TOOLS FOR RESEARCH ADMINISTRATION

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Running Financial Reports for the New Fiscal Year

During the second week of May 2014, the University will perform its fiscal 2014 year-end close process for the period May 1, 2013-April 30, 2014.  Until this occurs, FAST reports will show May 2014 expense and revenue transactions only

How does this affect me?

This means that you will be able to view your transactions that have been processed for May on your reports, but your year-to-date and inception-to-date totals won’t contain transactions prior to May 2014 until the year-end close is performed and opening balances are created.

When will this occur?

This process is performed shortly after the month of April has been closed, during the second week of May. 

Once the close process is complete, will my reports be accurate?

Almost. Salary commitments aren’t updated until the first monthly payroll file is processed in the new fiscal year.   Because of this, salary commitments will not be updated until the end of May

Is this an issue only affecting FAST?

No. This is the university’s regular business procedure at fiscal year-end. When the information becomes available in PeopleSoft, it also becomes available in FAST.

Why hasn’t this been an issue for me before?

For researchers, it wasn’t an issue because you did not see your information before month-end; you received a monthly Statement of Operations Research. Now in FAST you have access to financial information that is current within 24 hours. 

For people who have access to PeopleSoft, this information isn’t new, and we are simply reminding users of this process.