Year End Closing

Financial Reporing to process Financial Reporting Adjustment entries. 

Department allowed to transfer funds in same fund/function to clear deficits.  More guidance will be posted closer to year end.

Student refund process resumes 7/1.

Daily integration from Adaptive to WD will be suspended after this day. Integration for FY2024-25 budget will resume in FY2024-25. Any FY2023-24 budget amendments and adjustments must be entered in Adaptive by 5pm to be reflected in Workday. 

System will be down for year-end balancing and closing activities. See Period Close Event for detailed steps and timing.

Central to close Assets period close activity group. Lisa Layne to run Depreciation for the month.

See Period Close Events for detailed steps and timing. 

Final UPG and ACD Monthly payroll for FY24 will process on June 25.

Payroll Accounting Adjustments cut-off. All PAAs have to be fully approved by this time to be included in FY24. PAAs in progress will post to the next fiscal year once approved. 

All Accounting Journals and Adjustments must be approved through departmental and central workflows by 4 PM. Accounting Journals and Adjustments in progress will be canceled by Central Accounting at this time. Canceled accounting journals and adjustments can be resubmitted in the next fiscal year.  In some cases the Year-End Adjustments book code may be able to be utilized.

Final settlement run will be completed by 11 AM.

Last scheduled accounting journal integration

Last day for approving Requisitions. Requisitions must be through departmental approvals by this date.  Approved requisitions will be converted to POs by the end of the fiscal year. Requisition in progress at this date will be canceled by UVA Finance and will have to be re-entered in the next fiscal year.

All supplier invoice approvals (receiving) must be done by this date to be processed/accounted in this fiscal year.

Final biweekly payroll for FY24 will process on June 26.

Banking activity that post to Bank of America by 6/26 will be posted in FY24 if the Ad Hoc Bank Transaction is fully approved.  All transactions not approved or recorded will be posted in FY25. Credit cards in particular have variability of when the bank actually credits the University account. 

Last day for Workday Payroll Costing Allocations additions/changes for 6/28 for MC Bi-weekly (6/11-6/24) and UPG Bi-weekly (6/11-6/24). There will not be time for PAAs related to these payroll runs as payroll cuts off on 6/28. Departments need to assure Costing Allocation are up to date and correct before payroll runs are completed.

Last day to submit Procurement contracts requiring signature (includes Contract Requests Requiring Signature and Non-Catalog Orders that are contract requests) for FY24 contract execution.

Last SIS Refund Checks/ACH payments processed for the fiscal year. This activity processes SIS data from the prior business day (SIS to Workday nighly interface feed). 

SFS to Run Final Batch Refunds. No student refunds 6/22 through 6/28.

Last day to enter Payroll Accounting Adjustments for non-grants. 

SIS to run final Workday Journal files at 6 pm; both static & dynamic item types

Purchase Orders that include Grants with end dates <6/1/2024 will be closed by Procurement unless a specific request to keep and roll forward the PO to the next fiscal year is received from the Grant Manager by this day. See OSP Spotlight Newsletter and Finance Blog for details.

All expense reports must be fully submitted and through departmental approvals by this date to be paid in FY24.

Last day for Accounting Journals and Accounting Adjustments impacting Grants, entered and approved by initiating departments must be in OSP queue by this date 

Last day for Payroll Accounting Adjustments impacting Grants. Transactions need to be entered and approved by initiating departments in OSP queue by 6/23.  PAAs not through departmental approval workflow by 6/23 may not be approved by OSP in FY23.  Departments will need to reenter the PAAs in FY24 for processing by OSP. 

All Accounting Adjustments and Accounting Journals affecting Capital Equipment (non-ETF) must be submitted and through departmental approvals no later than Tuesday, June 25. The Fixed Asset Team will reject/deny transactions after the cut-off.