Year-End Review and Closing Requirements
On a monthly basis, financial procedures focus on reviewing accounts to assure completeness, accuracy and validity of activity. The procedures are designed to ensure that financial information accurately reflects the organization’s activity, validate internal controls, identify possible inaccuracies, exceptions and/or balance deficits, and also provide a quality assurance check prior to the distribution of statements to account owners.
Ensuring the accuracy of the University Financial Statements is critical. Therefore at fiscal year end, emphasis should be placed on a final review to accomplish the highest level of accuracy possible. Several additional procedures are needed for making final adjusting entries. These procedures include a final review and clearing of erroneous expenses out of GA and a final review and clearing of deficits in fund balances and grant awards. They also include the final clearing of the labor suspense and AP Hold and Bounce accounts according to published guidelines.
For non-Medical School units, please go to the following URL to view the complete packet of materials and instructions for use in the year-end closing process for FY2006: www.yale.edu/ppdev/YearEndClosing/index.htm.
Medical School departments should refer to the year-end materials provided by the Medical School Business Office
For those who need assistance with JSA, LD, and Brio or if you have other specific questions concerning the year-end process, email firstname.lastname@example.org.