a validated bank deposit ticket for deposits made through Friday, June 19 must be delivered to Cash Receipts, 1033 Massachusetts Avenue Mezzanine, by 5 p.m. Monday, June 22. In order to allow for sufficient processing time in FY2009, the paperwork for all deposits made from June 22 through June 30 must be delivered on a daily basis to Cash Receipts. Deposit forms and validated bank deposit tickets for deposits made on June 30 must be delivered to Cash Receipts by 12 p.m. on Wednesday, July 1 in order to recognize the income in FY2009. |
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Credit vouchers accompanied by foreign checks that need to be sent to the bank for collection should be submitted to the Cash Receipts Office, 1033 Massachusetts Avenue Mezzanine, by 5 p.m. Friday, June 5. Because each bank and country's collection times and processes are different, we cannot guarantee that we will receive credit from the bank for these checks before June 30. The University has an agreement with Bank of America to receive provisional credit on most common foreign currencies, and the June 5 deadline may be your best opportunity to collect these funds and recognize the income in FY2009. Cash Receipts will continue to deposit all foreign currency checks throughout the month as they are received but cannot guarantee collection for this fiscal year. It is extremely important that you deposit these checks with Cash Receipts immediately upon receiving them. |
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All checks that need to be voided and re-deposited must be received by Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, by 5 p.m. Thursday, June 25 in order for the credit to be included in FY2009. |
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All checks that need to be stopped and re-deposited must be received by Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, by 5 p.m. Thursday, June 25 in order for the credit to be included in FY2009. |
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Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, must receive all checks that need to be re-deposited by 5 p.m. on Wednesday, June 24 in order for the credit to be included in FY2009. |
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Foreign currency drafts and wires
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Cash Management will process one last batch of foreign currency drafts and wires on Thursday, June 25. The majority of these items should be value dated for June 30. These expenses will be included in FY2009. Web Voucher payments to be made in a foreign currency must be entered and approved online and the related invoices received by Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, no later than Tuesday, June 23 at 5 p.m. Note: These invoices must have a bank draft authorization form or a wire transfer authorization form attached to the front of the invoice. |
Web voucher payments to be wire transferred must be entered and approved online in the Web Voucher system with related invoices received by Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, no later than Monday, June 29 at 5 pm. Note: These invoices must have a wire transfer authorization form attached to the front of the invoice. |
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Web Voucher payments via ACH must be entered and approved online in the Web Voucher system with related invoices received by Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, no later than Friday, June 26 at 1 p.m. Note: These invoices must have an ACH transfer authorization form attached to the front of the invoice. |
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| Purchasing Card sweeps | In order to ensure that as many current PCard transactions as possible are swept in this fiscal year, the PCard sweeps originally scheduled for June 25, July 2, and July 9 will all be moved.
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WV-TAFs must be approved and ticketed by 5 p.m. on Friday, June 19 to be included in FY2009. |
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Web Voucher Reimbursement reports must reach the Reimbursements and Card Services at 1033 Massachusetts Avenue, 2nd Floor or the drop-off box at Room 744 in Holyoke Center by 5 p.m. on Thursday, July 2 to be included in FY2009. Note: If you are submitting a reimbursement report between Wednesday, July 1 and Thursday, July 2 that should be included in FY2009, clearly mark the report PROCESS FOR FY2009. If there is no indication on the voucher as to which month the report should be processed in (June or July), the report will be processed in July (FY2010). |
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Web Voucher Reimbursement reports with advance settlements, when accompanied by unused funds (checks), will be accepted by the Reimbursements and Card Services at 1033 Massachusetts Avenue, 2nd Floor or the drop-off box in Room 744 Holyoke Center until 5 p.m. on Monday, June 22. Advance settlements for zero balance or amounts due to the traveler will be accepted at either location until 5 p.m. on Thursday, July 2. |
