Overview
Harvard's fiscal year 2023 will end on Friday, June 30th, 2023. 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 FY2023 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.
FY23 year-end closing dates:
| Closing | Closing Date | Journal Deadline |
|---|---|---|
| First | Friday, July 7th | 2:00 p.m. |
| Second | Friday, July 14th | 2:00 p.m. |
| Third | Friday, July 21st | 2:00 p.m. |
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 & Tips
- CAPS deadlines
- Fixed Assets
In addition, to provide the tubs with more timely information during the FY23 year-end, there will be three additional refreshes to the Data Warehouse (HDW):
- Sunday night, July 2nd
- Sunday night, July 9th
- Sunday night, July 16th
June journals entered after Friday, June 30th nightly processing and before 6:30 p.m. on Sunday, July 2nd will be in the HDW on the morning of Monday, July 3rd.
June journals entered after the 2:00 p.m. deadline on Friday, July 7th of the 1st close and before 6:30 p.m. on Sunday, July 9th will be reflected in the HDW on Monday, July 10th.
June journals entered after the 2:00 p.m. deadline on Friday, July 14th of the 2nd close and before 6:30 p.m. on Sunday, July 16th will be in the HDW on Monday, July 17th.
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 finance office to obtain any departmentally defined deadlines.
| Closing Deadlines and Submission Information | |
|---|---|
|
Accounts Payable (AP) (including Non-employee reimbursements) |
FY24 processing begins Saturday, July 1st. *Assumes invoices have not gone on hold. Invoices not released from hold by June 30th at noon will post to FY24. **Invoices include NR’s, PR’s, PO’s and invoice imports. |
| Supplier Onboarding, Maintenance, & Reactivation |
Supplier onboarding and maintenance requests must be submitted by Friday, June 16th. 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 Checks: All 2023 checks that need to be voided and re-deposited must be received by Cash Management via email no later than noon on Wednesday, June 14th for the credit to be posted in FY23. Escheat Checks: All checks dated in calendar year 2022 that need to be voided, stopped, or reissued must be received by Cash Management via email no later than noon on Wednesday, June 7th for the credit to be posted in FY23. 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 21st. |
|
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 Friday, June 23rd at Cash Receipts, 1033 Mass Ave, 2nd floor to be posted in FY23. 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 Friday, 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 22nd 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 23rd to be posted for FY23. To allow for sufficient processing time in FY23, the Credit Voucher(s) associated with the validated deposit ticket for bank deposits made between Friday, June 23rd and Friday, June 30th must be emailed to the Cash Receipts Office by 12 p.m. on Friday, June 30th for the income to be recognized in FY23. Taxable Sales: All items deposited at the bank through Thursday, June 22nd must have associated Deposit Form(s) submitted to Cash Receipts via email no later than 5:00 pm on Friday, June 23rd to be posted for FY23. To allow for sufficient processing time in FY23, the Credit Voucher(s) associated with the validated deposit ticket for bank deposits made between Friday, June 23rd and Thursday, June 30th must be emailed to the Cash Receipts Office by 12 p.m. on Friday, June 30th in order for the income to be recognized in FY23. |
| Purchasing Card Sweeps |
Effective January 2023 PCard sweeps are no longer processed, please refer to concur statement reports (PCard) below. |
| Concur Expense Reports |
Concur reports submitted and fully approved by Friday, June 23rd at 5 p.m. will be included in FY23, if no exceptions exist. |
| Concur Statement Reports (PCard) | Concur Statement reports submitted and fully approved by Thursday, June 29th at 5 p.m. will be included in FY23, if no exceptions exist. |
| Central Accounts Receivable |
Central Accounts Receivable will close FY23 on Wednesday, July 12th at 5:00 p.m. The cut-off date for customer set up is Thursday, July 6th at 4:00 p.m. AR feeds, invoices and credit memos processed by the tubs to be included in FY23 need to be entered into the Oracle AR system by 4 p.m. on Wednesday, July 12th. Central AR will accept invoice and credit memo templates that AR enters on behalf of local units until 4 p.m. on Thursday, July 6th. From July 1st to July 12th, the GL date in Oracle AR will automatically default to the July 2023 (FY24) date. In order for transactions to be included in FY23 during this time, users will have to enter the date of June 30, 2023 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 FY23 should be entered in the period of JUN-23, 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 7th, 2:00 p.m. | Thursday, July 6th, 5:00 p.m. |
| Second | Friday, July 14th, 2:00 p.m. | Thursday, July 13th, 5:00 p.m. |
| Third | Friday, July 21st, 2:00 p.m. | Thursday, July 20th, 5:00 p.m. |
| Daily input deadline: Monday - Thursday, 6:30 p.m. | ||
GL-PCR Journal Deadlines
- The deadline for GL-PCR entries is Friday, July 21st at 1:30 p.m., the day of the 3rd close. Entries will automatically post until that time.
- The JUN-23 period will remain open as an option for journal preparers to select after the 3rd close on Friday, July 21st. However, GL-PCR journals uploaded after 1:30 p.m. on Friday, July 21st using the JUN-23 period WILL NOT be automatically posted to the general ledger. Please contact your tub analyst with any questions.
