Month-end Close

Month-end Close Calendar

The month-end close calendar is a 10 business day process closing the Workday financial accounting books each month.

The due dates and timeline for UW Medicines' month-end close process may differ slightly from the due dates and timeline for the UW Academy due to variations in their respective financial reporting requirements and operational structures. Please note that the dates mentioned in the timeline are subject to some adjustment as the process is finalized. 

UW Academy Close Calendar 

Close Calendar including dates (printable version)

Day of CloseKey functions and types of transactions that close each day
Day minus 1 Close Procurement, Expenses, Capital Assets, Student Accounts at midnight
Day minus 1Last day to post ISDs  (follows Procurement close)
Day minus 1Open next ledger period in Workday at midnight
Day 1Close Banking at midnight
Day 1Close Customer Accounts - customer invoices must be approved by 2pm
Day 1Run Receipt Accrual
Day 2Run Depreciation
Day 2 Post reversing journals
Day 3, 4, or 5Close Payroll; Fringe expenses post (Day # depends on payroll calendar)
Day 6Last day to run financial allocations - 2pm cut-off
Day 6Close Operational Accounting
Day 6 Close Journals (except for Controller's Office).  Journals must be approved by 2pm 
Day 6Cancel In-process journals if not approved and posted by end of day at 5pm
Day 7-10Controller's Office Only
Day 10University Final Close and Consolidated Financial Reporting - 5pm
Day 11Submit trial balance to State Agency Financial Reporting System (AFRS)

 Note: Last day of the calendar month is called "Day minus 1".  Day 1 - 11 are business days.  

The UW Moves to Month-end Close – July 2023

The University of Washington is transitioning from an annual close to a month-end cycle of closing the books across the entire enterprise. This strategic shift represents a profound change in the university's financial operations, aiming to enhance efficiency, accuracy, and timeliness in its financial reporting processes. By moving to a monthly closing cycle, the University of Washington seeks to align its financial practices with industry best practices, enabling greater agility and informed decision-making by ensuring that all financial transactions are accounted for in the month of activity.

Does the UW really only close the books once a year?

It’s a commonly held misconception, but in reality, UW Medicine has a long-standing practice of month-end close and the UW Academy currently completes a rigorous hard close at year-end and a soft close each month through a two-day close process. The future state month-end close process synchronizes this effort across the enterprise. 

Why do we do Month-End Close?

Month-end close provides an accurate reflection of the financial performance of the UW and answers the most common management question, “how much money do we have?” 

How do we do Month-End Close?

Month-end close is completed through a series of tasks, processes and functions in Workday, as well as through supplemental steps outside of Workday. Activities that support a successful month-end close include the use of checklists, clear cutoffs and deadlines, and timely transaction process and approvals. Each month this involves a coordinated sequence between the enterprise month-end close and the activities in the shared environments.

Questions for Financial Accounting & Reporting

UW Connect Finance Portal Home - UW Connect Finance Portal

Helpful Resources 

  1. Watch 'Future State Focus: Closing the Books' | Microsoft Stream (Classic)
  2. Month-end close & accrual processes
  3. Accounting - Accrual Accounting (
  4. Accounting - How to Record Journals in Workday (
  5. Accounting - Foundation Data Model (
  6. UW Finance Readiness Program - Job Aid_Worktags.pdf - All Documents (

Enterprise-wide Financial Statements

There are 16 Workday companies and are aligned between two organizations: UW Academy and UW Medicine.  The Controller’s Office for each organization coordinates the Month End Close process.  The Workday companies are organized as follows:


  1.   UW1861
  2.   School of Medicine (SOM)
  3.   Metropolitan Tract (MT) 
  4.   Portage Bay Insurance (PBI)
  5.   Washington Biomedical Research Properties (WBRPs) 
  6.   UW Alumni Association (UWAA)
  7.   UW Foundation (UWF)


  1. UW Medical Center (UWMC)
  2. Airlift Northwest (ALNW)
  3. UW Medicine Shared Services (UWMSS)
  4. University Physicians (UWP)
  5. UW Physicians Network (UWMPC)
  6. UW Medicine Choice Care LLC
  7. Fred Hutchinson Cancer Center (FHCC)
  8. Valley medical Center (VMC)
  9. Harborview Medical Center (HMC)

For financial statement reporting purposes, the Workday companies represent:

UW stand-alone

  1. UW1861
  2. School of Medicine (SOM)
  3. Metropolitan Tract (MT)
  4. UW Medical Center (UWMC)
  5. Airlift Northwest (ALNW)
  6. UW Medicine Shared Services (UWMSS)

Blended Component Units

  1. Portage Bay Insurance (PBI)
  2. Washington Biomedical Research Properties (WBRPs)
  3. University Physicians (UWP)
  4. UW Physicians Network (UWMPC)
  5. UW Medicine Choice Care LLC

Discrete Component Units

  1. Fred Hutchinson Cancer Center (FHCC)
  2. Valley medical Center (VMC)

Related Parties

  1. UW Alumni Association (UWAA)
  2. UW Foundation (UWF)
  3. Harborview Medical Center (HMC)
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