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Central Accounts Receivable will close FY2009 on Wednesday, July 8 at 5 p.m. AR feeds to be included in FY2009 need to be entered into the Oracle AR system by 5 p.m. on Wednesday, July 8. Invoices and credit memos processed by the tubs can be entered into the AR system until 5 p.m. on Wednesday, July 8. From July 1 to July 8, the GL date in Oracle AR will automatically default to the July date. In order for transactions to be included in FY2009 during this time, users will have to enter the date of June 30, 2009 to override the default date. This process applies to invoices and credit memos entered both manually and via feeds. Please note that receivables for goods or services provided in FY2009 should be entered in the period of JUNE 2009, and not July, consistent with Generally Accepted Accounting Principles. Central AR will accept invoice and credit memo templates that AR enters on behalf of local units until 5 p.m. on Thursday, July 2. As a reminder, the AR department will process invoices and credit memos for those units that process fewer than 10 invoices per month. Areas that process more than this number per month are responsible for entering the invoices and credit memos themselves. |
Journal Entries
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Closing |
Journal Data Entry Deadline |
GL Feed Deadline |
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First |
Thursday, July 2, 11 a.m. |
Wednesday, July 1, 5 p.m. |
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Second |
Friday, July 10, 11 a.m. |
Thursday, July 9, 5 p.m. |
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Third |
Friday, July 17, 11 a.m. |
Thursday, July 16, 5 p.m. |
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Daily input deadline: Monday - Thursday, 6:30 p.m. |
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Please keep in mind the following:
- The University is closed on Friday, July 3 for the holiday. Therefore, there will be no journal vouchers posted to the General Ledger or recorded in the Data Warehouse on that day. Thus, any June journals entered in the system after 11 a.m. on Thursday, July 2 and before 6:30 p.m. on Sunday, July 5 will be posted to the General Ledger on Sunday night, July 5 and available in the General Ledger on Monday, July 6. Any June journals entered on Friday, July 10 after 11 a.m. and before 6:30 p.m. on Sunday, July 12 will be posted to the GL on Sunday night, July 12 and available in the HDW on Monday, July 13.
- From Monday through Wednesday of the first close, any feeds or manual journals for the month of June will be posted nightly to the General Ledger at 6:30 p.m. For the second and third closings, any journals entered from Monday through Thursday will be posted nightly to the General Ledger at 6:30 p.m. The journals entered by 6:30 p.m. on these days will be posted and recorded in the Data Warehouse for the next day.
- Any June journals entered after the third close deadline of 11 a.m. on Friday, July 17 will be deleted.
- Be careful to select the proper period (JUN-09 or JUL-09) when you are entering a journal. Beginning July 1, the default period will be JUL-09. If you want to post a journal to FY2009 during July 2009 you will need to select JUN-09 as the proper period.
- Entries must not be processed to another tub after the second closing without authorization from the financial office of the tub being charged. Individuals processing journals have personal responsibility to ensure they follow this requirement.
- A journal should only be reversed by the person who created the journal, or with the permission of that person.
- Based upon departmental activity and the reports you run through the month of May, please make any necessary adjustments as early in June as possible.
Interdepartmental billings
- All interdepartmental billings – whether entered manually or via a feed to the General Ledger – must be processed by the end of the second closing. (GL billing feeds are generally submitted by service centers like UIS and UOS.) An interdepartmental billing journal may be processed in the third closing only if permission has been obtained from the financial office of the tub being charged.
- An interdepartmental billing should only be reversed by the person who created the entry, or with the permission of that person. Interdepartmental billings should provide a name and contact number on the journal for questions or concerns the tub being billed may have.
Cost transfer requests
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Closing |
Submission Deadline to OSP |
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First |
Tuesday, June 30, 10 a.m. |
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Second |
Tuesday, July 7, 10 a.m. |
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Third |
Tuesday, July 14, 10 a.m. |
- These dates apply to ALL requests for cost transfers to federally sponsored funds (funds in the range from 100000-199999). Note that these requests may require supporting documentation.
- Cost transfer requests should be submitted directly to OSP. OSP will review the request and any necessary documentation for appropriateness. OSP will then enter the cost transfer journals into the General Ledger. Note that OSP only enters cost transfer journals during the year-end closing process; during the fiscal year, these transfers are entered directly by the tubs.
Chart of Accounts maintenance requests
Disable Requests:
June 5 (MAY-09 close) is the last date that values will be disabled in FY2009. Any CSMA requests not successfully disabled on June 5 will be held until the JUL-09 close on Friday, August 7.
Requests to disable CoA values that require approval should be submitted through CSMA before 5 p.m. on Thursday, May 21. Disable requests that do not require approval should be submitted through CSMA before 10 a.m. on Friday, June 5.
Funds and subactivities with the status of "Ready to be disabled" in GMAS will be sent to CSMA on June 4 for processing on June 5. This is the last time sponsored funds and subactivities will be sent to CSMA to be disabled in FY2009. The next time "Ready to be disabled" sponsored values will be sent to CSMA is September 4.
