It's that time of year again!
The year-end close (YEC) process of recording and reporting expenses from September through August gives a snapshot of the university's transactional activity each fiscal year; it includes five distinct closing stages of activities as shown below.
This news page highlights several key deadlines and processes important to completing the 2024 fiscal year-end close; all times listed are in Pacific Time (PT). For more YEC deadlines and guidance, see the helpful resources below.
Helpful Resources
- Year-End Close Calendars:
- Interactive version (filter by close stage or business function; monthly calendar view)
- Printable version (monthly calendar view; multi-page PDF)
- Summary of Deadlines (list view; one-page PDF)
- Topic Overview: Year-End Close (an in-depth look at YEC stages, specific processes, and reporting resources)
- Subscribe to year-end close emails for timely reminders during each stage.
Questions?
During year-end close, there is a temporary freeze on updates to PTAs as well as the setup of new expenditure types and object codes and changes to existing ones to ensure minimal interruption to systems.
Expenditure type/object code freeze
- The deadline for submitting requests is Aug. 1 at 5 p.m.
- The freeze will be in effect Sept. 1 through Oct. 31.
For more information, see Topic Overview: Year-End Close > Expenditure Type or Object Code Freeze.
PTA blackout
This year’s PTA blackout period is Aug. 28 through Sept. 19, 2024. Updates to PTAs may resume on Sept. 20, 2024.
For more information, see Topic Overview: Year-End Close > PTA Maintenance Blackout.
Prompt submission is important to ensure financial reporting compliance. In addition to timely submission of current year invoices and Expense Requests system transactions, prompt attention and resolution of holds and returned or rejected transactions helps them get processed this fiscal year. Refer to the OBI Resources for Year-End Close section for guidance on using reporting tools to find these transactions.
Note: Transactions received by the deadlines below will be processed this fiscal year (for completed requests/transactions with no outstanding issues). Payment Services will make every effort to process items received after this date in this fiscal year, but that cannot be guaranteed.
Monday, Aug. 12 deadlines (5 p.m. submission, 10 p.m. approval)
- Expense Requests transactions (Reimbursement/expense reports including TCard transactions, advance requests, non-purchase order (PO) payments, and petty cash replenishments): Transactions must be submitted by this deadline with backup documents attached.
- Accounts Payable (AP) invoices: Submit invoices to AP by this deadline to guarantee payment in FY 2024 (payment will be processed on or before Aug. 27 if the invoice payment terms fall within this period). Note: A fully approved PO with sufficient funds must be in place and referenced on the invoice before submitting to Accounts Payable.
Wednesday, Aug. 21 deadlines
- Purchasing Card (PCard) approval: Please verify your transactions and have them completely approved by 4 p.m. You can identify transactions awaiting verification and approval from your Oracle Financials PCard Worklist.
- AP invoices: Submit invoices by 5 p.m. to post expenditure to FY 2024. Please review your POs and/or identify, obtain, and upload any outstanding invoices that need to be posted in FY24.
Monday, Aug. 26 deadline
Approved and validated payment requests (outgoing ACH, direct deposit, wires, checks, SUA, and Digital Payments requests) must be submitted to AP for processing by 4 p.m., Monday, Aug. 26 for the last FY24 payment run scheduled on Tuesday, Aug. 27. AP payments are on hold from Aug. 28 through Sept. 2, 2024; there will be no payments made for any reason during this time. Payments resume Sept. 3, 2024.
Questions? Submit a support request.
To be processed in the 2024 fiscal year, department cash and check deposits must be deposited:
- Through the JP Morgan (JPM) mobile app no later than 7 p.m. PT on Aug. 28.
- If a check is in the Correction Tool due to an invalid PTA, it must be corrected through the Deposits and Receipts Manager system before month-end close on Aug. 30.
- At any Wells Fargo branch no later than 5 p.m. PT on Aug. 28.
- Claimed and booked to the correct PTA through the Deposits and Receipts Manager system before month-end close on Aug. 30. See How To: Claim Unidentified Receipts and Branch Deposits.
- Deposits must be claimed and booked to the correct PTA through the Deposits and Receipts Manager system before month-end close/year-end Soft Close at 5 p.m. PT on Sept. 5 to be included in the 2024 revenue and expense reports.
- Through the Wells Fargo desktop or mobile app by 7 p.m. PT on Aug. 28.
See the New Deposits and Receipts Manager System news page for changes to the cash and check deposit process.
iJournals authority requests must be submitted by Aug. 23, 2024 to ensure guaranteed approval. Requests submitted after this date may not be processed in time for year-end close.
Deadlines for same-night journal processing
Review the Year-End Close Interactive Calendar for exceptions and details.
- 3 p.m. - Submit core journals and iJournals
- 7 p.m. - Final approval (including end-route) for iJournals
- 9/1-17 core journal posting: 12 p.m., 2 p.m., 5 p.m. and 7 p.m.
- 9/18 core journal posting: 12 p.m., 2 p.m., 5 p.m., and 7 p.m. (Central offices only)
The Systems & Reporting Operations group will be changing end dates on labor schedule lines on the weekend of Aug. 24, 2024. The rollover will automatically extend labor schedule end dates to the end of next fiscal year (Aug. 31, 2025).
The process will only update labor schedule lines for those employees charged to non-sponsored accounts (PTAs) and have a current labor schedule end date of Aug. 31, 2024. The end date rollover will not alter:
- Labor schedule lines with sponsored accounts (PTAs).
- Labor schedule lines with an end date not equal to Aug. 31, 2024.
- Labor schedule lines for employees with existing lines in the new fiscal year.
Recommended action
To verify the effect of the rollover and avoid earnings being charged to organization suspense accounts (OSAs), review your entries using OBI reports. Note: Labor schedule pay period end dates for the full fiscal year will be available Sept. 1.
- Run the OBI Payroll and Labor Management Labor Schedule Trend Report for your work assignment org for pay periods ending Sept. 15, 2024 to Aug. 31, 2025 and select the “View By” option Labor Schedule by Person PTA Start/End.
- Review labor schedule end dates to verify Aug. 31, 2024 lines were updated to Aug. 31, 2025.
- Confirm that labor schedule lines total 100 percent for each pay period.
- If needed, use this information to update labor schedule entries in the Labor Schedules system (to show proper end dates, 100 percent schedules, and correct PTAs).
- If needed, work with your Axess time and leave administrator to review timecards for hourly employees and update PTAs.
Questions?
Submit a support request.
Employee earnings are reflected in the Labor Distribution Adjustments (LDA) system. Labor distribution adjustments must be submitted and approved by Thursday, Sept. 5, 2024 for inclusion in FY24.
- The final pay period (Aug. 31, 2024) payroll data will be available in OBI and LDA at 8 a.m.
- The SU LD Distribution Adjuster responsibility will be temporarily disabled at 5 p.m. (the link to the responsibility will be unavailable in the Oracle Financials homepage) until it is reactivated on Thursday, Sept. 20, 2024, at 8 a.m.
- Departments should clear all payroll transactions posted to their organization suspense accounts (OSAs) through the Aug. 31 pay period via a fully submitted and approved labor distribution adjustment by 7 p.m. Unapproved adjustments will carry over into FY25. Learn more about clearing OSAs.
Questions? Submit a support request.
