Tagged: Financial Accounting

The Controller’s Office has updated spend and revenue category definitions for FY27 to support more consistent category usage across the university. These enhancements will improve data quality for reporting, analytics, and compliance while also providing greater visibility into downstream impacts, including asset registration and 1099/1042-S tax reporting. Learn more about the changes and how they may affect your work.

As of Tuesday, July 21, 2026, the Health System is required to use the cost center or funds transfer journal sources to post lines to the University company. Previously, Central Accounting approved these entries. This change ensures transactions appropriately route to the impacted University Cost Center Manager for approval and ensures any funds transfers are properly balanced. important notes and details are listed in the full post.

The detailed FY27 period close and department fiscal payroll processing calendar has been published and is now available on the Controller's website. See full post for the website link. There are several key changes to be aware of beginning with the July FY27 monthly close. Be sure to review the full post and the Controller's website for more details. It is important to note that activity must be submitted and fully approved by the deadlines specified in the close calendar to post to the month being closed.

The Ohio Department of Taxation has announced a Back-to-School Sales Tax Holiday from 12:00 a.m. Friday, August 7, through 11:59 p.m. Sunday, August 9, 2026. Qualifying items that may be purchased tax-free include: clothing priced at $75 or less per item, school supplies priced at $20 or less per item, and school instructional materials priced at $20 or less per item. See the full post for more details.

Second close for June FY26 will occur at 4 p.m. on Monday, July 20. All journals in "created" or "in progress" status for June will be canceled at that time. To avoid Workday performance issues and ensure we can successfully close the evening of July 20, please do not wait until the afternoon of July 20 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.

Effective July 1, 2026, all internal service providers currently posting revenue to RC1075 – Sales Revenue External (formerly “Sales Income”) will be updated to RC1340 – Sales Revenue Internal to reflect the correct revenue source. This change aligns with the broader initiative to standardize and clarify revenue category usage across the university. The Controller’s Office will complete these updates centrally. Internal revenue posts through the internal order billing process; therefore, no additional action is required from earnings operations.

Please note that the equity roll-forward of FY27 beginning equity balances will not occur until after second close, which is at 5 p.m. on the evening of July 20, 2026. As a result, reporting will be affected until the equity roll-forward process is complete. 

Please refer to the Unit Year-end Checklist (link in full post) for important year-end dates, timeline information and tasks that need to be performed. Change Order purchase orders that are in progress as of June 30 do not roll forward. Procurement and expenses close will occur at noon on Tuesday, June 30. Like 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 FY26 procurement and expense transactions fully approved by the end of the day on Monday, June 29. The university will not issue any purchase orders from noon on Tuesday June 30 until midnight (12 a.m.) on Wednesday, July 1. Learn more in the full post.

The detailed FY27 period close and department fiscal payroll processing calendar has been published and is now available on the Controller's website. See full post for the website link. There are several key changes to be aware of for the period close process, beginning with the July FY27 monthly close. Again, see the Controller's website for more details. It is important to note that activity must be submitted and fully approved by the deadlines specified in the close calendar to post to the month being closed.

The Controller’s Office is implementing an initiative to define spend and revenue categories with the goal of enhancing the accuracy of financial and tax reporting (where applicable). By providing clear definitions and guidance, this effort will aid end users with proper category selection and provide greater insight into how category attributes impact Workday reporting and processes downstream. See the full post for a list of changes that will be implemented over the next several months and completed by July 1, 2026.