Fiscal Year 2021/22 Period-End Dates
The period-end dates for the remaining months of this fiscal year are now available on the UBC Finance website in two different formats for the community.
Please note that we are still finalizing the schedules for September 2021 (Q2), December 2021 (Q3), and March 2022 (Fiscal Year-End). These will also be published later.
Review the dates:
- In a rolling list on the Month End / Year End Important Dates feed
- As a PDF on the Budget Schedules and Guidelines page, both for the upcoming period-end close (July), as well as for the remainder of this fiscal year
Prior to the launch of the Integrated Renewal Program, the period-end process occurred over a 24-day cycle (9 days for campus close and 15 days for financial reporting). With the launch of Workday, we have had an opportunity to shorten the period-end cycle using Workday’s new processes and increased levels of automation. The Operational Excellence team is working on a project to optimize the period-end process for the campus community. When this project was launched in February 2021, the goal was to reduce the number of days required for the campus close to 6 days by end of fiscal year 2021/2022 (Phase 1), and to 5 days by end of fiscal year 2022/2023 (Phase 2).
Partnering with Financial Operations, Financial Reporting, ISC, Payroll, Treasury, and a Reference Group composed of all Finance Officers and their key delegates, we have successfully managed to decrease the number of days involved in the period close schedule. Now that we have experienced multiple cycles using the Workday system, the plan for July 2021 to March 2022 is to use a five-day schedule for the campus close, which so far seems to be the best balance.
In parallel, the VPFO is working on a number of other initiatives that will help reduce the time from campus close to financial reporting. Learn more about the Operational Excellence team at opex.ubc.ca.