Year-End Journal Entries

Journal Dates

For journals created after the end of the fiscal year (August 31st)

Expired August Journals

Journal Entry Reminders

Supporting Documentation

For auditing purposes, all Journal Entries must have supporting documentation attached. DO NOT INCLUDE:

Reporting Tip: Use a meaningful line description to improve report results. Exception: Documentation is not required if the Journal Header sufficiently explains the reason for the journal entry. For example, “To reverse journal XYZ which was entered in error”

Transfers

When crediting an account in the 9xxxx range, there must be an offsetting debit in the 9xxxx range.

Recharges

Recharges must have a debit and an offsetting credit. The account numbers for both the debit and the credit should be in the 8xxxx range.

Monitoring Journal Approvals

Recurring Journals

Old-Year Recurring Journals

Recurring journals will run in Compass “as is” through the end of the old fiscal year. If the existing recurring journal does not meet your needs ask the Controller’s Office to stop the recurring journal. You may then create the August entry manually or create a supplemental journal entry for August to adjust the amount to actual.

New-Year Recurring Journals

Most recurring journals currently in Compass will end on August 31st. If your recurring journal should continue into the new fiscal year:

If your entry amount changes each month:

Journal Entries Across Operating Units

Journal entries usually take place within an operating unit. In scenarios where the journal entry crosses operating units, it is important to inform the other operating unit. The ad-hoc feature can be used to ensure this communication occurs by inserting the operating unit business officer as an approver. This notification is especially important at the end of the fiscal year.

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