Notice of Business Process Change Related to Fiscal Month Close

November 14, 2011

Business Managers throughout Duke:

The University and Health System will transition from the 5/4/4 month end close process to a true calendar month end close beginning in July 2012 (fiscal 2013).  This change is intended to eliminate some of the monthly reporting anomalies identified over the years under the historical 5/4/4 approach.

There will still be five business days during the close process; however, they will no longer consistently start on a Monday, but will instead start on the first business day following the last day of the calendar month.  For those of you with month-end close responsibilities, this transition will likely result in minor timing adjustments to the day in which you perform those functions or lose posting access. 

As you consider the proposed new calendar, please check with others in your area so that any potential issues can be identified and addressed in advance.  Items to consider include timing associated with the receipt of outside invoices, shadow systems, interface timing between systems, accumulation of data required for month-end close, and timing spread for expenditures and/or revenue.  As you identify issues unique to your area, please share them with your management center.  Accounting Services is compiling an inventory of issues to ensure we address them all well in advance of July 2012.  DUHS Corporate Finance is aggregating issues discovered within the Health System and will coordinate with University Accounting Systems Administration.

Please let us know if you have any questions or concerns, and please feel free to share this message with others in your area who might be affected by this change.

Thank you,
Rachel Satterfield and Mike Lazar

Rachel Satterfield
Assistant Vice President for Finance & Controller
Duke University
(919) 681-1859

Mike Lazar
Associate Controller
Duke University Health System
(919) 613-8997