Overview
Harvard's fiscal year 2022 will end on Thursday June 30th, 2022. As in the past, the University will close the books through a series of steps called "closings." Download a printable version of the Summary Schedule for FY2022 Transactions and Reporting.
Please read this article carefully as there have been a number of changes to closing dates and times that are different from years past, particularly the highlighted closings.
Please note the FY2022 year-end closing dates:
| Closing | Closing Date | Journal Deadline |
|---|---|---|
| First | Friday, July 1st | 10:00 a.m. |
| Second | Friday, July 8th | 2:00 p.m. |
| Third | Tuesday, July 19th | 2:00 p.m. |
NOTE: Even though Friday, July 1st is a recognized University-wide additional holiday this year, the University will be processing the first close on that day.
In the following paragraphs, you will find closing deadlines and submission information for these financial transactions:
- Accounts Payable
- Vendor Setup, Maintenance & Reactivation
- Credit Vouchers (Cash Receipts)
- Credit Vouchers (Validated Deposit Slips)
- Taxable Sales Deposits
- Foreign Check Deposits on Credit Vouchers
- Voided Checks
- Stopped Checks
- Escheat Checks
- Foreign Currency Drafts and Wires
- U.S. Wire Transfers
- ACH Payments (Benefits/Tax)
- Purchasing Card Sweeps
- Web Reimbursement Travel Authorization Forms (WV-TAFs)
- Web Reimbursements Reports with Advance Settlements
- Concur Reports
- Central Accounts Receivable
- Journal Entries
- Interdepartmental Billings
- Cost Transfer Requests on Sponsored Funds
- Chart of Accounts Maintenance Requests
- Year-end Reporting & Guidance
- CAPS deadlines
- Fixed Assets
In addition, to provide the tubs with more timely information during the FY22 year-end, there will be four additional refreshes to the Data Warehouse (HDW):
- Sunday night, June 26th
- Monday night, July 4th
- Sunday night, July 10th
- Sunday night, July 17th
June journals entered after the Friday, June 24th nightly processing and before 6:30 p.m. on Sunday, June 26th will be in the HDW on the morning of Monday, June 27th. June journals entered after the 10:00 a.m. deadline on Friday July 1st of the 1st close and before 6:30 p.m. on Monday, July 4th will be reflected in the HDW on Tuesday, July 5th. June journals entered after 2:00 p.m. on Friday July 8th of the 2nd close and before 6:30 p.m. on Sunday July 10th will be in the HDW on Monday, July 11th. June journals entered after the Friday, July 15th nightly processing and before 6:30 p.m. on Sunday, July 17th will be in the HDW on the morning of Monday, July 18th.
Any regular invoice batches and invoice imports that have been processed by the Accounts Payable department from Friday, June 24th through Sunday, June 26th will be uploaded on Sunday evening June 26th and reflected in the HDW on Monday morning, June 27th.
These are the Central Financial Administration deadlines. Since some departments have internal deadlines that may be earlier than these, you should check with your local tub financial office to obtain any departmentally defined deadlines.
We are expecting high reporting demands during the year-end closings, so we have included in this newsletter some reporting tips to help improve the efficiency of running reports and reduce the time required to run those reports.
