Fiscal Year End Close

Topics Covered Below:


What is Fiscal Year End?

Unlike Biennium Close, Fiscal Year close processing deadlines are not critical to most budgets because the budgets do not close.  However, it is important, considering Generally Accepted Accounting Principles (GAAP), that transactions be recorded in the correct reporting period. Therefore, we recommend departments submit their accounting documents to the appropriate departments prior to fiscal close processing cutoff dates listed below.

Why is Fiscal Year End Important?

Fiscal year end is a good time to ensure expenditures and revenue have been recorded to the appropriate budget(s) for the closing fiscal year. If transactions have not posted to the correct budget there are two mechanisms for correcting entries:

  • MyFD Transactions Application: The MyFD Transactions application allows MyFD users to transfer posted salary and non-salary expenditures online. Note that a MyFD expense transfer is the only mechanism for transferring posted salary transactions. There are no exceptions to this rule.
  • Deficit, lump sum, revenue transfers and fabrications for State and Self Sustaining budgets should be processed using the electronic Journal Voucher process. For Grants and Contract budgets, please use the GrantTracker deficit transfer module or send a GrantTracer request to GCA so they can make the transfer.
  • Journal Voucher (JV): In situations where MyFD cannot be used to process non-salary expense transfers, a JV may be submitted to correct budget postings. JVs are the only way entries can be corrected, and posted to the closing FY, after the final cut off day (July 23rd). Special processing of JVs will occur on both July 23rd and 24th. All JVs must be submitted to jvreq@uw.edu by 10 a.m. Please indicate if the JV should be applied to June (Fiscal Year 2014) or July (Fiscal Year 2015).
    Note: JV requests submitted after July 23rd must be approved by a Dean or Vice President (referred to as Dean's Day)

Recommended Deadlines:

The chart below lists the purchasing and accounting documents related to fiscal close transactions. The cutoff dates represent the last day that departments can submit documents  to allow sufficient time for processing and posting to the 2014 Fiscal Year End.  Submittal of documents well in advance of the cutoff dates will ensure timely processing.

A printable calendar of the upcoming dates is available here.

RECOMMENDED FISCAL YEAR END DEADLINES: QUICK LINKS    (alphabetical order by topic)

Ariba TransactionsAriba OrdersBPOCash TransmittalsCheck RequestsCredit Memo • CTADepartmental Revolving FundseTraveleProcurementeReimbursementFastrans Uploads ISD / CTIJVsLiquidate Encumbrances and Open BalancesMyFD Expense TransfersNonCatalogNonPOP2IPAS RequisitionsPetty CashProcard •  Refund Check Requests • PAS Invoices

TOPIC DESCRIPTION CUT OFF TIME CUT OFF DATE PROCESSING UNIT / SYSTEM
Liquidate PAS PO Encumbrances
and
Close eProcurement
Open Balances

Website || Help

All existing purchase orders with open balances or encumbrances at the end of fiscal year 2014 will be carried forward into fiscal year 2015 if the budget number is still in active status.

Requsts to liquidate encumbrances can be made utilizing the instructions on our web page.  Requests received June 18th and prior will be processed within Fiscal Year 2014.

5:00pm June 18th Procurement Customer Service
Procurement Card
Website || Help

To ensure transactions are received and posted in PaymentNet by July 1st, we recommend procard purchases are made by June 20th

To ensure that equipment is inventoried correctly, the deadline for equipment purchases with a procard is June 20th.

5:00pm June 20th JPMC PaymentNet
Central Travel Account (CTA)
Website || Help
Central Travel Account transactions must be posted to PaymentNet by July 1st to be recorded in Fiscal Year 2014. We recommend CTA purchases are made by June 20th.
 
5:00pm June 20th JPMC PaymentNet
Refund Check Requests
Website || Help
 
Used by campus depts to return funds to individuals and companies from a revenue budget.

Refund Check Request Form

5:00pm June 20th Accounts Payable
Credit Memos
Website || Help
To ensure credit memos are processed for the current fiscal year, we recommend credit memos are received in AP on or before June 20th.  Credit Memos received after June 20th may be credited toward new fiscal year. 5:00pm June 20th Accounts
Payable

ARIBA Orders:

eProcurement Catalog: Website || Help
Non-Catalog: Website || Help
BPO: Website || Help
 

 

In order to ensure expenditures are charged to the expiring fiscal year eProcurement Orders must be fully approved and invoiced in Ariba and Blanket Purchase Orders (BPO) must be fully received by the department by 5pm on June 20th. This allows for central office processing.

