Happy New Fiscal Year!

Happy New Fiscal Year! While most areas are already kicking off FY19, some areas within Business & Finance are still living in FY18 for a while longer as they wrap up critical year-end recordkeeping and transaction processing.

Shared Services Center

Fiscal year end is always a hectic time for the SSC’s Accounts Payable team. The AP team processed 33,675 cases during the month of June in time to post to FY18, an average of 1,604 cases per day! To mitigate some of the annual stress and give her teammates a confidence boost this year, AP associate Meaghan Foley took it upon herself to organize one small activity for the team every day in June. Daily activities included bringing in sweets, inspirational quotes, games, and a stress-relieving piñata. AP not only reached all of their year-end goals, but they did it with a smile on their faces thanks to Meaghan’s extra efforts!

After processing by AP, transactions and other financial transitions need to be reconciled on the general ledger. That’s where the Accounting Customer Service team comes in. ACS Accountants are stewards of the general ledger chart of accounts and activity recorded to it. During the month of July, ACS is busy processing journal entry requests submitted by the university, including June 2018 year-end close activity–on top of normal July business. In addition, ACS assists schools, colleges and units with accruals in statement areas such as Accounts Receivable and Prepaid Rent. They also help the University to close the AP ledger and general ledger for the 2018 fiscal year. ACS looks forward to another great fiscal year in 2019!

Accounting Operations and Financial Reporting

Did you know there is more than one close of business at the end of a fiscal year? After the first close of business on July 19, Accounting Operations reviews preliminary reports that highlight significant transactions and variances in FY18 data. A second close occurs in mid-August. This close includes AP accruals and any adjustment journal entries. Preliminary reports are then reviewed, leading up to the third close in mid-September. This close includes activity involving market value adjustments. Throughout this period, Financial Reporting is busy preparing deliverables for external auditors.

In the final phase, there are various reports and financial statements prepared for a handful of areas within the university as well as for the Regents meeting in October. Generally, once the Regents have approved the financial statements, the general ledger for FY18 is officially closed and these departments can now join their colleagues in focusing on FY19!