Month End Close Deadlines

Monthly close activities will be performed from July 29th through July, 31st. Please note the following deadlines and cutoff dates:

The business Assets activity group will be closed on Friday, July 29^th. All asset transactions including transfers, asset registrations, disposals, etc. for the month of July must be entered by Thursday, July 28^th. Business Assets activity will resume when the next accounting period becomes available (see below).

Accounting Journals and Accounting Adjustments will be closed on Friday, July 29^th at 4pm. All Accounting Journals and Accounting Adjustments (e.g. supplier invoice and expense report adjustments) must be approved by Friday, July 29^th at 4pm, otherwise they will be canceled by Central Accounting as they will prevent the period to be closed. Users are encouraged to enter all Accounting Journals and Accounting Adjustments by Thursday, July 28^th to allow sufficient time for approvals. Canceled accounting journals and adjustments can be copied and resubmitted in the next accounting period when it becomes available (see below).

Payroll will be closed on Friday, July 29^th at 4pm. All Payroll Accounting Adjustments should be approved by Friday, July 29^th at 4pm, otherwise, they will post to the next accounting period, when it becomes available (see below).

All other activity groups and transaction types will be closed on Sunday, July 31^st at 5pm. Users can continue to enter and approve expense reports, requisitions, purchase orders, ad hoc payments, banking transactions, customer invoices, etc. until this time to be posted in the current period. Any pending/unapproved operational transactions at cut-off will post to the next period when it becomes available (see below).

The August period will be opened on Sunday, July 31^st, at 5pm. Users can continue to process Accounting Journals, Accounting Adjustments, as well as all other transactions at this time to be posted to the August period. Note that the Accounting Date for all transactions must be in the August period as July will be closed which may require the default Accounting Date to be changed to August.

Integrations:

• The last scheduled Supplier Invoices Integration for the month of July will be on Thursday, July 28^th at 7pm. The next scheduled Supplier Invoice Integration will be on Sunday, July 31^st at 7pm, but will post to the August period.
• The last scheduled Accounting Journals Integration (SIS and FM) for the month of July will be on Friday, July 29^th at 12pm. The next scheduled Accounting Journals Integration will be on Monday, August 1^st at 7pm and post to the August period.
• goog_53283400The last scheduled Customer Invoice, ISD, and SIS Misc Payments integrations will run on Friday, July 29^th from 6:30pm to 7:00pm as normal.

As we become more comfortable with the new system, deadlines and cutoff dates may be adjusted in the future.  

Questions or concerns?  Contact askfinance@virginia.edu