- Any GL PCR journals uploaded after 1:30 p.m. on Friday, July 21st 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-23 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 will be closed on Tuesday, July 4th in observance of Independence Day. Furthermore, an additional day off has been granted, and the University will remain closed on Monday, July 3rd.
- The JUN-23 period will remain open and an option for journal preparers to select after the 3rd close at 2 p.m. on Friday, July 21st. This option remains until the 5th close on Friday, July 28th. However, any journals uploaded using the JUN-23 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-23 or later) or is deleted before then by the submitter.
- Be careful to select the proper period (JUN-23 or JUL-23) when you are entering a journal. Beginning July 1st, the default period will be JUL-23 (FY24). If you want to post a journal to FY23 during July 2023 you will need to select JUN-23 as the proper period.
- A journal should only be reversed by the person who created the journal, or with the permission of that person.
- Tubs may choose to include additional deadlines. Please contact your tub finance office for more information.
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.
Interdepartmental Billings
- All interdepartmental billings, whether entered manually, via an ADI template or via a feed to the General Ledger, must be processed by 2:00 p.m. on July 14th. (GL billing feeds are generally submitted by service centers like HUIT and UOS.)
- If an interdepartmental billing journal needs to be processed after July 14th through the 5th closing, permission MUST BE obtained from the Central financial office of the tubs being both charged and credited. It is no longer 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.
Chart of Account Maintenance Requests
Disable Requests:
Wednesday, June 7th (MAY-23 close) is the last date that values will be disabled in FY23. Any CSMA requests not successfully disabled on June 7th will be held until the final JUL-23 close.
Requests to disable CoA values that require approval should be submitted through CSMA before 5:00 p.m. on Monday, May 22nd. Disable requests that do not require approval should be submitted through CSMA before 5:00 p.m. on Thursday, June 1st.
Funds and sub activities with the status of "Ready to be disabled" in GMAS will be sent to CSMA on Friday, June 2nd for processing. This is the last time sponsored funds and sub activities will be sent to CSMA to be disabled in FY23. 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 a.m. - 5 p.m., Monday - Friday) throughout year-end. CSMA requestors wishing to specifically designate for the JUN-23 period any CoA changes entered from July 1st through July 28th should enter 30-JUN-2023 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 2023 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 7th | Saturday, July 8th | Saturday, July 8th |
| Second Close | Fiscal June Entries from July 8th through July 14th | Saturday, July 15th | Saturday, July 15th |
| Third Close | Fiscal June Entries from July 15th through July 21st | Saturday, July 22nd | Saturday, July 22nd |
| Fourth Close | Fiscal June Entries from July 22nd through July 26th | Thursday, July 27th | Thursday, July 27th |
| Fifth Close | Fiscal June Entries from July 27th through July 28th | Saturday, July 29th | Saturday, July 29th |
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 FY23 or FY24 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 Friday, 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 FY24.
- The Prior Fiscal Year selection will return FY23 data.
- The Current Fiscal Year to Last Closed Period selection will not return any data because there is no closed period in FY24 until the July 2023 close.
- The Current Fiscal Year to Current Open Period selection will show transactions posted to the month of July 2023.
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, 2023.
- 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 2023 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 19th - Completed Project Proposals (PPs) and Construction Authorizations (CAs) submitted by this date will be processed, and CIP activities enabled where applicable, for FY23.
- Friday, June 9th - Completed Construction Close Requests (CCRs) submitted by this date will be processed for FY23. 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 FY24 when the CAPS system re-opens for approval. To coordinate with the Fixed Assets closing, CAPS is extending the year-end blackout period to Monday, July 10th.
Oracle Assets Fiscal Year-End 2023 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 |
Friday, 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 June 30th deadline below will post in FY24. |
| AP Adjustment Forms approved in Oracle |
Friday, June 30th at 12:00 p.m. Note: the AP to OFA feed is shut off from July 1st to July 15th. All FY24 AP activity will be fed to Oracle Assets on July 17th. |
| Trade-in Notification |
Information sent to far_fixed_assets@harvard.edu no later than Friday, June 30th. |
| WIP Placed in Service Notification Forms sent to FAR | Forms sent to far_fixed_assets@harvard.edu no later than Friday, July 7th. |
| 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 30th. |
| CIP and Equipment accruals posted by Tubs prior to third close journal deadlines | Friday, July 21st at 2:00 p.m. |
| Mass Additions queue cleared; all transactions posted to either a Capital or CIP Asset | Wednesday, July 12th at 5:00 p.m. |
| Non-cash retirement of assets and impairments | Wednesday, July 12th at 5:00 p.m. |
| Final Assets Close for FY23 |
Thursday, July 13th at 9:00 a.m. |
| Tubs run reports for Fixed Asset reconciliations | Thursday, July 13th upon receipt of email indicating that Assets has closed (anticipated mid-afternoon) |
| Depreciation in HART |
Friday, July 14th at 9:00 a.m. |
Who to Contact List for Closings
Please click on the Print button found at the bottom of this article if you wish to print a version for quick reference.
| Office | Location | Phone | |
|---|---|---|---|
| Accounts Payable | Accounts Payable | 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 |