Fiscal Year End Close

2012 Fiscal Year End Close

Details and Deadlines

The University of Washington generally plans and budgets funds for State Budgets on a fiscal year basis. They also generate an Annual Report on a fiscal year basis that presents an annual statement of the University of Washington's Finances. It is therefore important, considering Generally Accepted Accounting Principles (GAAP) that transactions be recorded in the correct reporting period.

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

MyFinancial.desktop (MyFD) Transactions Application
The Transactions application allows (MyFD) users to transfer posted salary and non-salary expenditures online. Allowable transfers include RST's (Retroactive Salary Transfers), RTE's (Request Transfer Expenditure) and JV's (Journal Voucher). Some transfers are not possible via MyFD including deficit, lump sum, revenue transfers and fabrications. For these types of transfers, one must use the Journal Voucher process.
IMPORTANT NOTE! MyFD is the ONLY mechanism for transferring posted salary transactions. There are no exceptions to this rule.

Links to MyFD resources:

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 2012) or July (Fiscal Year 2013).
IMPORTANT NOTE: JV requests submitted after July 23rd MUST be approved by a Dean or Vice President (referred to as Dean's Day).

Links to Journal Voucher resources:

Note to FASTRANS Users:

See the FASTRANS website for special information about submitting files for Fiscal Year 2012 (June) and Fiscal Year 2013 (July). Fastrans questions can be directed to Heidi Berrysmith. 

 

Calendar:

Key Dates:
June
20th

4pm

eTravel Expense Reports

eTravel Expense Reports should be fully approved by the department approvers and the traveler by 4pm on June 20th or prior to be included in the 2012 Fiscal Year.

traveluw@uw.edu | eTravel Website

June
22nd

Equipment Purchases with Procard

Equipment purchased with your procard must be made by June 22nd to ensure all equipment purchases post to your budget and are tagged/inventoried by the fiscal year end.

procard@uw.edu | Procard Website

 

June
25th

5pm

 

Liquidate PAS PO Encumbrances

Requests to liquidate remaining encumbrances on PAS purchase orders must be submitted via email to saf@uw.edu by 5:00pm on June 25th to ensure completion before the fiscal year end.

saf@uw.edu | Encumbrance Liquidation website

 

Refund Checks / Deposits, Credit Memos, Refund Check Requests

Refund Checks/Deposits, Credit Memos, and Refund Check Requests for Fiscal Year 2012 must be received in Accounts Payable by 5:00pm on June 25th.

Questions: pcshelp@uw.edu | Refunds to/from UW Website
June 28th

eReimbursements

eReimbursements must be fully approved by the department approvers by June 28th or prior to be included in the 2012 Fiscal Year.

eprocure@uw.edu | eReimbursements Website

 

eProcurement Transactions

eProcurement transactions invoiced by June 28th or prior to be included in the 2012 Fiscal Year.

eprocure@uw.edu | eProcurement Website
 

NonPO Invoices

NonPO Invoices must be submitted and fully approved by the department approvers by June 28th or prior to be included in the 2012 Fiscal Year. Those submitted June 29th and later will be applied to the next fiscal year

eprocure@uw.edu | NonPO Invoice Website

 
July 2nd

Procard / CTA Transactions

ProCard / CTA transactions must be posted to PaymentNet by July 2nd or prior to be included in the 2012 Fiscal Year.

Tip:  Procard / CTA transactions should be made by June 25th to ensure it post to your budget by the fiscal year end.

procard@uw.edu | Procard Website | CTA Website
July 3rd
2pm

Petty Cash Reimbursements

Petty Cash Reimbursements need to be submitted to the Petty Cash Window in Student Fiscal Services by 2:00 pm.

Phone: (206) 543-4694 | Petty Cash Reimbursement Website

Departmental Revolving Funds

Receipts for Departmental Revolving Funds need to be submitted to Banking and Accounting Operations by July 3rd.

revfund@uw.edu | Departmental Revolving Funds Website

July
13th

5pm
 

Supplier Invoices on PAS Purchase orders

Supplier invoices and department approvals for invoices over $10,000 (NonRIP) for Fiscal Year 2012 must be received in Accounts Payable by 5:00 pm on July 13th.

Questions: pcshelp@uw.edu |  Supplier Invoices (RIP & NonRIP Process)

Payments to Individuals and Honorariums

Payments to individuals and Honoraria should be submitted to Accounts Payable by 5pm on July 13th

payman@uw.edu |  Payments to Individuals | Honorariums

July
13th 

Items Requiring Central Office Review or  Processing:   JV, ISD, CTI & CT

Journal Vouchers (JV), Internal Sales Documents (ISD), Cost Transfer Invoices (CTI) and Cash Transmittals (CT) requiring central office review or processing must be submitted by July 13thto Banking and Accounting Operations.

Questions: pcshelp@uw.edu | Banking & Accounting Operations' Accounting Entries
           
July
16th

MyFD Salary and Non-Salary Expense Transfers Requiring Central Office review (Recommended Cutoff)

MyFD salary and non-salary expense transfers requiring central office review should be submitted by July 16th. This will allow campus users the ability to make and submit corrections prior to the final cutoff date.

July
20th

MyFD Salary and Non-Salary Expense Transfers Requiring Central Office review

MyFD salary and non-salary expense transfers requiring central office review must be submitted by July 20th to be included in the June financial reports.

Questions: myfdhelp@uw.edu | MyFD website | MyFD Fiscal Year Crossover Calendar

July
23rd

FINAL CORRECTIONS CUTOFF:  
JV, ISD, CTI, CT &  MyFD Expense Transfers

 

  • Internal Sales Documents (ISD) - 10:00AM
  • Cost Transfer Invoice (CTI) - 10:00AM
  • Journal Vouchers (JV) - 10:00AM
  • Cash Transmittals (CT) - 10:00AM
  • MyFD salary & non-salary expense transfers - 4:00PM

    **Fastrans Users: The LAST-DAY for submitting is 7/23/12 with no opportunity for correction. It's recommended that you submit month 12 activity as early as possible, so that you have an opportunity to make corrections and resubmit

July 24th

DEAN'S DAY

Journal Vouchers which have been approved* and submitted by a Dean or Vice President must be received by jvreq@uw.edu  by 10:00AM.

Banking & Accounting Operations Website

 

MyFD EXPENSE TRANSFERS must be submitted by a Dean or Vice President** no later than 4:00pm on July 24th.

MyFD website | MyFD Fiscal Year Crossover Calendar
 

For immediate assistance on Dean's Day, call:

  • MyFinancial.desktop (206) 543-3877
  • Procurement Customer Service (206) 543-4500.

_________

*   Approval must be in written or electronic format.
** An individual who has been granted ASTRA role of "Biennium Close Transfer (Dean's / VP)

 

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