CTO Newsletter - July 2026
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The mission of the Controller's Office (CTO) is to deliver precise, timely, and actionable information and services through its dedicated staff of accounting and financial professionals.
Our regular newsletter aims to keep the RIT community informed about important updates, changes to financial policies or procedures, and available resources on the CTO Website.
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As we approach the close of Fiscal Year 2026, please review the important deadlines and actions below. Detailed year-end closing timelines and information are available on the Controller's Office website.
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Year-End Closing Schedule |
Preliminary (Soft) Close: July 7 |
During the preliminary close:
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Purchase orders that have been receipted but not invoiced will be accrued.
- Month-end allocations will be posted based on activity through July 6.
- Workday operational transactions, payroll adjustments, accounting adjustments, and manual journal entries may continue to be processed.
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Reports, including Budget-to-Actual reporting, remain available; however, reports will continue to change as additional June activity and adjustments are recorded through final close.
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- Payroll closes
- Accounts Payable closes
- Procurement activities close
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Day 2: July 16 (4:00 p.m.)
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Accounting adjustments and manual journal entries close
- In-progress manual journal entries will be canceled
- In-progress operational transactions will post to July once approved
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- Accounts Receivable closes
- Cash & Investments close
- Property, Plant & Equipment closes
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Final close completed, including all allocations
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Reminders for Payroll Year-End Expenses |
Payroll expenses incurred through June 30, 2026 will be accrued to FY26 and automatically reversed in FY27.
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Payroll accrual details are now visible on the Payroll Distribution Report.
- For biweekly payroll, FY26 includes 19 accrued days of payroll expense.
- All Workday payroll entries for work completed before July 1 must have been fully entered and approved by:
- June 23 (Semi-Monthly Payroll)
- June 26 (Biweekly Payroll)
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Transactions still pending approval after these dates will not be accrued to FY26.
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Final Invoice Approval Deadline: July 17 |
Revenue earned during FY26 should be recorded with a June 30 or earlier accounting date, even if payment has not yet been received.
Deadline: All customer invoices must receive final approval by 1:00 p.m. on July 17 to be included in FY26 financial statements.
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Accounts Payable & Procurement |
Action Items for Requesters |
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Submit all Expense Reports using the actual expense date
- Submit all pending Supplier Invoice requests
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Resolve all Invoice Match Exceptions
- Close any purchase orders that are no longer needed
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If paying for goods or services that will be received in FY27, submit the invoice to Accounts Payable and clearly indicate "FY27 Prepaid." AP will record the payment as a prepaid asset and establish the appropriate amortization schedule.
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Verify receipt dates accurately when completing receipt tasks
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Open purchase orders will roll forward on July 15
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On July 16, PSO will accrue:
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Goods and services received but not yet invoiced
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Unverified P-Card transactions
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Procurement Card Verification transactions still awaiting approval
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By July 15, verify all Procurement Card (P-Card) transactions and approve all Procurement Card Verifications (PCVs)
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Journal Entry Approval Monitoring |
Active Monitoring of Workday Tasks |
To ensure entries are posted in FY26, approvers and originators should actively monitor Workday business processes during close.
Refer to this knowledge article to check on the status of a submitted journal entry.
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Review and act on approval tasks daily
- Delegate approval authority if you will be away during the close period
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Monitor in-progress journal entries and operational transactions
- Follow up on pending approvals as needed
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Reminder: Any manual journal entry still in progress at 4:00 p.m. on July 16 will be canceled and will need to be resubmitted.
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Tracking Expense Report Statuses |
At year-end, it's critical to ensure expense reports are submitted and fully approved, especially for travel-related accruals. The Find Expense Report Lines for Organization report in Workday is used to track applicable expense reports.
Use this report to:
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Confirm if an expense report has been submitted
- See where the expense report is in the approval workflow
- Quickly troubleshoot when someone says, “I already submitted it!”
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How to Run the Find Expense Report Lines for Organization Report
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In the Workday search bar, type "Find Expense Report Lines for Organization"
- Enter your Organization
- Adjust filters as needed (date range, status, worker)
- Review results to identify reports pending approval and where they are in the queue
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What does this mean for you?
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This report gives you visibility into delays so you can follow up quickly and avoid missed accruals especially important during year-end close.
Reminder: Expense reports route to the Manager first, unlike P-Card verifications, which route through CCFS first (bottlenecks may occur at that initial approval step).
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Upcoming Workshops & Events |
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| Workday Payroll & Time Tracking: Best Practices |
Attend this training session to learn about Workday payroll and time tracking processes that focus on roles, best practices, and consistent approaches across employee populations.
Participants will learn how to effectively manage common scenarios and select the appropriate update pathway—whether through time edits, HR business processes, or payroll accounting adjustments—to support accurate and timely payroll outcomes.
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| Participant Support: Managing Recurring Stipends in Workday |
This session provides a practical, step-by-step overview of how to manage participant support recurring stipends in Workday, with a focus on compliance, consistency, and efficiency.
Participants will learn how to correctly set up, process, and monitor recurring stipend payments while ensuring alignment with institutional policies.
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| Workday Business Processes, Requisitions, and Punch-Outs in Practice |
This session will begin with a high-level overview of Workday business processes to build foundational understanding, followed by a focused walkthrough of the requisition business process.
The workshop will conclude with a practical demonstration of punch-out functionality.
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| Physical Inventory Process |
Learners will learn about the Physical Inventory process in Workday.
This session will provide information on dates and the instructions that asset coordinators will receive at the start of the fall process.
We will walkthrough the process on how to submit the physical inventory information once the asset coordinator and department complete their review/count of items.
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Visit the CTO Community of Practice web page to enroll in upcoming workshops, review past workshop recordings, and gain access to helpful resources. You will receive an automatic Outlook calendar invitation after enrolling in a workshop session.
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One Lomb Memorial Drive Rochester, NY 14526 | Unsubscribe
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