Month & Year-End Processes

Month and Year-End Closing Procedures

Monthly Close

Monthly close activities are performed on the last day of each month. The new monthly period opens at approximately 5 p.m. after the monthly close process is complete.

Processing deadlines and cutoffs vary depending on the transaction type and whether the last day of the month falls on a weekday, weekend, or University holiday. Monthly reminder emails are sent to individuals with the Financial Reporting Viewer role before the end of each month.

Details on Transactions & Deadlines

Workday Transaction	Last Day of Month on Weekday	Last Day of Month on Weekend/Holiday	Missed Deadline Processing Impacts
Accounting Journals	Accounting Journals must be approved by 4 p.m.; otherwise, the journals will be canceled by Central Accounting because they will prevent the period from being closed.	Accounting Journals must be approved by 4 p.m. on the last Friday/business day of the month; otherwise, they will be canceled by Central Accounting because they will prevent the period from being closed.	Accounting Journals that are not approved by the deadline will be canceled by Central Accounting. Canceled accounting journals can be copied and resubmitted in the next accounting period when it becomes available. See the Edit, Copy, and Cancel Accounting Journal QRG for step-by-step instructions.
Accounting Adjustments	All Accounting Adjustments (e.g., supplier invoice and expense report adjustments) must be approved by 4 p.m.	Accounting Adjustments will close over the weekend/holiday on the last day of the month at 4 p.m.	Accounting Adjustments that are not approved by 4 p.m. will post to the next accounting period once approved.
Payroll Accounting Adjustments	All Payroll Accounting Adjustments must be approved by 4 p.m.	All Payroll Accounting Adjustments must be approved by 4 p.m. on the last day of the month.	Payroll Accounting Adjustments that are not approved by 4 p.m. will post to the next accounting period once approved.
Integrations – Accounting Journals	The last scheduled Accounting Journals Integration (SIS, FM, Fundriver) for the month will be on the prior weekday at 7 p.m.	The last scheduled Accounting Journals Integration (SIS, FM, Fundriver) for the month will be on the Thursday prior to the last day of the month at 7 p.m.
Integrations – Non-Accounting Journal	The scheduled integrations for Supplier Invoice, Customer Invoice, Internal Service Delivery (ISD), and SIS Miscellaneous Payments will be on the prior weekday from 6:30 p.m. to 7 p.m.	The scheduled integrations for Supplier Invoice, Customer Invoice, Internal Service Delivery (ISD), and SIS Miscellaneous Payments will be on the Friday prior to the last day of the month between 6:30 p.m. and 7 p.m.
All Other Activity Groups	All other activity groups and transaction types will be closed at 5 p.m. to be posted in the current period.	All other activity groups and transaction types will be closed at 5 p.m. to be posted in the current period.	Transactions in progress at cutoff will post to the next period when approved.

Year-End Close Procedures

Annual year-end closing procedures are announced a few months before the end of the fiscal year. Monitor the UVAFinance website and blog for announcements about year-end transaction processing deadlines.

Year-End Adjustments

After the fiscal year closes, there is a brief period when UVA departments can make adjustments to address budget deficits. Activity completed during this period will be visible within the next fiscal year's balances beginning August 1. Each journal will be routed to central finance for approval.

Permitted Year-End Adjustment Transactions

• Journal entries to transfer funds for deficit resolution, according to internal unit fund balance practices.
• Journal entries to “sweep” excess funds to a more centrally held FDM string. Transfer spend and revenue categories may be used for these journals as long as the fund remains consistent.

Unallowed Year-End Adjustment Transactions

The following transactions are not permitted during the year-end adjustment period:

• Journals affecting state fund transactions that change spend categories, revenue categories, funds, functions, or ledger accounts after June 30.
• Journals moving funds between state and local accounts, as this would create differences from reporting made to the state as of June 30.
• Journals to process accruals for deferred revenue or deferred expense. Accrual journals are completed only at year-end and must be completed by the Financial Reporting and Operations team. If your unit believes year-end accrual journals are needed, submit your request and applicable supporting materials to [email protected].

Workday Journal Coding for Year-End Adjustment Journals

When completing the accounting journal in Workday, use the following coding so the journal is processed correctly in the prior fiscal year:

• Accounting Date: Select a date between June 1 and June 30.
• Book Code:
  • Manual Journal Within Workday User Interface: Year End Adjustments
  • Bulk Upload Journal: Book_Code_Year_End_Adjustments