Add / Modify / Re-enable Requests:
Requests to add, modify, or re-enable CoA values submitted through CSMA will be processed according to the normal daily schedule (7 a.m. - 5 p.m., Monday - Friday) throughout year-end. CSMA requestors wishing to specifically designate for the JUN-09 period any CoA changes entered from July 1 through August 7 (the date of the July close) should enter 30-JUN-2009 as the effective date for their request.
GMAS will continue to send Add/Modify requests as usual during year-end. Requests to re-enable a sponsored fund or subactivity should be sent to the OSP Team Manager as usual.
Fiscal year-end reporting guidance and tips top
Fiscal Year 2009 |
Detail Listing Report Periods: |
CREW Scheduled |
First Close |
Fiscal June entries from June 1 through July 2 |
Friday, July 3 |
Second Close |
Fiscal June entries from July 3 through July 10 |
Saturday, July 11 |
Third Close |
Fiscal June entries from July 11 through July 17 |
Saturday, July 18 |
Fourth Close |
Fiscal June entries from July 18 through July 23 |
Friday, July 24 |
Fifth Close |
Fiscal June entries from July 24 through July 31 |
Saturday, August 1 |
Every year-end we experience exceptional reporting demands during the closings. Following these suggestions on reporting will reduce the time required to run your reports.
- Use the Detail Listings “close” dates to limit to the specific transactions that occurred in each close. Choose the specific close (First Close, Second Close, etc.) from the report period pick list. Note that the start and end dates populated for these periods will display July dates. For these closing periods only, these dates refer to the actual entry dates of fiscal month June entries. We strongly recommend that you take advantage of using the close dates to narrow the scope of your data rather than capturing all of the Prior Fiscal Year data throughout the close periods.
- IMPORTANT NOTE: Fiscal Year 2008 close dates will be displayed in the Detail Listings report period names until July 1. On July 1, these dates automatically update to the FY2009 dates. This does NOT preclude setting up and scheduling reports in advance. The FY2009 dates will automatically repopulate all scheduled reports.
- Schedule your closing reports to run on the Year-End “Event” dates.
- Enter all of the chart segment parameters you can for a given report request to increase performance for yourself and the whole University. Never use your security view to filter your data. For example, let's say a user wants to see amounts for a range of objects within the tub and org for which they have a view. Because of their view limitation, the user will get the same result whether tub and org are entered as parameters or not. However, not including tub and org will make the query take much longer to run, tying up system resources and slowing things down for all report users.
- Only use transaction reports like the Detailed Listing when you really need to see the transaction line detail. Summary-level balances can be retrieved in reports such as the Summary Actuals Listing report, Fund Summary report, Fund, Gift, & Unrestricted Unexpended Balance report, and the Budget Variance report.
- Preserve server disk space by deleting unneeded reports instead of waiting for them to “purge.” (Note: Report requests are systematically purged after seven days.) This is especially important if you have report output that you know is large.
- Keep in mind that, as of July 1, the Current Fiscal Year to Date option will reflect FY2010. To retrieve FY2009 year-to-date transactions, select the Prior Fiscal Year date period from the period pick list.
Summary schedule for FY2009 transactions and reporting top
Please follow this link for a "printer-friendly" version of the summary schedule.
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Date |
Time |
Event |
Thurs., May 21 |
5 p.m. |
CoA values to be disabled that require approval submitted through CSMA |
| Thurs., June 4 | 5 p.m. | Funds and subactivities with status “Ready to be disabled“ in GMAS sent to CSMA for processing |
Fri., June 5 |
10 a.m. |
CoA values to be disabled that do not require approval submitted through CSMA |
| 5 p.m. | Credit vouchers with foreign checks to Cash Receipts | |
Fri., June 19 |
5 p.m. |
Web Voucher Travel Authorization forms (WV-TAFs) approved and ticketed by tubs |
Mon., June 22 |
5 p.m. |
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Tues., June 23 |
5 p.m. |
Web Voucher payments to be made in a foreign currency entered and approved by tub with related invoices to Accounts Payable |
Wed., June 24 |
3 p.m. |
PCard sweep for transactions loaded between June 5 and June 11 |
| 5 p.m. | Escheat checks to be re-deposited to Accounts Payable |
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Thurs., June 25 |
5 p.m. |
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Fri., June 26
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1 p.m. |
Web voucher payments via ACH entered and approved online in the Web Voucher system with related invoices to Accounts Payable |
