Financial Services 2013/2014 Fiscal Year-End Close Information

The following information has been issued regarding year-end close.  As additional information is issued, it will be added to this page.

If you are looking for information and it is not listed here, please contact Accounting Systems Administration at (919) 684-2752


Fiscal Year 2013/2014 Closing Schedule

The fiscal year closing schedule provides important information about the 2013/2014 year-end closing, including the availability of SAP reports and processing deadlines for the year-end period 12 (first preliminary), period 13 (second preliminary) and period 14 (final) close.

If you have questions about the 2013/2014 Fiscal Year Closing Schedule, please contact Accounting Systems Administration at (919) 684-2752.

View the Summarized FY2013/2014 Fiscal Year Closing Schedule (pdf)
Note: Print on Legal Sized Paper

 

JV Processing

JVs entered in period 12 which do not get approved and/or posted in period 12 will cross over into period 13. These entries will need to be rejected by the approver back to the initiator. The initiator must change the period from 12 to 13 in the header record and COMPLETE the document again so it goes back through the JV workflow process.

The same rules apply for JVs initiated in period 13 which cross over to period 14. For users who have access to key in period 14, follow the above instructions for changing the document to period 14.

 

Fiscal Year End Accrual Schedules

Recording expenditures in the correct fiscal year is critical to the accuracy of fiscal year end reports and financial statements.  However, accurate reports and statements must be balanced with the necessity to close the fiscal year and open the new fiscal year as quickly as possible.  The below schedules set processing deadlines and accrual cut-offs to achieve this balance.

Accounts Payable Accruals (pdf)

Employee Travel & Reimbursement and Corporate Card

 

Other Deferrals and Accruals

This document should be referred to if you have any fiscal year end deferrals or accruals which are not covered by the procedures and cut off dates outlined in the year end accrual schedules above.

If you have any questions regarding accounting for or recording other deferrals and accruals for the fiscal year end, please call (919) 668-5299.

Other Deferrals and Accruals (pdf)

 

Building Related Codes

All entries on Building Codes (xls) must be posted by 4:00pm on Wednesday, July 16, 2014, so these codes can be closed for the 2013/2014 fiscal year.

 

General and Administrative Codes

All entries on G&A Codes (xls) must be posted by 3:00pm on Thursday, July 17, 2014, so these codes can be closed for the 2013/2014 fiscal year.

 

Corporate Card Mapping

The mapping process exports all transactions which are completely documented (i.e. accounting codes and business justifications) from WORKS to the general ledger. In preparation for the upcoming fiscal year-end close, Employee Travel & Reimbursement will be mapping outstanding corporate card transactions based on a schedule.

Corporate Card Mapping Schedule / Transaction Deadlines

Employee Travel and Reimbursement Fiscal Year End Updates

 

Accounts Payable Deadlines

Accounts Payable will stop posting invoices for fiscal year 2014 at 12:00pm on Thursday, July 10th. Please review the criteria and memo for key Corporate Accounts Payable cut-off dates related to year end invoice and check request processing. 

 

ECRT Deadlines

If you have missed the June Cost Distribution iForm payroll deadline and you need to process a retroactive payroll change to book in the General Ledger for the fiscal year that is going to/has ended, submit a Manual Salary Cost Transfer (MSCT) iForm using Reason Code 05 “Year-end adjustment of effort”. Reason Code 05 is only available during Fiscal Periods 12 and 13.

After Period 13 closes, you will need to use a Cost Distribution iForm. The Cost Distribution iForm transaction will book in the new FY General Ledger, but the effort will be loaded to the appropriate FY in ECRT.

View ECRT Deadline Schedule

 

The 2014/2015 Fiscal Calendar

The 2014/2015 Fiscal Calendar (pdf) provides important information about the upcoming fiscal year. The calendar details the following information:

  • Fiscal month beginning and ending dates
  • Fiscal month closing dates
  • SAP Journal entry posting cut-off dates
  • SAP Final Month-end reports availability
  • How accounting periods are numbered

Annual Training/Overview Session for Fiscal Year End

There will be training materials added to the LMS system for the fiscal year end close. 

 

 

If you have any questions about the 2014/2015 fiscal calendar, SAP journal entry posting cut-off dates, etc., please contact Accounting Systems Administration at 919-684-2752.