What is Fiscal Year End?
The University's fiscal year ends on June 30, 2020. It is important, considering Generally Accepted Accounting Principles (GAAP), that transactions be recorded in the correct reporting period. Therefore, departments should submit their accounting documents to the appropriate departments prior to fiscal close processing cutoff dates listed below.
Why is Fiscal Year End Important?
Fiscal year end is a good time to ensure expenditures and revenue have been recorded to the appropriate budget(s) for the closing fiscal year. If transactions have not posted to the correct budget there are two mechanisms for correcting entries:
- MyFD Transactions (Expense Transfers and Journal Vouchers) Application - Allows MyFD users to transfer posted salary and non-salary expenditures online. Note that a MyFD expense transfer is the only mechanism for transferring posted salary transactions. There are no exceptions to this rule.
- Manual Journal Voucher - For grants and contract budgets, please use the GrantTracker deficit transfer module or send a request to GCA to make the transfer.
Deadlines:
The chart below lists the purchasing and accounting documents related to fiscal close transactions. The cutoff dates represent the last day that departments can submit documents to allow sufficient time for processing and posting to the 2020 Fiscal Year End. Submittal of documents well in advance of the cutoff dates will ensure timely processing.
2020 Fiscal Year Cut-off Dates
Keep checking this calendar for updates.
|
Topic |
Description |
Cut Off Time |
Date |
Processing Unit System |
|
Ariba: P2I for Foreign Nationals |
In order to guarantee expenditures are charged to the expiring fiscal year, Ariba payment transactions for Foreign Nationals must clear the approval process by 5 p.m. on June 16th. This allows for central office to receive, process and send required documents to the IRS. |
5:00pm |
June 16th |
Accounts Payable Contact: pcshelp@uw.edu |
|
Close Ariba Open Balances |
All existing purchase orders with open balances at the end of fiscal year 2019 will be carried forward into fiscal year 2020 if the budget number is still in active status. |
5:00 pm |
June 17th |
Procurement Services Contact: pcshelp@uw.edu |
|
Ariba Orders: General Purchases |
In order to ensure expenditures are charged to the expiring fiscal year, Ariba contract requests and requisitions need to be fully approved by the department and Central Office by June 17th. |
5:00pm |
June 17th |
Ariba Contact: pcshelp@uw.edu |
|
Other Ariba Payment Transactions |
In order to guarantee expenditures are charged to the expiring fiscal year, Ariba payment transactions must clear the approval process by 5 p.m. on June 18th. This allows for central office processing. It is possible that expenditures fully approved up to June 26th at 3 p.m. will still be charged to the expiring fiscal year. Anything after this time will be charged to the new fiscal year. |
5:00 pm |
June 18th |
Ariba Contact: eTravel Contact: traveluw@uw.edu
|
|
Procurement Card Purchases |
To ensure transactions are received and posted in PaymentNet by July 1st, we recommend ProCard purchases are made by June 19th. To ensure that equipment is inventoried correctly, the deadline for equipment purchases with a ProCard is June 19th. |
5:00 pm |
June 19th |
JPMC PaymentNet Contact: procard@uw.edu |
|
Central Travel Account transactions must be posted to PaymentNet by July 1st in order to be recorded in the expiring fiscal year. We recommend CTA purchases are made by June 19th. |
5:00 pm |
June 19th |
JPMC PaymentNet Contact: procard@uw.edu |
|
|
Used by campus departments to return funds to individuals and companies from a revenue budget. |
5:00 pm |
June 22nd |
Accounts Payable Contact: pcshelp@uw.edu |
|
| Credit Memos | If you are expecting a credit memo from a supplier, make sure the credit memo is submitted and approved in Ariba by June 26th. | 3:00 pm | June 26th |
Accounts Payable Contact: pcshelp@uw.edu |
|
Ariba Invoices |
In order to ensure expenditures are charged to the expiring fiscal year, orders placed in Ariba must have invoices dated June 30th or earlier in Ariba and Blanket Purchase Orders (BPO) must be fully received by the department. This allows for central office processing. |
5:00 pm |
July 10th |
Accounts Payable Contact: pcshelp@uw.edu |
|
Complete reconciliation in PaymentNet by July 7th. |
5:00 pm |
July 7th |
ProCard Contact: |
|
|
Last day to submit revolving fund replenishment request for the expiring fiscal year. Please make sure to specify the correct fiscal year for posting. |
2:00 pm |
July 9th |
Procurement Services Contact: revfund@uw.edu |
|
|
|
Field advance Spend Downs must be approved by departments in the field advance portal by July 10th in order to be posted to the expiring fiscal year. |
2:00pm |
July 10th |
Procurement Services |
|
MyFD Online Expense Transfers/MyFD Journal Vouchers (JVs) |
Recommended last day for submitting expense transfers/MyFD JVs which require central office approval |
4:00 pm |
July 8th |
MyFD Contact: myfdhelp@uw.edu |
|
Last day to submit expense transfers/MyFD JVs which require central office approval |
4:00 pm |
July 15th |
MyFD Contact: myfdhelp@uw.edu |
|
|
LAST DAY for campus to submit expense transfers/MyFD JVs |
4:00 pm |
July 22nd |
MyFD Contact: |
|
|
DEAN'S DAY- FINAL DAY to submit expense transfers/MyFD JVs (only possible for those who have "Biennium Close Transfer (Deans/VPs)" access in ASTRA. Check your authorizations if you are unsure of your access rights.) |
4:00 pm |
July 24th |
MyFD Contact: |
|
|
Recommended first cut-off day to submit ISDs and CTIs before last day for campus. Time between this first cutoff day and last day for campus should be used to ensure all entries have posted in the system correctly. Entries to fix incorrect postings should be done between this date and last day for campus. ISD Electronic Form submitted to jvreq@uw.edu CTI Electronic Form submitted to jvreq@uw.edu |
12:00pm |
July 15th |
Financial Reporting Contact: jvreq@uw.edu |
|
|
Last day for campus to submit FASTRANS uploads for ISDs, CTIs, JVs and CTs FASTRANS files must be named for month 12 if transactions should post to June/month 12/FY1; example: F1207071.ISD (even when submitted in July, up to the Last Day deadline) Files named for month 13 will post to July/FY2. |
6:30 pm |
July 22nd |
FASTRANS Contact: |
|
|
Manual Journal Vouchers (In the note section indicate accounting month for posting and highlight in yellow the Period the JV should be recorded. i.e.: month 12 for FY 2019 or month 13 for FY 2020)
|
Requests submitted to the Tax Office for review. |
12:00pm |
July 10th |
Procurement Desktop Reports (PDR) Contact: pcshelp@uw.edu |
|
Grant, Contract and Gift Budgets (includes deficit transfers submitted through Grant Tracker or using the GrantTracker Deficit Transfer Tool) |
12:00pm |
July 15th |
GCA Contact: gcahelp@uw.edu |
|
|
for monies deposited to the bank by June 30, 2020 |
CTs submitted to Banking and Accounting Operations for upload Electronic Form submitted to bankrec@uw.edu |
12:00pm |
July 15th |
Banking and Accounting Operations Contact: bankrec@uw.edu |
|
LAST DAY for campus to submit Final Adjusting CTs Electronic CT form submitted to bankrec@uw.edu |
12:00pm |
July 22nd |
Banking and Accounting Operations Contact: bankrec@uw.edu |
|
|
DEAN'S DAY: Final Adjusting CTs for Deans and VPs Only Electronic CT form submitted to bankrec@uw.edu |
12:00pm |
July 24th |
Banking and Accounting Operations Contact: bankrec@uw.edu |