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The monthly close is the underlying process that supports financial reporting, including budget to actual reporting for College divisions and departments. Please follow this timeline to assist Financial Services in closing periods in Workday. 

The most significant actions required to meet the monthly close are:

1. Accounts Receivable Student Billing, Health Center Charges, and Gifts should be posted in Colleague by the 10th of the month following month end (i.e. December 10th for November). 

2. Cost Center Managers and Cost Center Coordinators should ensure that the following are input and submitted by the 12th of the month following month end (i.e. December 12th for November):

• Supplier Invoice Requests for goods or services <10k

• Requisitions for goods or services >10k. 

  • 1. 1. 1. • All invoices from the prior month should be entered into Workday as Supplier Invoice Requests or Requisitions by the department receiving the goods or services. Departments should communicate with vendors for missing invoices representing goods received or services performed in the prior month before to this date.

• Expense Reports 

• Purchasing Card Transactions

• Spend Authorizations

3. Cost Center Managers and Cost Center Coordinators should ensure that any Payroll accounting adjustments are submitted to hr-payroll-l@mtholyoke.edu by the 12th of the month following month end (i.e. December 12th for November).

4. Cost Center Managers should conduct a final review of Budget vs. Actual reports ("by Cost Center" in Workday) by the 15th of the month following month end (i.e. December 15th for November).  

   1. Corrections needed for items listed in #2 above should be sent to Payables@mtholyoke.edu.  

   2. Budget inquiries should be sent to jdyjach@mtholyoke.edu, and any other questions should be sent to soneill@mtholyoke.edu.  

An email will be sent to Cost Center Managers and Cost Center Coordinators when the month is closed in Workday. 

Questions? Please contact Susan O’Neill at ext. 2641 or email soneill@mtholyoke.edu.