Financial Services 2017/2018 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 2017/2018 Closing Schedule

The fiscal year closing schedule provides important information about the 2017/2018 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 2017/2018 Fiscal Year Closing Schedule, please contact Accounting Systems Administration at (919) 684-2752.

View the Summarized FY2017/2018 Fiscal Year Closing Schedule (pdf)
Note: Print on Legal Sized Paper

JV Processing

JVs entered in period 12 that 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 that 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 Accruals

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. Review the sections below for processing deadlines for ET&R and A/P to determine if accruals will be necessary.

Corporate Card Charges, Out of Pocket Reimbursements, and Experimental Subject Payment Forms

Employee Travel and Reimbursement (ET&R) has included updates for the 2018 fiscal year end process. Please use the information below as a reference for the fiscal year end schedule related to out of pocket reimbursements, corporate card charges, and experimental subject payment forms.

Employee Travel and Reimbursement Fiscal Year End Updates

Accounts Payable Deadlines

All Online Accounts Payable Check Requests must be submitted and fully approved by 10:00am on Tuesday, July 3. Vendor Invoices must be received in Accounts Payable by 5:00pm on Thursday, July 5. Accounts Payable will stop posting invoices for fiscal year 2018 at 3:00pm on Tuesday, July 10. Please review the criteria for key Corporate Accounts Payable cut-off dates related to year-end invoice and check request processing.

Accounts Payable Fiscal Year Close Deadlines

Other Deferrals and Accruals

Refer to this document if you have any fiscal year end deferrals or accruals that 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) 681-2951.

Other Deferrals and Accruals (pdf)

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

General and Administrative Codes

All entries on G&A Codes must be posted by 3:00pm on Tuesday, July 19, so these codes can be closed for the 2017/2018 fiscal year.

General and Administrative Codes (pdf)

Building Related Codes

All entries on Building Codes must be posted by 3:00pm on Monday, July 18, so these codes can be closed for the 2017/2018 fiscal year.

Building Related Codes (pdf)

The 2018/2019 Fiscal Calendar

The 2018/2019 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