Month & Year-End Processes

Month and Year-End Closing Procedures

Monthly Close

Monthly close activities are performed on the last day of every month. The new monthly period will open at approximately 5pm after the monthly close process has completed. Processing deadlines and cut offs have been provided below and monthly reminder emails are sent to individuals with the Financial Reporting Viewer role before the end of each month. If the last day of the month occurs on a University holiday, the transaction approval dates could be impacted. Please see the Monthly Close Activities webpage and monitor email for specific deadlines for the upcoming month-end.

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 4pm, otherwise the journals will be canceled by Central Accounting as they will prevent the period from being closed.	Accounting Journals must be approved by 4pm on the last Friday/business day of the month, otherwise they will be canceled by Central Accounting as they will prevent the period from being closed.	Accounting Journals that are not approved by the deadline will be canceled by Central Accounting as they will prevent the period from being closed. Canceled accounting journals can be copied and resubmitted in the next accounting period when it becomes available. Please see the Edit, Copy, and Cancel Accounting Journal QRG for step by step instructions to copy a cancelled journal.
Accounting Adjustments	All Accounting Adjustments (e.g., supplier invoice and expense report adjustments) must be approved by 4pm.	Accounting Adjustments will close over the weekend/holiday on the last day of the month at 4:00pm	Accounting Adjustments that are not approved by 4pm will post to the next accounting period once approved.
Payroll Accounting Adjustments	All Payroll Accounting Adjustments must be approved by 4pm	All Payroll Accounting Adjustments must be approved by 4pm on the last day of the month	Payroll Accounting Adjustments that are not approved by 4pm 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 7:00pm.	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 7:00pm
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 6:30pm to 7:00pm	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 6:30pm and 7:00pm
All Other Activity Groups	All other activity groups and transaction types will be closed at 5pm to be posted in the current period.	All other activity groups and transaction types will be closed at 5pm to be posted in the current period.	Transactions in progress at cut-off will post to the next period when approved.

Year-End Close Procedures

The annual year-end closing procedures are announced a few months before the end of the fiscal year. Please monitor the UVAFinance website and blog for announcements regarding the release of these transaction processing deadlines.

Year End Adjustments

After the fiscal year is closed, there is a brief period of time when adjustments can be made by individual UVA departments to address budget deficits. Activity completed during this time frame will be visible within the next fiscal year’s balances beginning on August 1st. Each of these journals will be routed to central finance for approval.

Permitted Year-End Adjustment Transactions

• Journal entries to transfer funds for deficit resolution (per 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

Any journal that impact state fund transactions that change spend categories, revenue categories, funds, functions, or ledger accounts after June 30.

• Any journal to move funds between state and local accounts during the year-end adjustment period, as this would create differences with the reporting made to the state as of June 30.
• Journals to process accruals for deferred revenue or deferred expense. Accrual journals are only completed at the year-end and must be completed by the Financial Reporting and Operations team. If your unit believes that year-end accrual journals need to be completed on behalf of your unit, please submit your request with applicable supporting materials by emailing AskFinance at AskFinance@virginia.edu.

Workday Journal Coding for Year-End Adjustment Journals

When completing the accounting journal within Workday, the following coding must be utilized for the journal to be processed correctly in the prior fiscal year.

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