| Closing Deadlines and Submission Information | |
|---|---|
|
Accounts Payable (AP) (including Non-employee reimbursements) |
*Assumes invoices have not gone on hold. Invoices not released from hold by June 30th at noon will post to FY23. |
| Supplier Onboarding, Maintenance, & Reactivation |
Supplier onboarding and maintenance requests must be submitted by Thursday, June 9th. Note that appropriate forms and completed profile must also be received by the Supplier Onboarding team by this time as well. |
|
OTM – Cash Management Contact: Checks: Frank Bilodeau at checkinquiryform@harvard.edu USD & FX Wires/ACH: Joe Mendes and Ellen Kelly at otm_wiretransferinquiry@harvard.edu |
Voided/Stopped Checks: All 2022 checks that need to be voided/stopped and re-deposited must be received by Frank Bilodeau/Cash Management via email no later than noon on Wednesday, June 15th for the credit to be posted in FY22. Escheat Checks: All checks dated in calendar year 2021 that need to be voided, stopped, or reissued must be received by Frank Bilodeau/Cash Management via email no later than noon on Wednesday, June 8th for the credit to be posted in FY22. USD and Foreign Currency (FX) Wires: B2P payments to be made by USD/FX wire must be entered and approved by the tub no later than 5:00 pm on Wednesday, June 22nd. |
|
OTM – Cash Receipts Contact: Cash Receipts: cash_receipts@harvard.edu |
Domestic Checks: Domestic check deposits accompanied by the Credit Vouchers must be received via USPS or University Mail no later than 5:00 pm on Thursday, June 23rd at Cash Receipts, 1033 Mass Ave, 2nd floor to be posted in FY22. We recommend that Schools/Units make the deposit directly at the bank if they do not expect the checks and Credit Vouchers to arrive at the Cash Receipts office on time (please follow the Departmental guideline below). Foreign Checks: Foreign checks accompanied by the Credit Vouchers received by Thursday, June 23rd will be sent to collections with credit applied as it is received from the bank. Departmental: All items deposited at the bank through Thursday, June 23rd must have associated Credit Voucher(s) and Validated Deposit ticket(s) submitted to Cash Receipts via email no later than 5:00 pm on Friday, June 24th to be posted for FY22. To allow for sufficient processing time in FY22, the Credit Voucher(s) associated with the validated deposit ticket for bank deposits made between Friday, June 24th and Thursday, June 30th must be emailed to the Cash Receipts Office by 12:00 p.m. on Friday, July 1st for the income to be recognized in FY22. Taxable Sales: All items deposited at the bank through Thursday, June 23rd must have associated Deposit Form(s) submitted to Cash Receipts via email no later than 5:00 pm on Friday, June 24th to be posted for FY22. To allow for sufficient processing time in FY22, the Credit Voucher(s) associated with the validated deposit ticket for bank deposits made between Friday, June 24th and Thursday, June 30th must be emailed to the Cash Receipts Office by 12:00 p.m. on Friday, July 1st in order for the income to be recognized in FY22. |
| Purchasing Card Sweeps |
In order to ensure that as many current PCard transactions as possible are swept in FY22, the PCard sweeps will be scheduled as follows:
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 FY22 since timing is dependent on vendors and other factors. |
| Concur Reports |
Concur reports submitted and approved by Thursday, June 23rd at 5:00 p.m. will be included in FY22, if no exceptions exist. |
| Central Accounts Receivable |
Central Accounts Receivable will close FY22 on Wednesday, July 6th at 5:00 p.m. The cut-off date for customer set up is Thursday, June 30th at 4:00 p.m. AR feeds, invoices and credit memos processed by the tubs to be included in FY22 need to be entered into the Oracle AR system by 4:00 p.m. on Wednesday, July 6th. Central AR will accept invoice and credit memo templates that AR enters on behalf of local units until 4:00 p.m. on Thursday, June 30th. From July 1st to July 6th, the GL date in Oracle AR will automatically default to the July 2022 (FY23) date. In order for transactions to be included in FY22 during this time, users will have to enter the date of June 30, 2022 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 FY22 should be entered in the period of JUNE 2022, and not July, consistent with GAAP (Generally Accepted Accounting Principles). |
Journal Entries - ADI and Manual Journal Deadlines
| Closing | Journal Data Entry Deadline | GL Feed Deadline |
|---|---|---|
| First | Friday, July 1st, 10:00 a.m. | Thursday, June 30th, 5:00 p.m. |
| Second | Friday, July 8th, 2:00 p.m. | Thursday, July 7th, 5:00 p.m. |
| Third | Tuesday, July 19th, 2:00 p.m. | Monday, July 18th, 5:00 p.m. |
| Daily input deadline: Monday - Thursday, 6:30 p.m. | ||
GL-PCR Journal Deadlines
- Entries will automatically post until Monday, July 18th at 4:00 p.m., the day before the 3rd close.
