The monthly close is the underlying process that supports financial reporting, including the actual to budget reporting used by divisions and departments across the College.
The most significant actions needed to meet the monthly close are:
(i) Ensure supplier invoice requests (“Create Supplier Invoice Requests” in Workday) and expense reports ("Create Expense Report" in Workday) are input by the second Friday after month end (i.e. January 12th for the December 2023 month end).
(ii) Budget vs. Actual reports ("AMH BVA by Cost Center" in Workday) are reviewed on the third Friday after month end (i.e. January 19th for the December 2023 month end). This includes final inquiries to the Controller’s Office regarding potential errors, irregularities, and questions identified from this review.
The full monthly calendar is summarized below:
| Each Week | The Accounts Payable Department communicates by email to the next in line Workday approver for open Supplier Invoice Requests that have existed without movement for four business days. |
| Second Friday After Month End | All invoices representing expenses/capital costs from the prior month are input as Supplier Invoice Requests to Workday by the department receiving the goods or services.
Departments should communicate with vendors for missing invoices representing goods or services received in the prior month as necessary prior to this date. |
| Third Friday After Month End | Purchasing Card accounts with unreconciled balances for previous month activity are frozen by the Procurement Department and communication is made from Procurement to these cardholders.
The Accounts Payable Department communicates by email to Cost Center Managers for continued open Supplier Invoice Requests in their cost centers that represent prior month activity.
Final review by Cost Center Managers on actual to budget variances for the previous month and final inquiries to the Controller’s Office regarding potential errors, irregularities, and questions identified from this review. |
Questions? Please contact either Kathy LeBeau at ext. 2613 or Stephen Nigro at ext. 8553, or by email to controller@amherst.edu.