Harvard's fiscal year 2013 will end on Sunday, June 30, 2013. 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
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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 FY2013.
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 Friday, June 28 (with the exception of special handling requests; see note below) will be processed in FY2013. Note that any invoices placed on hold will not post to the G/L. 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 Monday, July 1, and Friday, July 5 at 5 p.m. will be processed as part of FY2013. All invoices for FY2014 (with the exception of Special Handling,) should be held, and submitted to Accounts Payable after close of business on Friday, July 5, to be processed in FY2014.
If you purchase items late in the fiscal year that you want charged in FY2013, be sure to request immediate billing from vendors so that you can meet these deadlines.
Special handling requests that need to be expensed in FY2013 must be received at 1033 Massachusetts Avenue, 2nd Floor by 5 p.m. on Wednesday, June 26.
Special handling requests received after 5 p.m. on June 26 cannot be expensed to FY2013. If the special handling request is for an FY2013 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 FY2013 petty cash log for replenishment to University Financial Services (UFS) by 5 p.m. on Friday, June 21. 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 approved in Oracle by 5 p.m. on Friday, June 28.
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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 5 p.m. on Tuesday, June 25.
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Credit Vouchers (Validated Deposit Slips)
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For bank deposits made through Friday, June 14, 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 17.
In order to allow for sufficient processing time in FY2013, the paperwork for all deposits made from June 17 through June 27 must be delivered on a daily basis to Cash Receipts. Deposit forms and validated bank deposit tickets for deposits made on June 28 must be delivered to Cash Receipts by 12 p.m. on Monday, July 1 in order for the income to be recognized in FY2013.
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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 14 must be delivered to Cash Receipts, 1033 Massachusetts Avenue Mezzanine, by 5 p.m. Monday, June 17.
In order to allow for sufficient processing time in FY2013, the paperwork for all deposits made from June 17 through June 27 must be delivered on a daily basis to Cash Receipts. Deposit forms and validated bank deposit tickets for deposits made on June 28 must be delivered to Cash Receipts by 12 p.m. on Monday, July 1 in order to recognize the income in FY2013.
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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, May 31. 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 May 31 deadline may be your best opportunity to collect these funds and recognize the income in FY2013. 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 Receipt 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 21 in order for the credit to be included in FY2013.
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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. Friday, June 21 in order for the credit to be included in FY2013.
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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 14 in order for the credit to be included in FY2013.
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Foreign Currency Drafts and Wires
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Accounts Payable will process one last batch of foreign currency drafts and wires on Thursday, June 27. These expenses will be included in FY2013. Requests for 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 25 at noon. 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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Requests for payments to be wire transferred must be entered and approved online, with related invoices received by Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, no later than Wednesday, June 26 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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Requests for payments via ACH must be entered and approved online, with related invoices received by Accounts Payable, 1033 Massachusetts Avenue, 2nd Floor, no later than Tuesday, June 25 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 27 , July 4, and July 11 will all be moved.
- The originally scheduled June 27 sweep will be moved to Wednesday, June 26 at 3 p.m. This sweep will contain PCard transactions loaded into the settlement system between June 7 and June 13.
- The originally scheduled July 4 sweep will be moved to Thursday, June 27 at 3 p.m. This sweep will contain PCard transactions loaded into the settlement system between June 14 and June 20.
- The originally scheduled July 11 sweep will be moved to Wednesday, July 3 at 3 p.m. This sweep will be booked into FY2013 and will contain PCard transactions loaded into the settlement system between June 21 and June 27.
Please note that the date for transactions loaded into the settlement system is not the same as the transaction date. There is no way to determine a final day on which users can make PCard purchases and assure that those transactions will be swept in FY2013 since timing is dependent on vendors and other factors.
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Web Reimbursement Travel Authorization Forms (WR-TAFs)
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WR-TAFs must be approved and ticketed by 5 p.m. on Friday, June 14 to be included in FY2013. Return to top |
Web Reimbursement Reports
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All employee reimbursement reports, including Citi 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. Friday, June 28th to be included in FY2013.
All Non-Employee Reimbursments processed through HCOM (NRs) 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. Friday, July 5th to be included in FY2013.
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Web Reimbursement Reports with Advance Settlements
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Web 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 Friday, 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, June 28th. Return to top |
Central Accounts Receivable Billing
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Central Accounts Receivable will close FY2013 on Wednesday, July 10, at 5 p.m.
The cut-off date for customer set up is Friday, July 5, at 5:00 p.m.
AR feeds, invoices and credit memos processed by the tubs to be included in FY2013 need to be entered into the Oracle AR system by 5 p.m. on Wednesday, July 10.
From July 1 to July 10, the GL date in Oracle AR will automatically default to the July (FY2014) date. In order for transactions to be included in FY2013 during this time, users will have to enter the date of June 30, 2013 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 FY2013 should be entered in the period of JUNE 2013, 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 5.
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NOTE: 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.
Funds and subactivities with the status of "Ready to be disabled" in GMAS will be sent to CSMA on May 31 for processing on June 4. This is the last time sponsored funds and subactivities will be sent to CSMA to be disabled in FY2013. The next time "Ready to be disabled" sponsored values will be sent to CSMA is September 1.
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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