5 p.m. |
Petty cash logs for settlement to Accounts Payable |
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Mon., June 29 |
12 p.m. |
AP special handling requests to Accounts Payable |
5 p.m. |
US wire transfers: web vouchers entered and approved by tubs; related invoices to Accounts Payable |
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Tues., June 30 |
10 a.m. |
First closing sponsored funds Cost Transfer requests to OSP |
| 12 p.m. | Credit vouchers accompanied by cash or checks to Cash Receipts |
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Wed., July 1 |
12 p.m. |
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| 5 p.m. |
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Thurs., July 2 |
11 a.m. |
First closing manual journal entry deadline (including interdepartmental billing JVs) |
| 5 p.m. |
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Fri., July 3 |
9 a.m. |
Data Warehouse updated for first closing results |
| Mon., July 6 | 5 p.m. | Vendor setup forms for new vendors or changes to current vendors to Vendor Setup |
Tues., July 7 |
10 a.m. |
Second closing sponsored funds Cost Transfer requests to OSP |
Wed., July 8 |
5 p.m. |
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Thurs., July 9 |
5 p.m. |
Second closing General Ledger feed deadline |
Fri., July 10 |
11 a.m. |
Second closing manual journal entry deadline (including interdepartmental billing JVs) |
5 p.m. |
Web vouchers to be processed in FY2009 entered and approved by tubs; related invoices to Accounts Payable |
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Sat., July 11 |
9 a.m. |
Data Warehouse updated for second closing results |
Tues., July 14 |
10 a.m. |
Third closing sponsored funds Cost Transfer requests to OSP |
Thurs., July 16 |
5 p.m. |
Third closing General Ledger feed deadline |
Fri., July 17 |
11 a.m. |
Third closing manual journal entry deadline |
Sat., July 18 |
9 a.m. |
Data Warehouse updated for third closing results |
Fri., July 24 |
9 a.m. |
Data Warehouse updated for fourth closing results |
Sat., August 1 |
9 a.m. |
Data Warehouse updated for fifth closing results |
Whom to call list for closings top
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For questions relating to ... |
Please contact: |
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Transaction |
Office |
Location |
Phone |
A/P web vouchers |
Accounts Payable |
1033 Massachusetts Avenue, 2nd floor | 5-8500 |
Credit vouchers |
Cash Receipts |
1033 Massachusetts Avenue, Mezzanine | 6-8332 |
Check voids / re-deposits |
Accounts Payable |
1033 Massachusetts Avenue, 2nd floor | 5-4175 |
Wires and drafts |
Accounts Payable |
1033 Massachusetts Avenue, 2nd floor | 5-4175 |
PCard transactions |
Reimbursements & Card Services |
1033 Massachusetts Avenue, 2nd floor | 6-2273 |
Travel authorization forms |
Reimbursements & Card Services |
1033 Massachusetts Avenue, 2nd floor | 5-7760 |
Web Voucher Reimbursement reports |
Reimbursements & Card Services |
1033 Massachusetts Avenue, 2nd floor | 5-7760 |
AR invoices |
Accounts Receivable |
1033 Massachusetts Avenue, 2nd floor | 5-3787 |
Journal vouchers |
General Accounting |
1033 Massachusetts Avenue, 3rd floor | 5-4592 |
Cost transfers - sponsored funds |
Sponsored Research |
Holyoke 617 | 6-2513 |
Notice of Change in the Posting Date of the July 2, 2009 Bi-weekly and Weekly Payrolls top
In order for the University to comply with financial statement reporting requirements, the bi-weekly and weekly payrolls for Thursday, July 2 will be processed in the first close of FY2009; the General Ledger posting date will be June 30, 2009. These payrolls are both for time worked in June which should be reported in FY2009. The bi-weekly payroll includes the pay period Sunday, June 14 through Saturday, June 27; the weekly payroll includes the pay period Sunday, June 21 through Saturday, June 27. All entries, which include regular payroll, vacation payroll, overtime, bonuses (those with an effective date of 6/27/09 or before) and supper money payments, on the two files will be posted. Employees will not be affected by this posting date change and will still receive their paychecks on Thursday, July 2 as scheduled.
About the e-News top
The Center for Workplace Development publishes this electronic newsletter for users of Harvard University's financial, HR, and reporting systems, policies, and procedures. The e-News is generally published on or around the 15th of each month.
It contains:
- updates on projects underway to build or improve University administrative systems;
- information about new University policies, procedures, and forms;
- reminders about upcoming deadlines and cut-over dates;
- tips and tricks for working more easily or productively.
We welcome questions and suggestions for improvement from readers. If your questions are of general interest, we will answer them in future issues.
Please send comments, questions, or suggestions for improvement by email to us at: admin_systems_enews@harvard.edu.
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