Harvard's fiscal year 2010 will end on Wednesday, June 30. As in the past, the University will close the books through a series of steps called "closings."
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):
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.
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Closing Deadlines and Submission Information |
Accounts Payable/Web Vouchers
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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 FY2010.
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 Wednesday, June 30 (with the exception of special handling requests; see note below) will be processed in FY2010, 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 Thursday, July 1 and Friday, July 9 at 5 p.m. will be processed as part of FY2010 if "PROCESS FOR JUNE 2010" is written clearly and prominently on each invoice to be processed. Invoice import batch coversheets must also clearly and prominently display "PROCESS for 2010". Also, orange bordered FY10 stickers can be placed on each individual invoice or on invoice import coversheets. The stickers will be provided to the Tub Financial Offices.
Any invoices received between July 1 and July 9 that are not clearly marked with PROCESS FOR JUNE 2010 or that do not have a cover sheet indicating JUNE 2010 INVOICES will be processed as July 2010 (that is, FY2011) invoices. Green bordered FY11 stickers that can be placed on each invoice will be provided to the Tub Financial Offices.
Please note that if you are submitting an invoice between Thursday, July 1 and Friday, July 9 for goods or services received in FY2010, you should request that the invoice be processed in JUNE 2010, and not in July, consistent with Generally Accepted Accounting Principles (GAAP). 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 FY2010, be sure to request immediate billing from vendors so that you can meet these deadlines.
Special handling requests that need to be expensed in FY2010 must be received at 1033 Massachusetts Avenue, 2nd Floor by 12 p.m. on Tuesday, June 29.
Special handling requests received after 12 p.m. on June 29 cannot be expensed to FY2010. If the special handling request is for an FY2010 expense you will need to accrue the item. For information on accruals, please contact your tub financial office.
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Petty Cash Fund Settlement
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If you maintain a departmental petty cash fund, you must submit your final FY10 petty cash log for replenishment to University Financial Services (UFS) by 5 p.m. on Friday, June 25. All petty cash accounts should be reconciled and expenses recorded to the fiscal year in which the expense occurred. You may deliver the replenishment log to University Financial Services directly at 1033 Massachusetts Avenue, 2nd flood or via the drop-off box in Room 744 in Holyoke Center.
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Vendor Setup, Maintenance & Reactivation
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Vendors that need to be set up or for changes to existing vendors, the on-line vendor form must be approvied in Oracle by 5 p.m. on Tuesday, July 6.
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Credit Vouchers (Cash Receipts)
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The Cash Receipts Office, 1033 Massachusetts Avenue Mezzanine, will accept credit vouchers accompanied by cash or checks until 12 p.m. on Wednesday, June 30.
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Credit Vouchers (Validated Deposit Slips)
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For bank deposits made through Friday, June 18, 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 21.
In order to allow for sufficient processing time in FY2010, the paperwork for all deposits made from June 21 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 Thursday, July 1 in order for the income to be recognized in FY2010.
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Massachusetts Taxable Sales Deposits
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All Massachusetts Taxable Sales forms with a validated bank deposit ticket for deposits made through Friday, June 18 must be delivered to Cash Receipts, 1033 Massachusetts Avenue Mezzanine, by 5 p.m. Monday, June 21.
In order to allow for sufficient processing time in FY2010, 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 Thursday, July 1 in order to recognize the income in FY2010.
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Foreign Check Deposits on Credit Vouchers
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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 4. 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 4 deadline may be your best opportunity to collect these funds and recognize the income in FY2010. 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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Voided Checks
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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. Friday, June 25 in order for the credit to be included in FY2010.
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Stopped Checks
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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. Monday, June 28 in order for the credit to be included in FY2010.
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Escheat Checks
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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 Friday, June 18 in order for the credit to be included in FY2010.
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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 Friday, June 25. The majority of these items should be value dated for June 30. These expenses will be included in FY2010. 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 Wednesday, 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.
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U.S. Wire Transfers
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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 Tuesday, June 29 at noon. Note: These invoices must have a wire transfer authorization form attached to the front of the invoice.
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ACH Payments (Benefits/Tax)
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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 Monday, June 28 at noon. Note: These invoices must have an ACH transfer authorization form attached to the front of the invoice.
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Purchasing Card Sweeps
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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 24, July 1, and July 8 will all be moved.
- The originally scheduled June 24 sweep will be moved to Wednesday, June 23 at 3 p.m. This sweep will contain PCard transactions loaded into the settlement system between June 4 and June 10.
- The originally scheduled July 1 sweep will be moved to Thursday, June 24 at 5 p.m. This sweep will contain PCard transactions loaded into the settlement system between June 11 and June 17.
- The originally scheduled July 8 sweep will be moved to Wednesday, July 1 at 5 p.m. This sweep will be booked into FY2010 and contain PCard transactions loaded into the settlement system between June 18 and June 24.
Please note that that date for transactions loaded into the settlement system is not the same as the transaction date.
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Web Voucher Travel Authorization Forms (WV-TAFs)
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WV-TAFs must be approved and ticketed by 5 p.m. on Friday, June 18 to be included in FY2010. Return to top |
Web Voucher Reimbursement Reports
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Web Voucher Reimbursement reports, including JPMC Direct Pay, 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 Friday, July 2 to be included in FY2010.
Note: If you are submitting a reimbursement report between Thursday, July 1 and Friday, July 2 that should be included in FY2010, clearly mark the report PROCESS FOR FY2010.
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 (FY2011). Return to top
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Web Voucher Reimbursement Reports with Advance Settlements
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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 21.
Advance settlements for zero balance or amounts due to the traveler will be accepted at either location until 5 p.m. on Friday, July 2. Return to top |
Central Accounts Receivable Billing
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Central Accounts Receivable will close FY2010 on Wednesday, July 7 at 5 p.m.
AR feeds to be included in FY2010 need to be entered into the Oracle AR system by 5 p.m. on Wednesday, July 7. Invoices and credit memos processed by the tubs can be entered into the AR system until 5 p.m. on Wednesday, July 7.
From July 1 to July 7, the GL date in Oracle AR will automatically default to the July date. In order for transactions to be included in FY2010 during this time, users will have to enter the date of June 30, 2010 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 FY2010 should be entered in the period of JUNE 2010, and not July, consistent with GAAP (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 Friday, 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. Return to top |
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 7. This is the last time sponsored funds and subactivities will be sent to CSMA to be disabled in FY2010. The next time "Ready to be disabled" sponsored values will be sent to CSMA is September 3.
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.
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