- The JUN-22 period will remain open and an option for journal preparers to select after the 3rd close on Tuesday, July 19th. This option remains until the 5th close on Wednesday, July 27th. However, GL-PCR journals uploaded using the JUN-22 period WILL NOT be automatically posted to the general ledger. Only the tubs’ central financial offices can arrange with Financial Accounting & Reporting (FAR) in Central Administration to have a journal posted in the 4th and 5th closes. Any other GL PCR journals uploaded by Oracle users will automatically get deleted by the automated deletion program 45 days after journal submission unless it gets moved to another period (JUL-22 or later). This is accomplished by submitting a request to reopen the GL-PCR batch to HUIT at ithelp@harvard.edu and then changing the period once the batch is reopened.
Please keep in mind the following:
- The University is closed on Friday, July 1st and Monday, July 4th for the holiday. Journal vouchers uploaded after the 10:00 a.m. close on Friday, July 1st will be posted to the General Ledger on Friday night and available in the Data Warehouse on Saturday, July 2nd. Any June journals entered after 10:00 a.m. on Friday, July 1st and before Monday, July 4th at 6:30 p.m. will be posted to the GL on Monday night and be available in the HDW the morning of Tuesday, July 5th.
- Any June journals entered into the system after 6:30 p.m. on Friday, June 24th and before 6:30 p.m. on Sunday, June 26th will be posted to the GL on Sunday night and be available in the HDW on the morning of Monday, June 27th. This includes any entries processed over the weekend by Accounts Payable.
- Any June journals entered between Friday, July 8th after the 2nd close at 2:00 p.m. and before 6:30 p.m. on Sunday, July 10th will be posted to the GL on Sunday night and available in the HDW on the morning of Monday, July 11th.
- Any June journals entered after the nightly processing on Friday, July 15th and before 6:30 p.m. on Sunday, July 17th will be posted to the GL on Sunday night and in the HDW on the morning of Monday, July 18th.
- The JUN-22 period will remain open and an option for journal preparers to select after the 3rd close at 2:00 p.m. on Tuesday, July 19th. This option remains until the 5th close on Wednesday, July 27th. However, any journals uploaded using the JUN-22 period WILL NOT be automatically posted to the general ledger but rather require manual posting by Financial Accounting and Reporting (FAR) staff in Central Administration. Only the tubs’ central financial offices can arrange with FAR to have a journal posted in the 4th and 5th closes. Any other journals uploaded by Oracle users will automatically get deleted by the automated deletion program 45 days after journal submission unless it gets moved to another period (JUL-22 or later) or is deleted before then by the submitter.
- Be careful to select the proper period (JUN-22 or JUL-22) when you are entering a journal. Beginning July 1st, the default period will be JUL-22 (FY23). If you want to post a journal to FY22 during July 2022 you will need to select JUN-22 as the proper period.
- A journal should only be reversed by the person who created the journal, or with the permission of that person.
-
IMPORTANT NOTE FOR UNITS PROCESSING INTERTUB JOURNALS!
- If an interdepartmental journal needs to be processed after July 13th through the 5th closing, permission MUST BE obtained from the central financial offices of the tubs being charged and credited. It is not acceptable to have the approvals coming from tub departments. Departments needing to get such journals processed need to contact their tub’s central finance office. Individuals processing journals have personal responsibility to ensure they follow this requirement.
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.
