Accounting

When do accounting periods close?

In the new financial system, periods close the morning of:

• Workday 2 Treasury
  
  
• Workday 3 Purchase Orders, Accounts Payable, and Expenses
  
  
• Workday 5 Asset Management, Grants, Projects, Contracts, Accounts Receivable, and Billing
  
  
• Workday 7 General Ledger
  
  • Activity that meets the approval threshold for Accounting Services (where their approval is required) must be to Accounting Services prior to 4:30 p.m. the day before the scheduled close.
    
  • Activity that does not require Accounting Services approval must be processed and fully approved by 10 p.m. the night before the scheduled close.
    
  • The morning of the scheduled close is reserved for final adjustments from Accounting Services.
    
  • The actual process used in the system to close an accounting period runs at about 9 a.m. the morning of the scheduled close.