Tagged: Financial Accounting

As of Tuesday, August 8, the Cost Center Manager role is no longer paired with the Cost Center Fund Transfer Approver role. The Cost Center Director role will continue to be paired with the Cost Center Fund Transfer Approver role.   

Starting in September (during August month-end close), initiators and approvers of journals and fund transfers that are in a "created" or "in progress" status on business day 4 will see new Workday alerts/notifications. It is important to take immediate action on these items prior to 4 p.m. on business day 5 to avoid these entries being canceled or moved to the next period.

Last updated 10/13/23

In order to support training for the new Internal Order Billing process go-live in October, the Controller's Office will be slightly delaying the closure of internal purchase orders during August close and September close. Internal purchase orders for August will be closed on Tuesday, September 5 (as opposed to 8/31), and internal purchase orders for September will be closed on Monday, October 2 (as opposed to 9/29). This will ensure there is adequate test data in the training tenant.

As a part of fiscal year-end activities, subaward supplier contract encumbrances will be closed out for FY23 and re-opened in FY24. An encumbrance will not roll-forward into FY24 if a subaward supplier contract has an "Amendment in Process" status. This issue was confirmed in testing. As a result, the Office of Sponsored Programs (OSP) is providing the guidance below for subaward supplier contract amendments.

To avoid potential accounting issues, the cut off time to approve any requisitions, supplier invoices, purchase orders, change orders, or expense reports is noon on Friday, June 30, 2023. It is highly recommended to have everything approved on Thursday, June 29, 2023. These activities may resume on July 1.   

Encumbrances for blanket purchase orders associated with fiscal year 2024 will first post to fiscal year 2023 until a manual job is run at month-end to move the encumbrance into fiscal year 2024. The process will look for any blanket purchase orders created after 4/17/23. It is also important to review the Creating a Blanket Purchase Order job aid in the Administrative Resource Center (ARC).

The "Equity Balances by Balancing/Carry Forward Worktags - Summary" report has been created as a simplified version of the "Equity Balances by Balancing/Carry Forward Worktags" report. It is intended as a high-level analysis for department leaders to run and it provides available balances by unique worktag combinations. The report provides basic information about beginning balances, transfers, revenue, expenses, and encumbrances with a remaining balance available. The report also has very few prompts which cater to a simplified user experience. 

A downloadable Year-end Checklist for Finance and Supply Chain activities is available under the "I want to..." heading, found on the  Controller page of the Business and Finance website. The checklist includes important dates and action items for FY23 year-end.