Buy-to-Pay (B2P)
AP & Supplier Onboarding Year-End Deadlines
Fiscal Year-End deadlines are approaching. Please be aware of the following key dates and helpful resources.
| B2P FY22 Year-End Deadlines | |
|---|---|
|
Final Cutoff for Supplier Onboarding and Maintenance Requests Including appropriate forms and completed profiles |
Thursday, June 9th 5:00 PM |
| Initial Accounts Payable Cutoff | Thursday, June 16th 5:00 PM |
| Final FY22 Invoice Submission | Thursday, June 23rd 5:00 PM |
| Final FY22 Holds Resolution | Thursday, June 30th 12:00 PM |
| FY23 processing begins | Tuesday, July 5th |
| Note: Friday 6/17, Monday 6/20, Friday 7/1, Monday 7/4 are holidays | |
Year-End AP Guidance and Reminders
AP has noticed a growing trend of duplicate invoices. To help the invoicing process run smoothly, please remember:
- If a supplier emails an invoice to AP_Invoices@harvard.edu, the department does not need to re-email this invoice to AP.
- If you have emailed an invoice to AP and it has passed the SLA (you do not yet see it in B2P), email us at AP_CustomerService@harvard.edu for inquiry. Do not re-send the invoice to AP_Invoices.
These simple steps will reduce the number of duplicate invoices coming to AP and ensure efficient processing.
PI Dashboard and Balance Forward Schedule
The HUIT PI Dashboard team is finalizing preparations for the annual fiscal year/balance forward rollover process (ie. rolling over the balances for non-sponsored accounts to the new fiscal year). This year, the rollover is scheduled for Monday evening, August 8, 2022.
You may run FY22 year end versions of the Non Sponsored account reports in the PI Dashboard between the first business day after the third closing (expected to be Monday, July 20) and before 5 pm on the day of the production fiscal year cutover (expected to be Monday, August 8). Note that after this, account reports will contain FY23 & FY22 data but FY20 data will no longer be available.
Also note that you will still be able to see accurate non-sponsored account balances by looking at the account actuals in the PI Dashboard user interface. Please reach out to dashboard@hsph.harvard.edu with any questions or concerns.
Interdepartmental Billings
- All interdepartmental billings, whether entered manually, via an ADI template or via a feed to the General Ledger, must be processed by the end of the day on July 13th. GL billing feeds are generally submitted by service centers like HUIT and UOS.
- If an interdepartmental billing journal needs to be processed in the after July 13th through the 5th closing, permission must be obtained from the central financial offices of the tubs being charged and credited. It no longer is acceptable to have the approvals coming from tub departments. Departments needing to get such journals processed need to contact their tub’s central finance office.
- Interdepartmental billings should provide a name and contact number on the journal for questions or concerns the tub being billed may have.
Cost Transfer Requests
| Closing | Submission Deadline to OSP |
|---|---|
| First | Tuesday, June 28th, 10:00 a.m. |
| Second | Tuesday, July 5th, 10:00 a.m. |
| Third | Thursday, July 14th, 10:00 a.m. |
- These dates apply to ALL requests for cost transfers to federally sponsored funds (funds in the range from 100000-199999). Note that these requests require supporting documentation.
- Cost transfer requests should be submitted directly to OSP. OSP will review the request and documentation for appropriateness.
Chart of Account Maintenance Requests
Disable Requests:
Tuesday, June 7th (MAY-22 close) is the last date that values will be disabled in FY22. Any CSMA requests not successfully disabled on June 7th will be held until the final JUL-22 close.
Requests to disable CoA values that require approval should be submitted through CSMA before 5:00 p.m. on Monday, May 23rd. Disable requests that do not require approval should be submitted through CSMA before 5:00 p.m. on Thursday, June 2nd.
Funds and sub activities with the status of "Ready to be disabled" in GMAS will be sent to CSMA on Friday, June 3rd for processing. This is the last time sponsored funds and sub activities will be sent to CSMA to be disabled in FY22. The next time "Ready to be disabled" sponsored values will be sent to CSMA is September 4th.
Add / Modify / Re-enable Requests:
Requests to add, modify, or re-enable CoA values submitted through CSMA will be processed according to the normal daily schedule (7:00 a.m. - 5:00 p.m., Monday - Friday) throughout year-end. CSMA requestors wishing to specifically designate for the JUN-22 period any CoA changes entered from July 1st through July 29th should enter 30-JUN-2022 as the effective date for their request.
