Fiscal Year End Close for 2016

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 Expense Transfers: MyFD Expense Transfers application allow 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.
  • 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 21st.  All JVs must be submitted to jvreq@uw.edu by 12pm. Please indicate if the JV should be applied to June (Fiscal Year 2016) or July (Fiscal Year 2017).
    • Note: JV requests submitted after July 21st must be approved by a Dean or Vice President (referred to as Dean's Day)

    • 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.

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 2016 Fiscal Year End.  Submittal of documents well in advance of the cutoff dates will ensure timely processing.

FISCAL YEAR END DEADLINES: CALENDAR LINK

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

Ariba Invoices • Ariba OrdersBPOCash TransmittalsClose Open Balances •  CTADepartmental Revolving FundseTravel • eReimbursementFastrans Uploads • Foreign National Check Requests ISD / CTIJVsMyFD Expense TransfersNonCatalogNonPOP2IProcard •  Refund Check Requests

TOPIC DESCRIPTION CUT OFF TIME CUT OFF DATE PROCESSING UNIT / SYSTEM
Close eProcurement
Open Balances

Website || Help

All existing purchase orders with open balances or encumbrances at the end of fiscal year 2016 will be carried forward into fiscal year 2017 if the budget number is still in active status.

5:00pm June 20th 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 2016. 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

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 contract requests and requisitions must be fully approved by the department and Central Office by June 20th.  If you have a complex purchase that has not yet been approved, please contact your buyer.

5:00pm June 20th Ariba

Other ARIBA Payment Transactions

eTravel:   Website || Help
eReimbursement:  Website || Help
P2I:  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.

5:00pm June 20th Ariba
Foreign National Check Requests

Website || Help

In order to quarantee expenditures are charged to the expiring fiscal year, check requests for foreign nationals must be received by AP by June 27th.

5:00pm June 27th  Accounts Payable
Departmental Revolving Funds
Website || Help
 

Revolving Fund Voucher (form)

2:00pm July 5th Banking & Accounting Operations

ARIBA Invoices:

for invoices dated June 30, 2016  or earlier

In order to ensure expenditures are charged to the expiring fiscal year, eProcurement Orders must have invoices dated June 30th or earlier in Ariba and Blanket Purchase Orders (BPO) must be fully received by the department.  This allows for central office processing.

It is possible that expenditures with an invoice dated June 30th or earlier that have been approved, received and reconciled by July 19th at 3pm will still be charged to the expiring fiscal year. Anything after this time will be charged to the new fiscal year.

5:00pm July 11th Accounts Payable
ISD / CTI
Website || Help

JV's Submitted to B&AO for Upload

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.

6:30pm July 21st Fastrans
MyFD Online Expense Transfers
Website || Help

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 21st 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
 

JV's Submitted to B&AO for Upload
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 14th 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 21st 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, 2016

CT's submitted to B&AO for Upload
Electronic CT Form submitted to bankrec@uw.edu
 

12:00pm July 14th 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 21st 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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