Year‐end closing is quickly approaching. To allow adequate time to prepare for an efficient & timely audit and to prepare the University financial statements, the following processing deadlines have been established.

Please share this memo with other members of your staff as needed.

Year‐end Processing Deadline Dates:

• All salary adjustments for FY19 are due to HR/Payroll by June 7^th and will be processed by Payroll by June 26^th. Any salary adjustments related to payroll processed between June 8^th and June 30^th are due in HR/Payroll by July 12^th and will be processed by Payroll by July 24^th. Please follow normal processing procedures for all payroll adjustments. Forms must have all required signatures to be processed. Exceptions CANNOT be made.
• Purchase, requisition, and change orders can be processed through June 14^th. Any requisitions not transferred to a purchase order by June 21^st will be deleted.
• Completed and approved paper travel reimbursements (for guests and students only) that are received on or before June 21^st will be posted to FY19.
• Concur expense reconciliations ‐ All Concur transactions dated prior to July 1, 2019 will be posted against your FY19 budget provided they are included in reports received and processed by Accounts Payable through July 19, 2019. Reports received after July 19, 2019 will be charged to your FY 20 budget.
• Accounts Payable will review all invoices greater than or equal to $25,000 during the second closing period to determine the appropriate fiscal year allocation. It is very important that all invoices that require review for goods and services performed in FY19 are received in Accounts Payable on or before July 19^th to allow time for processing.
  • Invoices less than $25,000 and associated with a purchase order will be expensed in accordance with the purchase order, i.e. P19 will charge FY 19, while P20 will charge FY20
  • Invoices less than $25,000 and submitted on a Direct Pay form will be charged as follows:
    • If received in AP on or before July 12^th, the expense will be charged to FY 19If received in AP after July 12^th, the expense will be charged to FY 20

• Journal vouchers submitted to K2 and through all levels of Divisional Approval by the end of the day June 21^st will be included in the first June 30th closing.
• Correcting journal vouchers must be submitted to K2 and through all levels of Divisional

Approval by the end of the day July 17^th for FY19 activity to be included in the second June 30 closing. These entries should be clearly indicated as FY19 correcting/adjusting entries in the description field in K2.

• Fund requests for FY19 must be received by June 14^th in order to be set up in FY19. Any request received after this date will be set up in FY20.
• Budget Transfers for FY19 must be completed by June 30, 2019. Budget transfers cannot be backdated.

Prepaid Expenses:

• Certain invoices paid during the last few months of the fiscal year are prepayments for the next fiscal year. All direct pay requests greater than or equal to $50,000 will be reviewed for prepaid activity.  If the expense period for FY20 covers six months or more and the calculated expense applicable for FY20 is greater than or equal to $50,000, then a prepaid entry will be posted.  All direct pay requests that meet this criteria, should be sent by July 18^th in an interoffice envelope directly to Stephanie Grokulsky (720‐177 Huntington Ave) in the Accounting Office or via email to grokulsky@northeastern.edu.

Inception‐to‐date Beginning Balance Roll:

• June 30 ending balances will roll to FY20 on July 26, 2019 for all inception‐to‐date funds, including indexes (3) designated, (5) sponsored research, (6) restricted, (7) plant, and (8) SABO project funds.
• During the period of July 1^st‐26^th, ending balances from June for all inception‐to‐date funds can be viewed in fiscal year 2019.

Encumbrance Roll:

• All open P19xxx encumbrances will roll to FY20 at the end of the day on July 26^th (Indexes beginning with a (2) encumbrances will roll without FY19 budget dollars).
• If you do not liquidate a purchase order from a prior year, your budget in FY20 will be encumbered.

Closing and Reporting:

There will be three sets of reports run for June 30^th which will be available to Banner Finance users through E print.

• First Close: June 30, 2019‐ Reports will be run and will reflect all activity posted in Banner through Sunday, June 30, 2019 and will be available on July 1^st.
• Second Close: July 26, 2019‐ This report will reflect all activity posted to FY19 through July 26^th including FY19 correcting/adjusting journal vouchers and Accounts Payable transactions processed to FY19. Reports will be available on Monday, July 29^th.
• Final Close: Late September/Early October 2019   Final June 30 reports, which will include all entries posted during the accounting accrual period, will be available at the conclusion of the external audit – date to be determined.  You will be notified when these reports are available.

Thank you for your help in making this a successful year‐end.  If you have questions regarding this memo, please contact me at e.omalley@northeastern.edu.

Fiscal 2019 Year-End Closing Calendar