GMAS will continue to send Add/Modify requests as usual during year-end. Requests to re-enable a sponsored fund or sub activity should be sent to the OSP Financial Analyst for approval by the OSP Portfolio Team Manager.
General Ledger Closings and Information Availability
| Fiscal Year 2022 Closes | Transaction Listing Report Periods: Show Transactions "Between Dates" | HART Scheduled YE Closes "Event" Kick-off Date | Actuals Available in HUBS Reporting Application |
|---|---|---|---|
|
First Close |
Fiscal June Entries from June 1st through July 1st | Saturday, July 2nd | Saturday, July 2nd |
| Second Close | Fiscal June Entries from July 2nd through July 8th | Saturday, July 9th | Saturday, July 9th |
| Third Close | Fiscal June Entries from July 9th through July 19th | Wednesday, July 20th | Wednesday, July 20th |
| Fourth Close | Fiscal June Entries from July 20th through July 22nd | Saturday, July 23rd | Saturday, July 23rd |
| Fifth Close | Fiscal June Entries from July 23rd through July 27th | Thursday, July 28th | Thursday, July 28th |
Tips and Tricks for Fiscal Year-End Reporting in HART
As the fiscal year-end ends, many individuals have additional reporting responsibilities. Here's how to make your fiscal year-end reporting using HART a bit easier.
System Availability
- The HDW nightly loads run from 8:00 p.m. to 7:00 a.m. Do not run dashboards during this time, as an incomplete nightly close process may provide you with incomplete data.
Performance Tips
-
For speedier results, consider using the Transaction Listing All-Lite dashboard.
- The dashboard includes only child object codes to find your chart values faster.
- It has the Fiscal Year prompt to make it easier to obtain your FY22 or FY23 entries.
- You will still be able to take advantage of all the HART features: exclude columns, subtotal, move columns to prompts and sections, export, print, save customizations and send bookmarks links.
- If using the Transaction Listing dashboards, use the Period prompt to obtain your results faster.
Period to Period Prompt: Use Carefully!
-
During the fiscal year-end period, two fiscal years will be open after Thursday, June 30th. This will affect the results that you get when using the Period-to-Period prompts which means that:
- HART will consider the current fiscal year as FY23.
- The Prior Fiscal Year selection will return FY22 data.
- The Current Fiscal Year to Last Closed Period selection will not return any data because there is no closed period in FY23 until the July 2022 close.
- The Current Fiscal Year to Current Open Period selection will show transactions posted to the month of July 2022.
Closing Selection Prompt
- Use the Closing Selection prompt in conjunction with the appropriate Period or Fiscal Year prompt selection(s) for faster results. The Closing Selection prompt will update with the closing selection dates on July 1, 2022.
- When you select one of the Closing Selection prompt ranges, you get everything that was posted during that time frame, whether it posted to June or July. Use the Closing Selection prompt in conjunction with the appropriate Period prompt selection(s) to ensure you are getting only the data you want.
Add in the Posted Date Column to Your Search Results
- Consider adding the Posted Date column to your search results (available via right-click) so that you will be able to see the date that something was posted to the General Ledger. This can help you determine whether the transaction has been posted for the previous fiscal year or the current fiscal year.
Exporting Data
- When exporting large amounts of data, use the Export link under your search results and select the Data>>Excel or Data>>CSV Format option.
CAPS Fiscal Year-End 2022 Deadlines
To ensure that all necessary approvals are in place and all accounting entries are completed on time, appropriate CAPS forms must be submitted to Central Administration by your School/Unit's Authorized Requestor through the CAPS automated system by the dates set forth below.
- Friday, May 20th - Completed Project Proposals (PPs) and Construction Authorizations (CAs) submitted by this date will be processed, and CIP activities enabled where applicable, for FY22.
