Financial System Year-End Processing – Employee Announcements

*** Update on July 28, 2022 from Heidi Kozlowski, University Controller’s Office ***

June for FY 2022 has been closed. As many of you are aware, since it is the end of the fiscal year, it takes longer for OSC to approve our data. We should have final approval today or tomorrow but I wanted to get this out as soon as I was able to.

Thank you for a successful year, your help, and your team work to get the job done!

*** Update for July 1, 2022. The Financial System for Fiscal Year 2023 is open and new transactions can be entered on 07/01/2022. The Beginning Budget and Actual Balances on the Wolfpack Reporting System Reports will have zero dollar amounts until the carry forward process and/or current year transactions are posted in Financials.

Below are specific dates by which the Central Offices will complete the carry forward processes:

1. Budget Balances for Capital Improvement funds – 07/05/2022. Complete

2. Budget Balances for Contracts & Grants (Ledger 5s) – 07/01/2022. Complete

3. Budget Balances for State (Lower Ledger 2s and 3s, and all Ledger 4s), F&A (Upper Ledger 2s), and Auxiliary/Fee (Upper Ledger 3s) funds – 07/20/2022. Complete

4. Budget Balances for Foundations (Ledger 6’s) – 07/28/2022. Complete

5. The initial Beginning Balances for all Ledgers for Fiscal Year 2023 have been initially completed. Please Note: June Close will have an impact on these balances and once the year-end process has been finalized by the University Controller’s Office, any permanent adjusting entries processed during 13th month could change the Beginning Balances.

6. Remaining purchase order encumbrance balances have been rolled to Fiscal Year 2023. Reconciliation will begin July 1st and will address any balance issues in Fiscal Year 2023 as they are identified. Please report any encumbrance issues to Monica O’Brien in the Procurement & Business Services Department for research and possible correction.

7. Salary Encumbrances for Contracts & Grants (Ledger 5’s) – 07/01/2022. Complete

8. Fellowship Encumbrances – 07/01/2022. Complete

*** June 27, 2022 at 09:22 a.m. ***

Due to year-end processing, the Financial System will begin nightly batch processing at 4:00 p.m. on Thursday, June 30 and is expected to run until 7 a.m. on Friday, July 1. Please plan on signing out of the Financial System prior to 4:00 p.m. on Thursday, June 30th. All transactions (such as journal vouchers) for Fiscal Year 2022 should be entered and approved prior to 4 p.m. on Thursday, June 30th.

As a reminder the Fiscal Year 2022 Close Out Schedule can be found here:

https://drive.google.com/file/d/1kk8app7Kky5CSB0_ZOHsa049QGXtkW-y/view?usp=sharing

The Financial Reporting System and the WolfPack Reporting System (WRS) will not be impacted by the additional processing requirements.