FY 2019 Closing What is Closing Purpose Closing

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FY 2019 Closing

FY 2019 Closing

What is Closing? Purpose: ü Closing is the process to finalize all financial activity

What is Closing? Purpose: ü Closing is the process to finalize all financial activity for the current year ü Closing allows for accurate financial reporting & budgeting within fiscal years F&A Expectations: ü ü Provide accurate and timely information within the Closing Reports Review Closing reports and follow up on any issues identified Review all supporting documents for accrual and prepaid expenses Continue monitoring through year-end to ensure proper recording of expenses and revenue BA Expectations: ü ü ü Timely completion of Closing Reports Processing of transactions & entries in connection with Closing timeline Provide information & support for accrual and prepaid expenses Continue to review through July 8 th to ensure items identified as accruals have not been posted Ensure restricted funds (including endowed chairs) have been spent appropriately (or maximized for salary) and balance is accurate

Key Dates to Remember Closing Reports ü Round 1 Distributed Thursday, May 16 th

Key Dates to Remember Closing Reports ü Round 1 Distributed Thursday, May 16 th – Complete by Friday, May 31 st ü Round 2 Distributed by Monday, June 10 th – Complete by Friday, June 21 st Closing Workshop & Training: ü Monday, May 20 th – Huntsman Hall F 75, 10: 30 am – 12 pm ü All are welcome to attend – New BAs highly encouraged to attend Accrual & Prepaid Detail & Support: ü Submit by Monday, June 24 th with all accompanying support ü Please continue to monitor the General Ledgers for expenses you have accrued so that we do not double book Payroll Reallocations: ü Deadline to complete – Monday, June 24 th Endowments: ü All requests sent to: finadminhelpspot@wharton. upenn. edu by Friday, May 24 th ü Please include fund number, Resp Org, Fund Name and amount to be reinvested/liquidated