Financial Accounting and Reporting provides services that include interim and year-end financial closings (e.g. journal entries, Workday financial reports, University financial statements), general ledger maintenance (e.g. new funds, cost centers, accounts, activity codes and location codes), capital projects, fixed assets and equipment inventories, sponsored grants, endowment and gift accounting, and banking and treasury.
The information contained on this page will assist with the following:
- Year-End and Interim Closings
- Reporting Deadlines
Please feel free to forward any reporting questions you have to firstname.lastname@example.org.
FAQ and Training
This presentation will assist managers of petty cash and change funds in understanding their responsibilities for disbursement, documentation and safeguarding of University resources.
Please visit the Training & Support worklet in Workday and filter the list for ‘Accounting’ under ‘Functional Area’.
All journal entries are due to Financial Services by the 2nd business day after month end. Cash receipts received by FS by 11am of the last business day of the month will appear on your monthly reports.
Monthly reports will be available by the morning of the 6th business day of the following month. You will be notified within Workday when reports are ready.
If an item is received by June 30, it must be expensed in June. There are no exceptions to the rule.
Month End Closing and Reporting
All subsystems are to close their month by the second business day of the following month. This is also the date when journal entries are due to financial reporting. All journal entries received from campus departments are reviewed by Financial Services before they are entered.
The general ledger is normally closed by the fifth business day following month end. Once the ledger is closed, a notification is sent by Financial Services to an established distribution to notify all appropriate campus users that the month is closed and they can view final reports online. These monthly reports should be used to assist departments with their analysis of actual to budget revenues and expenses. Departmental questions concerning monthly charges should be submitted to email@example.com. Responses from Financial Services should be within two to three business days.
Account reconciliations (XLS) are due to area managers by the 25th day of the following month. All area managers are responsible for reviewing account reconciliations for completeness and accuracy. A log of all account reconciliation’s and the person responsible for them is maintained on the shared drive. The account reconciliations and the log are reviewed monthly by Financial Services.
Fiscal Year End
This is the central location to find documents and information pertaining to Wake Forest’s fiscal year end.
Key Year End Related Forms & Links
Financial Accounting & Reporting