New Items
Gas for Rental Cars
The YSM Controller's Office has noted instances of rental cars being returned without the required amount of gas, where the renter then paid the inflated price per the rental agreement to fill the tank. While there is no policy against using the rental car company's gas service, the rates are substantially higher, and therefore, it is not always a prudent use of university funds. As a best practice, please communicate that every effort should be made to fill rental cars' tanks prior to return of the vehicle.
Please contact ysmcontroller@yale.edu with questions.
Equipment Received Not Invoiced
In an effort to achieve proper year-end cutoff, please note that if the department has received equipment before June 30, 2024, but has not yet been invoiced, this situation is managed differently from the supplier invoice process and the normal unit journal entries. Any unit Lead Administrator who has knowledge of a significant equipment expense ($5,000 or more) that has been incurred in FY2024 but not yet invoiced should bring this transaction to the attention of Capital Asset Accounting at mei.admin@yale.edu. Capital Asset Accounting will consult with you to determine if it is appropriate to record an estimated expense accrual based on the information available.
Workday Project Form and Requests
An updated Workday Project request form was released in August 2023. Please ensure that, when making requests, the most recent version of this form is used. Refer to the Chart of Accounts website for the latest forms.
Please also remember to send all Workday Project requests to ysmcontroller@yale.edu for review. Any requests sent to the Chart of Accounts team (coa@yale.edu) within the University Controller's Office will be routed back to the YSM Controller's Office for initial review and may delay setup.
In an effort to achieve proper year-end cutoff, please note that if the department has received equipment before June 30, 2024, but has not yet been invoiced, this situation is managed differently from the supplier invoice process and the normal unit journal entries. Any unit Lead Administrator who has knowledge of a significant equipment expense ($5,000 or more) that has been incurred in FY2024 but not yet invoiced should bring this transaction to the attention of Capital Asset Accounting at mei.admin@yale.edu. Capital Asset Accounting will consult with you to determine if it is appropriate to record an estimated expense accrual based on the information available.
Workday Project Form and Requests
An updated Workday Project request form was released in August 2023. Please ensure that, when making requests, the most recent version of this form is used. Refer to the Chart of Accounts website for the latest forms.
Please also remember to send all Workday Project requests to ysmcontroller@yale.edu for review. Any requests sent to the Chart of Accounts team (coa@yale.edu) within the University Controller's Office will be routed back to the YSM Controller's Office for initial review and may delay setup.
Reminders
Fiscal 2024 Year-End Closing Instructions and Kick-Off Meetings
As noted in the Business Update from May 8, 2024, links to the year-end closing procedures and closing calendar are now available. Be sure to add pertinent dates per the closing calendar to Outlook!
Additionally, the University Controller's Office is hosting two kick-off meetings to discuss the FY24 year-end close. The sessions will be offered via Zoom on May 22nd and May 29th from 11:00am - noon. The invitations have been sent to Lead Administrators who are asked to forward them to other members of their teams with year-end related responsibilities.
The YSM Closing Instructions, which are to serve as a supplement to the University's procedures, were also released on May 15, 2024. While we have attempted to capture as many of you as possible, please also forward that email to your teams to the extent that they participate in the year-end close.
Additionally, the YSM Controller's Office is hosting two kick-off meetings to discuss the FY24 year-end close. The sessions will be offered via Zoom on June 6th from 10:00am - 11:00am and June 13th from 11:00am - noon.
Academic Program Support - Year-End Requests
As noted in the University's year-end closing procedures (as well as YSM's closing instructions), academic program support funding/payment requests may be requested starting May 20th. This is not a requirement; however, if a department is able to make a reasonable estimate in May, please do so. Due to the volume of requests, we encourage departments to submit requests at an earlier date. Earlier requests will be funded as soon as possible.
Please also note the new requirement to use the APS request form that was distributed with the YSM closing instructions on May 15, 2024.
Departmental Journal Entry Uploads
As noted in an email distributed in November 2022, the YSM Controller's Office no longer prepares/uploads journal entries on behalf of departments (with a few limited exceptions). As we move closer to year-end, please ensure that your department has MFT upload capabilities and is properly trained.
Contact ysmcontroller@yale.edu with any questions.
