Financial Closing

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.

... Read more about Fiscal Year-End 2020 Deadlines

Financial Administration (FAD) 2019/2020 Winter Recess Schedule and Year-End Deadlines

December 12, 2019

The University will be in recess from Tuesday, December 24, 2019 until Thursday, January 2, 2020. The following table lists the special processing deadlines, cutoff dates, and system and support availability, leading up to and throughout the winter recess.

Financial and Sponsored systems/applications will be available during winter recess; however, transactions will not be posted to the General Ledger, or refreshed into the HART and DMSDWCENPRD ad hoc reporting environments, and the HUIT Support Center (617-495-7777) and FAD staff will be unavailable.

... Read more about Financial Administration (FAD) 2019/2020 Winter Recess Schedule and Year-End Deadlines

The End is Near - Tips and Tricks for Year End Close

June 13, 2019

Want some ideas in how to accomplish a smooth year-end close?

Wonder about how you are going to get all of those journals done and if there are any ways to make it easier?

Do you need help on determining what you need to accrue or defer (and what that means)?

Confused on what is due when?

Please join us on Tuesday, June 18 from 1:00-2:00 in the Lamont Library, Forum Room.

To attend, please register here or send an email to financialpolicy@harvard.edu with the words “6/18 Session” in the subject line.

This session is open to all; please feel free to forward this invitation to others who may be interested.

Fiscal Year-End 2019 Issue

April 18, 2019

Harvard's fiscal year 2019 will end on Sunday, June 30, 2019. As in the past, the University will close the books through a series of steps called "closings." Click here for a printable version of the Summary Schedule for FY2019 Transactions and Reporting.

Please note the FY2019 year-end closing dates:

  • First closing                  Friday, July 5th
  • Second closing             Friday, July 12th
  • Third closing                 Friday, July 19th

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 Reimbursement Travel Authorization Forms (WV-TAFs)
  • Web Reimbursement 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

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 entered into 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 FY2019 year end, there will be three additional data refreshes to the Data Warehouse (HDW):

  • Sunday night, June 30th
  • Sunday night, July 7th
  • Sunday night, July 14th

June journals entered after the Friday,, June 28th nightly processing and before 6:30 p.m. on Sunday, June 30th will be in the HDW on the morning of Monday, July 1st. Those entered after the 2 p.m. deadline on the Friday of the 1st and 2nd closes and before 6:30 p.m. on 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 22rd after the 3rd close. Any regular invoice batches and invoice imports that have been processed by the Accounts Payable department from Friday, June 28th through Sunday, June 30tht will be uploaded on Sunday evening June 30th and reflected in the HDW on Monday morning, July 1st.

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.... Read more about Fiscal Year-End 2019 Issue

Fiscal Year-End 2018 Issue

April 19, 2018

Harvard's fiscal year 2018 will end on Saturday, June 30, 2018. As in the past, the University will close the books through a series of steps called "closings." Click here for a printable version of the Summary Schedule for FY2018 Transactions and Reporting.

Please note the FY2018 year end closing dates:

  • First closing Friday, July 6th
  • Second closing Friday, July 13th
  • Third closing Friday, July 20th

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 Reimbursement Travel Authorization Forms (WV-TAFs)
  • Web Reimbursement Reports with Advance Settlements
  • Concur Reports
  • Central Accounts Receivable Billings
  • Journal Entries
  • Interdepartmental Billings
  • Cost Transfer Requests on Sponsored Funds
  • Chart of Accounts 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 2:00 p.m. Any journals entered into the General Ledger by 2:00 p.m. will be included in that close and will be available in the HDW the next day.... Read more about Fiscal Year-End 2018 Issue

December Financial Month End Close Reminder

December 14, 2017

There will be two financial closes for December. The first one, open to all University financial system users, will occur per the usual process on the 5th business day after the December calendar month close on Monday, January 8 at 9 a.m. The second close, open only to the tubs’ central finance offices and to Central Administration, will occur on Tuesday, January 16.

Information regarding the close schedule can be found at: http://oc.finance.harvard.edu/files/controller/files/fy2018_monthly_closing_schedule_revised.pdf

Fiscal Year End 2017 Issue

April 20, 2017

Harvard's fiscal year 2017 will end on Friday, June 30, 2017. As in the past, the University will close the books through a series of steps called "closings." Click here for a printable version of the Summary Schedule for FY2017 Transactions and Reporting.

Please note this year's closing dates:

  • First closing Friday, July 7
  • Second closing Friday, July 14
  • Third closing on Friday, July 21

In...

Read more about Fiscal Year End 2017 Issue