- Friday, June 10th - Completed Construction Close Requests (CCRs) submitted by this date will be processed for FY22. Please note that Oracle Fixed Assets (OFA), GL and CCR balances must be equal and have no future charges pending and no invoices in Mass Additions.
Forms submitted after the dates listed above will be held in a queue and processed in FY23 when the CAPS system re-opens for approval. To coordinate with the Fixed Assets closing, CAPS is extending the year-end blackout period to July 8th.
Oracle Assets Fiscal Year-End 2022 Deadlines
The following dates represent the deadlines for activity related to or in the Oracle Assets sub-ledger.
| Closing Deadlines and Submission Information | |
|---|---|
| AP Adjustment Forms entered into Oracle |
Thursday, June 23rd at 5:00 p.m. Note: please ensure that an approver is available to approve an AP Adjustment request prior to the deadline below. Any AP Adjustment approved after the July 1st deadline below will post in FY23. |
| AP Adjustment Forms approved in Oracle |
Friday, July 1st at noon. Note: the AP to OFA feed is shut off from July 1st to July 9th. All FY23 AP activity will be fed to Oracle Assets on July 11th. |
| Trade-in Notification |
Information sent to far_fixed_assets@harvard.edu no later than Friday, June 24th. |
| WIP Placed in Service Notification Forms sent to FAR | Forms sent to far_fixed_assets@harvard.edu no later than Friday, July 1st. |
| Sales of Equipment |
Cash received by Cash Management per their Fiscal Year-End deadlines. Asset must be retired in Oracle Assets, and information on sale sent to far_fixed_assets@harvard.edu no later than Friday, June 24th. |
| CIP and Equipment accruals posted by Tubs prior to third close journal deadlines | Tuesday, July 19th at 2:00 p.m. |
| Mass Additions queue cleared; all transactions posted to either a Capital or CIP Asset | Wednesday, July 6th at 5:00 p.m. |
| Non-cash retirement of assets and impairments | Wednesday, July 6th at 5:00 p.m. |
| Final Assets Close for FY22 |
Thursday, July 7th at 9:00 a.m. |
| Tubs run reports for Fixed Asset reconciliations | Thursday, July 7th upon receipt of email indicating that Assets has closed (anticipated mid-afternoon) |
| Depreciation in HART |
Friday, July 8th at 9:00 a.m. |
Who to Contact List for Closings
Please review the following table for contact information related to financial traction closing questions.
| Office | Location | Phone | |
|---|---|---|---|
| Accounts Payable | Accounts Payable | 1033 Massachusetts Avenue, 2nd floor | 5-8500 option 1 |
| Credit Vouchers | Cash Receipts | 1033 Massachusetts Avenue, 2nd floor | 6-8332 |
| Check voids / re-deposits | Cash Management | 1033 Massachusetts Avenue, 2nd floor |
5-4175 |
| Wires and drafts | Cash Management | 1033 Massachusetts Avenue, 2nd floor |
6-3018 |
| PCard transactions | Reimbursement & Card Services | 1033 Massachusetts Avenue, 2nd floor | 5-8500 option 7 |
| Travel authorization forms | Reimbursement & Card Services | 1033 Massachusetts Avenue, 2nd floor | 5-8500 option 2 |
| Web Reimbursement reports | Reimbursement & Card Services | 1033 Massachusetts Avenue, 2nd floor | 5-8500 option 2 |
| Concur reports | Reimbursement & Card Services | 1033 Massachusetts Avenue, 2nd floor | 5-8500 option 2 |
| AR invoices | Accounts Receivable | 1033 Massachusetts Avenue, 2nd floor | 5-3787 |
| Journal vouchers | Financial Accounting & Reporting | 1033 Massachusetts Avenue, 3rd floor | 6-3375 |
| Fixed Assets | Financial Accounting & Reporting | 1033 Massachusetts Avenue, 3rd floor | far_fixed_assets@harvard.edu |
| Cost transfers-Sponsored funds | OSP Research Finance | 1033 Massachusetts Avenue, 5th floor | osp_cost_transfer@harvard.edu |