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 FY 2021 are due to HR/Payroll by Friday June 4^th and will be processed by Payroll by June 24^th. For adjustments that impact ledger 5, please submit to NU-RES Finance by Wednesday June 2nd.
• Any salary adjustments related to payroll processed between Monday June 7^th and Wednesday June 30^th are due in HR/Payroll by Wednesday July 14^th and will be processed by Payroll by Monday July 26^th. For adjustments that impact ledger 5, please submit to NU-RES Finance by Tuesday July 6th.
• Please follow normal processing procedures for all payroll adjustments. Forms must have all required signatures to be processed. Exceptions CANNOT be made.
• Accounting will close the fiscal period 12 on July 30^th, PDC updates after this date MUST have a transaction of July 2021 and NOT JUNE or earlier to avoid rejected payroll feeds.
• Purchase, requisition, and change orders can be processed through Friday June 18^th. Any requisitions not transferred to a purchase order by Monday June 21^st will be deleted.
• Completed and approved paper travel reimbursements (for guests and students only) that are received on or before Monday June 21^st will be posted to FY 2021.
• Concur expense reconciliations – All Concur transactions dated prior to Thursday, July 1, 2021 will be posted against your FY 2021 budget provided they are included in reports received and processed by Accounts Payable through Friday July 23, 2021. Reports received after Friday July 23^rd will be charged to your FY 2022 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 FY 2021 are received in Accounts Payable on or before Friday, July 16^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. P21 will charge FY 2021, while P22 will charge FY 2022
  • Invoices less than $25,000 and submitted on a Direct Pay form will be charged as follows:
• If received in AP on or before Friday, July 16^th, the expense will be charged to FY 2021
• If received in AP after Friday July 16^th, the expense will be charged to FY 2022

Note – Accounting to notify AP the day before the closing to confirm cutoff

• Journal vouchers submitted to K2 and through all levels of Divisional Approval by the end of the day Monday, June 21^st will be included in the first June 30th closing. No exceptions can be made to this date as K2 runs on an overnight feed process and is date driven.
• Upload JV files must be submitted to Accounting by Tuesday June 22^nd to be included in the first June closing to be run on June 30^th with reports run on July 1^st. Upload JV files must be received by Thursday July 22^nd to be included in the second June closing Friday July 30^th with reports available Monday August 2^nd.  No exceptions will be made.
• Correcting journal vouchers must be submitted to K2 and through all levels of Divisional Approval by the end of the day Friday July 16^th for FY 2021 activity to be included in the second June 30 closing. *PLEASE NOTE* These entries should be clearly indicated as FY21, have a June 1^st through June 30^th transaction date to ensure the K2 JV will post to FY 2021. A reference should be made that they are correcting/adjusting entries in the optional description field in K2 to ensure clarity of fiscal period postings.
• Banner Fund/Index/Org requests for FY 2021 must be received by Friday June 11^th in order to be set up in FY 2021. Any request received after this date will be set up in FY 2022.
• Budget Transfers for FY 2021 must be completed by Wednesday June 30, 2021. Budget transfers cannot be backdated. ** Keep in mind that SSB approvals need to happen to ensure transaction post to June 2021 must be completed by June 30^th.

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 FY 2022 covers six months or more and the calculated expense applicable for FY 2022 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 Friday July 16^th to Stephanie Grokulsky (720-177 Huntington Ave) in the Accounting Office to s.grokulsky@northeastern.edu

Inception-to-date Beginning Balance Roll:

• June 30 ending balances will roll to FY 2022 on Friday July 30^th, 2021 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-30^th, ending balances from June for all inception-to-date funds can be viewed in fiscal year 2021.

Encumbrance Roll:

• All open P21xxx encumbrances will roll to FY 2022 at the end of the day on Friday July 30^th (Indexes beginning with a (2) encumbrances will roll without FY 2021 budget dollars).
• If you do not liquidate a purchase order from a prior year, your budget in FY 2022 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: Wednesday, June 30, 2021 – Reports will be run and will reflect all activity posted in Banner through Wednesday, June 30, 2021 and will be available on Friday July 2^nd.
• Second Close: Friday, July 30, 2021 – This report will reflect all activity posted to FY 2021 through July 30^th including FY 2021 correcting/adjusting journal vouchers and Accounts Payable transactions processed to FY 2021. Reports will be available on Monday, August 2^nd.
• Final Close: Late September/Early October 2021   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 2022 Year-End Closing Calendar