Transfers and Reclassifications
There are specific ledger accounts and spend/revenue categories to use for reclassifications and transfers based on the Funds involved and the underlying business circumstances. Ledger account 92020: Transfers between Operating funds should not be used for gifts or endowments or when transferring funds to/from non-YSM cost centers. Please see the University’s year-end closing procedures and the University Accounting Manual for Transfer & Reclassification of Funds, Costs and Revenues for detailed guidance.
Deficit Carryforward Requests
As noted in the YSM Closing Instructions, fiscal year-end deficit carryforwards must be requested of the YSM Controller's Office for all spendable gifts, endowments, and unrestricted funds (e.g., non-sponsored contracts, USPs, FD01, FD18). Please also remember to review your COAs and make requests related to deficits for any APS shortfalls.
New Suspense Reporting
A new Workday report, Suspense Balances Review - Yale went live last month. This new report offers a comprehensive overview for departments to track labor and non-labor suspense transactions, reduce reliance on multiple reports, and establish a uniform process throughout the university. It is expected that the current suspense reports will be retired following FY2024 year-end close. Note that this is a university-wide report and that "homegrown" YSM Workday projects will not be included. Please continue to monitor those items separately.
The user guide detailing the functionality of the new report may be view on the Financial Compliance website.
Assessment Waiver Forms
The assessment waiver forms for non-sponsored and gift waivers are routed for review and approval through Salesforce and available here under "Forms and Templates".
Non-Sponsored Contracts
In a message that was distributed to the YSM community on May 8, 2023, the YSM Controller's Office reminded departments to ensure that all non-sponsored (non-YNHHS) contracts that have been fully executed be sent to the Centralized Billing team at ysminvoicing@yale.edu.
COA Closures and Hierarchy Changes - FY2024 year-end
As noted in the April 10, 2024 Business Update, the last opportunity for Chart of Accounts requests related to segment closures, cost center hierarchy changes, or reorganizations is May 24, 2024. Closures generally resume with the September month-end (i.e., early-to-mid October).
This does not include segment set ups, including Workday projects. Please continue to submit requests (other than assignee) to ysmcontroller@yale.edu.
World Travel Replaced Egencia
As noted in the April 10, 2024 Business Update, beginning May 1, 2024, Workday Travel has replaced Egencia for all Yale business travel booking needed. Egencia is now no longer available.
Please contact travel@yale.edu with questions.
University Service Provider (USP) Resources
Annual registration for USPs will occur this month. Similar to past years, an email will go out to the USP departmental contacts listed in Salesforce. The email will contain a link to Salesforce where USPs should review existing information and make any required changes to personnel contact information. The manual registration process is in addition to the Rate Sheet calculations and Fair Market Value (FMV) analyses which will be due June 30, 2024. Please note that updated FMV analyses are required every other year for USPs with external customers.
Please contact isp@yale.edu with any questions.
Updated Policy and Procedure: YSM Secondary Approval on Expense Reports for Deans, Chairs, and Lead Administrators/Senior Directors
An updated policy and procedure for secondary approval on expense reports for Deans, Chairs, and Lead Administrators/Senior Directors was released on April 25, 2024 and is available in PolicyTech. Expense reports for these individuals that are over $500 must be routed for proper approval in Workday.
PCard Limit Increases
The University Purchase Card Program has addressed PCard holder feedback by proactively increasing PCard limits. Lead Administrators and Operations Managers can find updated limits for their cardholders by accessing the Tableau-based PCardholder Report. Cardholders should have received a customized email with their new limits at the end of April.
As noted in the Business Update from May 8, 2024, links to the year-end closing procedures and closing calendar are now available. Be sure to add pertinent dates per the closing calendar to Outlook!
Additionally, the University Controller's Office is hosting two kick-off meetings to discuss the FY24 year-end close. The sessions will be offered via Zoom on May 22nd and May 29th from 11:00am - noon. The invitations have been sent to Lead Administrators who are asked to forward them to other members of their teams with year-end related responsibilities.
The YSM Closing Instructions, which are to serve as a supplement to the University's procedures, were also released on May 15, 2024. While we have attempted to capture as many of you as possible, please also forward that email to your teams to the extent that they participate in the year-end close.
Additionally, the YSM Controller's Office is hosting two kick-off meetings to discuss the FY24 year-end close. The sessions will be offered via Zoom on June 6th from 10:00am - 11:00am and June 13th from 11:00am - noon.
