Tagged: Financial Accounting

Beginning with the November 2025 sales month, there are important changes related to the sales tax process, as shared in the full post. Units must ensure that accrued sales tax (ledger account 20500) for the November sales month is recorded/approved in the general ledger for the November accounting period no later than 4 p.m. on December 5, 2025. This new deadline ensures the tax liability is recorded in the proper period (the month of sale or invoice) and aligns with the monthly fiscal close deadline (business day 5). See the full post for more details including a download link to the Sales Tax Reporting form that must also be submitted by close of business on December 5.

On Friday, October 23 a new custom validation was put in place to restrict the usage of OSP Grants on cash sales. For refunds or repayments of grant expenditures, please contact ERIK Grants Accounting (ospgrantsaccounting@osu.edu) for guidance.

Due to the Academic Winter Recess (December 26 - January 1), several updates have been made to the FY26 Period Close Department Fiscal Payroll Processing Calendar. See the full post for details.

The Controller's Office has updated the unit monthly reconciliation checklist for FY26. The main updates include transitioning the existing checklist into Microsoft Excel format for easier use, with job aid links and resources linked to each step. In addition, a step was added to help facilitate purchase order review and closure.

This is a friendly reminder that FDM worktag changes such as edits, inactivations, or reactivations should be submitted through Workday using the Create Request task. This process ensures we have the proper audit trail and documented approvals for all changes to worktags. See the full post for a job aid link and contact information for help.

The second close for June FY25 will occur at 4 p.m. on Friday, July 18.  All journals in "created" or "in progress" status for June will be cancelled at that time. Last year, there were Workday performance issues due to a high volume of journal EIBs submitted the afternoon of second close. To ensure we can successfully close the evening of July 18, please do not wait until the afternoon of July 18 to submit EIB journals. If you notice performance issues, please do not attempt to submit the EIB again. In addition, if the journal is not that many lines, please use the Workday user interface to complete the journal instead of an EIB.

The Ohio Department of Taxation has announced there will be an Ohio Sales Tax Holiday in effect from 12 a.m. Friday, August 1 until 11:59 p.m. Thursday, August 14, 2025. During the holiday, the exemption will apply to all sales of goods that are $500 or less except for certain watercraft, motor vehicles, alcoholic beverages, tobacco, vapor products, or items containing marijuana. See the full post for more details as well as a contact for questions.

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.