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Compass Journal Deadlines



        Compass Journal Deadlines


        Overview

        To ensure the timely processing of transactions in the Compass financial system, journal entries should have
        completed workflow approvals by the following dates to allow completing the approval and posting process
        prior to month-end close.

        Journal Deadlines

        What You Need to Do

               Journal Entry originators should routinely monitor the workflow approval process for their entries and, if needed, contact
               the listed approvers and request review in order to meet the monthly deadlines.

        Due Dates
               The Journals due date for the Office of Grants and Contracts (grant activity) or the Controller’s Office (other activity) are
               posted on the Compass web page. The due date generally falls on one of the last work days of the month.
              Allocations additions or changes follow the same schedule as journals.

        Deletion Dates

               If a journal does not post during the month specified in the header, it becomes an expired entry. The Expired Entries
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               deletion date is the 15  day of the following month. For example, the deletion date for February is March 15 .
              Allocation deletions follow the same schedule as journals.
        Submit Journals Early
               You are encouraged to submit journal entries before the due dates whenever possible. Early submission allows for more
               timely and accurate processing of entries and aids in keeping the financial system accurate and current.
              Please note that all journal entries on Grants are subject to Emory’s Cost Transfer Policy. (reference link needed)
        Review Journals Before Close
               Journals should be reviewed before month-end close for entries that did not post. In Compass, navigate to General Ledger
               > Review Financial Information > Journals

        Expired Journals

              If a journal does not post during the month specified in the batch header, it will “expire” since the period is closed. You will
               need to submit the journal the next month by opening the “expired” journal and copying it to create a new journal in the
               current period. Any supporting documents should be reattached and it must be submitted again for workflow approval. The
               original “expired” entry should then be deleted.
        Deleting Expired Journals

              When a journal has a V-V status (valid for both Header Status and Budget Status), it hits Commitment Control.
               The journal will never be processed once the month in which it was entered is closed, but the budget looks as if
               the month was spent. By deleting the expired journal, the budget balance available is more relevant.
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                On the 15  of the month, all entries from the prior periods will be deleted.








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        Emory Confidential and Proprietary          Last Revised on 12/12/2016                  Return to Table of Contents
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