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April 2020

Fiscal Year-End 2020 Deadlines

April 16, 2020

Overview

COMMUNITY NOTIFICATION: Harvard University is closely monitoring the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. If any deadlines change in response to the evolving situation, we will update the information as soon as we are notified by the associated department. The information herein is accurate as of April 16, 2020.

Harvard's fiscal year 2020 will end on Tuesday, June 30, 2020. 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 FY2020 Transactions and Reporting. 

Please note the FY2020 year-end closing dates:

  • First closing:                        Thursday, July 2nd
  • Second closing:                   Friday, July 10th
  • Third closing:                       Friday, July 17th

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)
  • Massachusetts 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 Reimbursements Reports with Advance Settlements
  • Concur Reports
  • Central Accounts Receivable
  • Journal Entries
  • Interdepartmental Billings
  • Cost Transfer Requests on Sponsored Funds
  • Chart of Accounrts Maintenance Requests
  • Year-end Reporting Guidance & Tips
  • CAPS deadlines
  • Fixed Assets

NOTE: In order to allow the tubs more time to process manual and spreadsheet (ADI) journal entries on the day of the first 3 closings, the manual/ADI journal entry deadline will be 2 p.m. Any journals uploaded to the General Ledger by 2 p.m. will be included in that close and will be available in the HDW the next day.

In addition, in order to provide the tubs with more timely information during the FY2020 year end, there will be three additional data refreshes to the Data Warehouse (HDW):

  • Sunday night, June 28th
  • Sunday night, July 5th
  • Sunday night, July 12th

June journals entered after the Friday, June 26th nightly processing and before 6:30 p.m. on Sunday, June 28th will be in the HDW on the morning of Monday, June 29th. June journals entered after the 2 p.m. deadline on the Thursday of the first close and Friday of the second close and before 6:30 p.m. on the following Sunday night will be posted and reflected in the HDW on Monday morning. Note that there will not be a data refresh on Sunday, July 19th after the third close. Any regular invoice batches and invoice imports that have been processed by the Accounts Payable department from Friday, June 26th through Sunday, June 28th will be uploaded on Sunday evening June 28th and reflected in the HDW on Monday morning, June 29th.

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.

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