Year End Closing

Activity Date Description Finance Activity

Accounting & Financial Reporting Audit Report: Require resolution of all bank reconciling items within 30 days of identification and monitor the status of open items to assess compliance.

Work with Financial Accounting to ensure our bank reconciliation is accurate, documented and any discrepancies due to timing, returns, or other are not material to the financial statements or impactful from cashflow/operations perspective.

Accounting Journal and Accounting Adjustment cut off for transactions impacting Grants

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

Accounting Journal and Accounting Adjustments cut-off except Grants which had an earlier cut-off date

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.

Period Close Activity Groups: Journal, Accounting Adjustment
Integrations:
ACC INT51002 STD Accounting Journal Inbound
ACC INT51005 CC Accounting Journal Connector
 

Adoption of T2/T3 Service Level Agreement

Formalizing the process; SLAs with data collection and targeted outreach.

AR/Customer Accounts Cut-off. Last day to enter: - Customer Invoices, - Customer Invoice Adjustments, - Customer Payments and - Deposits, Customer Refunds.

AR transactions must be submitted and approved by 4:00 PM in order to be processed in FY23.

Period close activity group: Customer Accounts
Integrations:
CUS INT55001 STD Group 1 Customer Invoice Inbound
CUS INT55002 STD Group 2 Customer Invoice Inbound

Departmental Bank and Credit Card activity

Banking activity that post to Bank of America by 6/28 will be posted in FY23 if the Ad Hoc Bank Transaction is fully approved.  All transactions not approved or recorded will be posted in FY24. Credit cards in particular have variability of when the bank actually credits the University account. 

Electronic Invoice Receipt

Deadline for UVA units who send electronic invoice files to Workday.  Example: Library, FM.

Electronic Invoices

Valid electronic invoices received by this date will be processed in this fiscal year.

eVA Chargeback process

Final ACD Bi-weekly payroll completed

Final biweekly payroll for FY23 will process on June 21.

Final MC and UPG Bi-weekly complete

Final biweekly payroll for FY23 will be completed on June 28.

Final Settlement Run

Final settlement run will be completed by 11 AM.

Final SIS Accounting JE GL/GA file

Final SIS Acct JE GL/GA file to Workday

Final UPG Monthly completed

Final UPG Monthly payroll for FY23 will process on June 27.

Financial Aid batch disbursement date for Summer Session II.

Process Financial Aid for Summer Session II  in SIS.

First SIS Refund Settlement for FY 2024

First SIS Refund Checks/ACH payments processed for the new fiscal year.

Internal Loan Central Bank Clean up (optimize for stakeholders)

In Workday, creating consistency with internal loan transaction regardless of unit. From borrower standpoint.

Last Day for Accounting Journals and Accounting Adjustments (excl Cavalier Computers) affecting ETF capital equipment

All Accounting Adjustments and Accounting Journals affecting ETF Capital Equipment must be submitted and through departmental approvals no later than Friday, May 12.

Exceptions must be pre-approved by the Fixed Assets Accounting Group.

Last Day for Accounting Journals and Accounting Adjustments affecting capital equipment (non-ETF)

All Accounting Adjustments and Accounting Journals affecting Capital Equipment (non-ETF) must be submitted and through departmental approvals no later than Monday, June 26.

The Fixed Asset Team will reject/deny transactions after the cut-off. 

Last day for Bookstore purchases to be billed in FY23

Purchases must be made at the Bookstore (includes Central Grounds, TJs Locker at AFC, Courts and Commerce at the Law School and Darden  Exchange) to be included in FY23 billings.

Last day for catered events to be billed in FY23

Catered events held on or before June 9 will be billed in FY23. Events on/after June 10 will be billed in FY24.

Last day for Cavalier Computer purchases other than Capital Equipment to be billed in FY23

Purchase must be received and signed for by the department in order to be billed in FY23. If a shipment does not arrive in time there is no recourse for billing so be sure to place orders as early as possible.

Last Day for Cavalier uploaded ETF ISD transactions

Last day for Cavalier to upload ISD transactions involving ETF related invoices/credits.

Last day for closing POs in Workday.

Last day for closing POs in Workday. NOTE: All obligations associated with POs that remain open at 5 pm on June 27th will be rolled forward as obligations against the relevant FY24 budget.

Last day for Internal Service Delivery (ISD) transactions.

Last day for internal service providers to create internal service deliveries (either manually or by integration). If the ISD is not Approved on this day or the ISD fails as part of the last integration run on 6/22, there is no recourse in this fiscal year.

Integrations: 
ISP INT511002 STD Group 1 ISD Inbound (8:00pm)
ISP INT511003 STD Group 2 ISD Inbound (8:30pm)
ISP INT511004 STD Group 3 ISD Inbound (9:00pm)

Last day for ISD transactions related to capital projects

Last day for ISD transactions for capital projects. Facilities Management and ITS will not bill capital projects after this date and the following transactions related to capital projects will be suspended until the next fiscal year:  

Accounting Journals (ACC INT51005 STD Accounting Journal Inbound - Journal Source FM - Integrations)
Internal Service Delivery (ISP INT511003 STD Group 2 ISD Inbound - Facilities and ITS)
Supplier Invoices (SUP INT54023 STD FM Supplier Invoices Inbound)
 
 

Last day for Payroll Costing Allocation updates

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 for printing jobs delivered and copies made to be billed in FY23

Last day for printing jobs delivered and copies made at our Copy Centers to be billed in FY23.  Meter readings accessible on departmental copiers in May will be billed in FY23. 

Last day to approve non-grant Payroll Accounting Adjustments

Payroll Accounting Adjustments cut-off. All PAAs have to be fully approved by this time to be included in FY23. PAAs in progress will post to the next fiscal year once approved. 

Last day to enter non-Grant Payroll Accounting Adjustments

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