Academic Program Support - Year-End Requests
As noted in the University's year-end closing procedures (as well as YSM's closing instructions), academic program support funding/payment requests may be requested starting May 20th. This is not a requirement; however, if a department is able to make a reasonable estimate in May, please do so. Due to the volume of requests, we encourage departments to submit requests at an earlier date. Earlier requests will be funded as soon as possible.
Please also note the new requirement to use the APS request form that was distributed with the YSM closing instructions on May 15, 2024.
Departmental Journal Entry Uploads
As noted in an email distributed in November 2022, the YSM Controller's Office no longer prepares/uploads journal entries on behalf of departments (with a few limited exceptions). As we move closer to year-end, please ensure that your department has MFT upload capabilities and is properly trained.
Contact ysmcontroller@yale.edu with any questions.
Transfers and Reclassifications
There are specific ledger accounts and spend/revenue categories to use for reclassifications and transfers based on the Funds involved and the underlying business circumstances. Ledger account 92020: Transfers between Operating funds should not be used for gifts or endowments or when transferring funds to/from non-YSM cost centers. Please see the University’s year-end closing procedures and the University Accounting Manual for Transfer & Reclassification of Funds, Costs and Revenues for detailed guidance.
Deficit Carryforward Requests
As noted in the YSM Closing Instructions, fiscal year-end deficit carryforwards must be requested of the YSM Controller's Office for all spendable gifts, endowments, and unrestricted funds (e.g., non-sponsored contracts, USPs, FD01, FD18). Please also remember to review your COAs and make requests related to deficits for any APS shortfalls.
New Suspense Reporting
A new Workday report, Suspense Balances Review - Yale went live last month. This new report offers a comprehensive overview for departments to track labor and non-labor suspense transactions, reduce reliance on multiple reports, and establish a uniform process throughout the university. It is expected that the current suspense reports will be retired following FY2024 year-end close. Note that this is a university-wide report and that "homegrown" YSM Workday projects will not be included. Please continue to monitor those items separately.
The user guide detailing the functionality of the new report may be view on the Financial Compliance website.
Assessment Waiver Forms
The assessment waiver forms for non-sponsored and gift waivers are routed for review and approval through Salesforce and available here under "Forms and Templates".
Non-Sponsored Contracts
In a message that was distributed to the YSM community on May 8, 2023, the YSM Controller's Office reminded departments to ensure that all non-sponsored (non-YNHHS) contracts that have been fully executed be sent to the Centralized Billing team at ysminvoicing@yale.edu.
- If the contract has pre-determined installments, the invoice request template does not need to be completed. We would only need the COA and contact name / email.
- If the contract is variable, the invoice request template must be fully completed along with any supporting documents required by the customer.
COA Closures and Hierarchy Changes - FY2024 year-end
As noted in the April 10, 2024 Business Update, the last opportunity for Chart of Accounts requests related to segment closures, cost center hierarchy changes, or reorganizations is May 24, 2024. Closures generally resume with the September month-end (i.e., early-to-mid October).
This does not include segment set ups, including Workday projects. Please continue to submit requests (other than assignee) to ysmcontroller@yale.edu.
World Travel Replaced Egencia
As noted in the April 10, 2024 Business Update, beginning May 1, 2024, Workday Travel has replaced Egencia for all Yale business travel booking needed. Egencia is now no longer available.
Please contact travel@yale.edu with questions.
University Service Provider (USP) Resources
Annual registration for USPs will occur this month. Similar to past years, an email will go out to the USP departmental contacts listed in Salesforce. The email will contain a link to Salesforce where USPs should review existing information and make any required changes to personnel contact information. The manual registration process is in addition to the Rate Sheet calculations and Fair Market Value (FMV) analyses which will be due June 30, 2024. Please note that updated FMV analyses are required every other year for USPs with external customers.
Please contact isp@yale.edu with any questions.
Updated Policy and Procedure: YSM Secondary Approval on Expense Reports for Deans, Chairs, and Lead Administrators/Senior Directors
An updated policy and procedure for secondary approval on expense reports for Deans, Chairs, and Lead Administrators/Senior Directors was released on April 25, 2024 and is available in PolicyTech. Expense reports for these individuals that are over $500 must be routed for proper approval in Workday.
PCard Limit Increases
The University Purchase Card Program has addressed PCard holder feedback by proactively increasing PCard limits. Lead Administrators and Operations Managers can find updated limits for their cardholders by accessing the Tableau-based PCardholder Report. Cardholders should have received a customized email with their new limits at the end of April.
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