PROCESS CHANGE: Q3 Payroll accrual

Good afternoon colleagues,

Beginning this quarter-end (January 31, 2021) and every quarter-end going forward, we will be posting the payroll accrual to the actual funds which the expense pertains to rather than a central fund. The accrual will then reverse effective the first day following the quarter (Q1 -August 1, Q2 -November 1, Q3 -February 1, Q4- May 1)

The posting will occur prior to the month-end close process (For the current quarter prior to Friday February 5, 2020.)

This change is a result of new capabilities available thru Workday related to the payroll accrual process. This new process is meant to emulate how the payroll accrual is processed at year-end.

While this change was intended to initiate with the launch of Workday, it was delayed until this quarter in order to allow proper validation of the process.

You may disseminate this information as you see fit.

Should you have any questions, please do not hesitate to reach out.

Best,

Lara Pereira, CPA CA, CBV | Controller | Financial Services | McGill University | 3465 Durocher St., Room 412 | Montreal, QC H2X 0A8 |T:514.398.2310|F:514.398.5902| http://www.mcgill.ca/financialservices/