It is possible that expenditures fully approved, received and invoiced up to June 29th at 3pm will still be charged to the expiring fiscal year. Anything after this time will be charged to the new fiscal year.

Invoices for eProcurement Orders include:
eProcurement Catalog
Non-Catalog
BPO

5:00pm June 20th Ariba

ARIBA Transactions

eTravel:   Website || Help
eReimbursement:  Website || Help
P2I:  Website || Help
Non-PO Invoice:  Website || Help

In order to guarantee expenditures are charged to the expiring fiscal year Ariba Payment transactions must clear the approval process in Ariba by 5pm on June 20th. This allows for central office processing.

It is possible that expenditures fully approved up to June 29th at 3pm will still be charged to the expiring fiscal year. Anything after this time will be charged to the new fiscal year.

Ariba payment transactions include:
►eTravel
►eReimbursement
►P2I
►Non-PO Invoice

5:00pm June 20th Ariba
Petty Cash
Website
Petty Cash Voucher (form)
 
2:00pm July 3rd SFS Petty Cash
Directions
Departmental Revolving Funds
Website || Help
 
Revolving Fund Voucher (form) 2:00pm July 3rd Banking & Accounting Operations
Check Requests
Website || Help
 
Used by departments where P2I or eReimbursements are not applicable
 
5:00pm July 11th Accounts Payable
PAS Invoices
Website || Help
 
PAS invoices under $10,000 (RIP) and approvals for invoices over $10,000 (NonRIP). Invoices received after July 11th may be processed against the new fiscal year.
 
5:00pm July 11th Accounts Payable
ISD / CTI
Website || Help
ISD Electronic Form submitted to jvreq@uw.edu
CTI Electronic Form submitted to jvreq@uw.edu
 
12:00pm July 14th Banking & Accounting Operations
Fastrans
 Help

Last day for campus and central offices to submit Fastrans Uploads for ISDs, CTIs, JVs and CTs

►Fastrans files must be named for month 12 if transactions should post to June/month 12/FY1; example:  F1207081.ISD (even when submitted in July, up to Last Day deadline).

Files named for month 13 will post to July/FY2.

6:45pm July 23rd Fastrans
MyFD Online Expense Transfers
Website || Help

MyFD Crossover Calendar

Recommended last day for submitting expense transfers which require central office approval
 
4:00pm July 11th MyFD
Last day to submit expense transfers which require central office approval
 
4:00pm July 18th MyFD
LAST DAY for campus AND central offices to submit expense transfers
 
4:00pm July 23rd MyFD
DEAN'S DAY - FINAL DAY to submit expense transfers

(Only possible for those who have "Biennium Close Transfer (Dean's / VP)" access in Astra.  Check your authorizations if you're unsure of your access rights.) (Dean's/VP)" access)
 

4:00pm July 25th MyFD
Journal Vouchers
 
State & Self Sustaining Budgets
Electronic JV Form submitted to jvreq@uw.edu
 
12:00pm July 14th Banking & Accounting Operations
Help
Grant, Contract and Gift Budgets
(includes deficit transfers submitted through GrantTracker or using the Deficit Transfer form)
 
12:00pm July 14th GCA
Help

Use Tax Corrections
See the Use Tax Correction Report in PDR to submit a use tax correction.
Website || Help

12:00pm July 18th Procurement Desktop Reports (PDR)
Help
LAST DAY for campus AND central offices to submit Final Adjusting JVs
Electronic JV Form submitted to jvreq@uw.edu
 
12:00pm July 23rd Banking & Accounting Operations
Help

DEAN'S DAY:
FINAL ADJUSTING JVs for DEANS & VPs ONLY

Electronic JV Form submitted to jvreq@uw.edu

12:00pm July 25th Banking & Accounting Operations
Help

Cash Transmittals (CT)

for monies deposited to the bank by June 30, 2014

 

State and Self Sustaining Budgets
Electronic CT Form submitted to bankrec@uw.edu
 
12:00pm July 15th Banking & Accounting Operations
Help
Grants, Contracts and Gift Budgets
Electronic CT Form submitted to bankrec@uw.edu
 
12:00pm July 15th Banking & Accounting Operations
Help
LAST DAY for campus AND central offices to submit Final Adjusting CTs
Electronic CT Form submitted to bankrec@uw.edu
 
12:00pm July 23rd Banking & Accounting Operations
Help
DEAN'S DAY: FINAL ADJUSTING CTs for DEANS & VPs ONLY
Electronic CT Form submitted to bankrec@uw.edu
 
12:00pm July 25th Banking & Accounting Operations
Help

 

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