Overview: Year-End Close
On this page:
- Year-End Close Defined
- Specific Year-End Close Processes
- Schedules and Deadlines
- FY16 Year-End Close Detailed Schedule
Year-End Close Defined
Year-End Close is performed to finalize a snap shot of transactional activity for an entire fiscal year. Stanford's financial fiscal year is September through August. Most processes run at Year-End Close are also run on a daily, weekly and/or monthly basis. For Year-End, these processes are performed for the last time for the entire fiscal year to ensure all transactions are posted and reflected on reports. The year is officially closed when these processes are complete (including posting).
Specific Year-End Close Processes
There are a couple of processes that are integral to Year-End Close: Clearing of Organization Suspense Accounts and PTA Maintenance Blackout.
Clearing of Organization Suspense Accounts
Organization Suspense Accounts (OSA) are accounts configured for every department to hold payroll transactions that either post in errors or are missing a Labor Schedule. All OSA transactions are to be cleared on a quarterly basis per policy; any remaining transactions at quarter end 'sweep' deadlines are moved to that department's funded guarantee account and incur a $25 fee per OSA transaction line.
During Year-End Close, Financial Management Services (FMS) performs an OSA sweep for transactions posted to OSA's through JUL-2015 that have not yet been cleared. A $25 per payroll transaction fee charged and posted to the month of AUG-2015 for swept transactions. Additional sweeps for August 2015 payroll periods are also done during Year-End Close, but fees are waived. For more information, see Overview: Organization Suspense Accounts for Labor and Clearing Organization Suspense Accounts PowerPoint presentation.
PTA Maintenance Blackout
PTA Maintenance Blackout takes effect to prevent updates to PTA's during Year-End Close. The purpose of the PTA blackout is to avoid rejected journals during Close when deadlines are tight.
Schedules and Deadlines
At year-end, there are two preliminary closes before the final close. This allows end users to view August Month-End Close data and make additional corrections and adjustments before the final close. Once Final Year-End Close has occurred, no more corrections or adjustments may be applied to the prior year (year being closed).
The year being closed remains open for three additional weeks in the new fiscal year in order to process all prior fiscal year transactions.
- All transactions will occur in the last month of the fiscal year, August.
- Prior months will not be re-opened, so all adjustments will be reflected in August.
- During this time, transactions for the new fiscal year may be entered into the Oracle system but will not be posted into the new fiscal year until the prior year is finally closed.
FY16 Year-End Close Detailed Schedule
Fiscal Year 2016 Year-End Close officially begins Monday, August 29, 2016. There are five distinct timelines for activities included in the FY16 Year-End Close Schedule as follows:
- Pre-Close: Activities before August 29
- AUG-2016 Month-End (Soft) Close: August 29 – September 6
- Year-End Expenditure (Hard) Close: September 7 – September 12
- Year-End Fund Transfer(Final) Close: September 13 – September 20
- Post-Close Activities: September 21 – October 31
For detailed Year-End tasks and deadlines, review: