Tagged: Financial Accounting

Effective Friday, June 6 at 4 p.m., all accounts receivable write-offs will post to ledger account 65770: Bad Debt Expense. Historically they had been posting to 13200: Allowance for Uncollectables. The Controller’s Office is in the process of identifying write-off debit balances in the 13200-ledger account and plans to correct this via a central journal. Spend Category SC10660: Bad Debt Expense will now map directly to 65770. Historical corrections will be posted by the second June close.

Please note that the equity roll-forward of FY26 beginning equity balances will not occur until after second close, which is at 5 p.m. on the evening of July 18, 2025. As a result, reporting will be affected until the equity roll-forward process is complete. 

The detailed FY26 period close and department fiscal payroll processing calendar has been published and is now available on the Controller's website. Link in full post.

On Monday, June 2, several credit card and expense-related reports will have maintenance performed on the back end of the reports. Changes as a result of this work will replace retired Workday prompts. While end users will still be able to use the same prompts after maintenance is complete, any saved filters and/or scheduled processes will be affected for the reports. Users will need to re-save filters and re-schedule reports after June 2 for any saved filters or scheduled processes that use the reports and prompts listed in the full post.

Please continue to refer to the Unit Year-end Checklist, found on the Business and Finance website's Controller page, for important year-end dates, timeline information and tasks that need to be performed. Procurement and expenses close will occur at Noon on Monday, June 30. Similar to last year, to avoid potential accounting issues, we are asking that no transaction approvals, changes, or cancellations occur after that time until the roll forward is complete the following day. This includes Requisitions, POs, Change Orders, Supplier Invoices (for both Internal and External Suppliers), Miscellaneous Payments and Expense Reports. It's highly recommended to have FY25 procurement and expense transactions fully approved by the end of the day on Friday, June 27, 2025.

During the week of May 26, a new financial trending report will be made available. The new "Sources and Uses - Monthly Trending" report allows the user to select the Period, as well as worktag information and then will show Actuals broken out by each period in the respective "Fiscal Year," along with Year to Date Encumbrances, Beginning and Ending Equity numbers. See the full post for more details and where to send questions.

New inventory spend categories have been created to improve visibility into inventory write offs and adjustments. These include: Inventory - Shrinkage (SC10744), Inventory - Cost Adjustment (SC11040), Inventory - Obsolete (SC11039), and Inventory - Spoilage (SC11041). See the full post for details.

New custom validations have been implemented for accounting journals for The Ohio State University ONLY. The following journal sources are excluded: Central Correction No ACP, Conversion, Supplier Discount, and Capital Expense Reclass. See the full post for a list of validation rules.

As part of year end procedures and to help ensure a successful procurement roll forward, it is recommended that units review and close out old items with remaining balances if they will no longer be invoiced. Two helpful reports are available to assist with year-end business document clean up: the "UNIV Remaining Encumbrances - Requisitions, POs, Spend Authorizations" report and the "Purchase Orders with Documents Awaiting Action" report. See the full post for more details and report criteria information.

Effective April 1, 2025, the Deposit of Funds policy and Petty Cash Funds, Change Funds, and Cash Advance Payments policy (formerly named the Cash and Cash Alternatives Payment Methods policy) have been revised by the Office of Business and Finance. These polices provide updated guidance on how units should manage their cash activity. Review the full post for details.