Tagged: Financial Accounting

The detailed FY25 period close and department fiscal payroll processing calendar has been published and is now available on the Controller's website for download in Excel format. Note: In FY25, Assets and Depreciation close will occur on Day 5. Previously, these activity groups closed on Day 3 and 4, respectively.

Two helpful reports are available to assist with year-end business document clean up that was first shared in April (see original post).

The "UNIV Remaining Encumbrances - Requisitions, POs, Spent Authorizations" report helps end users identify transactions and their encumbrances that will roll forward at the end of the fiscal year.

The Forward Accruals and 9 over 12 Academic Pay Period job aid in the Administrative Resource Center (ARC) has been updated with a more realistic example for Forward Accruals. Please review if you have an interest in learning more about the forward accrual calculation.

Effective May 24, 2024, a revised interim Earnings Operations policy will be issued. Changes were made to advance compliance with current Office of Management and Budget Uniform Guidance, the authoritative set of rules and requirements for federal awards management, and thereby reduce the risk of waste and misuse of federal funds.

As a part of fiscal year-end activities, subaward supplier contract encumbrances will be closed out for FY24 and re-opened in FY25.

Please refer to the downloadble Unit Year-end Checklist for important year-end dates, timeline information and tasks that need to be performed. Procurement and expenses close will occur at Noon on Friday, June 28.

Beginning with FY25, Memorandum of Understanding (MOU) agreements which lock internal fees for a set period must be adjusted for any annual changes in rates over the life of the MOU.

Please refer to the downloadable Unit Year-end Checklist for important year end timeline information and tasks that need to be performed. Please make every effort to close out as many old items as possible to help avoid system issues for the year-end roll forward process. As a reminder, purchase orders can close only when the status is issued and there are no:   

Effective Friday, April 19, as part of the Campus Position Control Project, Cost Center Managers will now receive costing allocations through their inboxes for New Position Management Positions and all Job Management Hires (who are not paid from Period Activity Pay). This is a change, as historically costing would route to managers to initiate.  

The Tableau report "Delegation History - OSU" has been updated with the enhancements described below.