Year-End Review and Closing Requirements
Monthly procedures focus on reviewing accounts to ensure completeness, accuracy and validity of activity. They 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. As part of this review, some projects such as labor suspense and accounts payable bounces are cleared out to the appropriate accounts. Additionally, grant award balances and contributed income fund balances are reviewed, and actual activity is compared to budget.
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. Additional procedures are needed for making final adjusting entries. For the year-end closing, we recommend you review your account activity using the following approaches. First, compare activity against budget, next review fund balances, and lastly review the expenditure categories. This review should be ongoing so you have the opportunity to see any new activity posted by other units and ensure the corrections you have made posted correctly.
To view the complete packet of materials for use in the year-end closing process for FY2007, non-Medical School departments may go to www.yale.edu/ppdev/YearEndClosing/index.htm. Medical School departments may go to http://info.med.yale.edu/finops/whatsnew.html for their own set of guidelines.
General Accounting and Financial Support Services are committed to providing support throughout the year-end closing process to ensure that things run as smoothly as possible for everyone. The following options are available:
CLINICS: JSA, LD, Brio, and Excel clinics are available by appointment. Inquire by emailing firstname.lastname@example.org.
HELP DESK: Call with system questions or issues: Central: 2-9000; YSM: 5-3200. Important information along with scheduled outages and open issues are posted online at: www.yale.edu/its/status
GA USER SUPPORT: Email specific questions or issues to email@example.com
HELP DESK: Call with technical questions or issues: Central: 2-9000; YSM: 5-3200. Important information along with scheduled outages and open issues are posted online at: www.yale.edu/its/status