Beginning September 30th, WPI will be implementing soft financial closes each quarter of the fiscal year. This will allow the Institute to utilize Workday functionality and improve financial projections.
All invoices, expense reports and payroll adjustments should be submitted prior to the 15th day following the close of a quarter. Transactions after the 15th will not be posted to a closed quarter but will be automatically applied to the first day in the open quarter. This will enable managers to monitor and forecast budgets that will not change once the quarter has closed. Overtime, this will provide revenue and spending patterns for trend analysis and future projections.
The following schedule will apply to FY20:
| QUARTER | ACTIVITY FOR : | LAST DATE TO POST/APPROVE: |
|---|---|---|
| Q1 | July, August, September 2019 | October 15, 2019 |
| Q2 | October, November, December 2019 | January 15, 2020 |
| Q3 | January, February, March 2020 | April 15, 2020 |
| Q4 | April, May, June 2020 | See forthcoming Year-End Close memo |