Month-end Close process
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's month-end close and the activities in the shared environments.
Month-end Close Calendar
Workday system is closed each month following an 8 business day process closing the Workday financial accounting books each month.
The due dates and timeline for UW Medicine's 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.
June is the fiscal year-end for the UW, and the close calendar is extended to allow additional time for all fiscal year activities to be captured. See Fiscal Year-End Close
UW Academy Close Calendar
Close Calendar (printable version)
| Day of Close | Key functions and types of transactions that close each day |
|---|---|
| Day minus 1 | Close Procurement, Expenses, Capital Assets, Student Accounts at midnight |
| Day minus 1 | Last day to post ISDs (follows Procurement close) |
| Day minus 1 | Open next ledger period in Workday at midnight |
| Day 1 | Close Banking at midnight |
| Day 1 | Close Customer Accounts - customer invoices must be approved by 2pm |
| Day 1 | Run Receipt Accrual |
| Day 2 | Run Depreciation |
| Day 2 | Post reversing journals |
| Day 3, 4, or 5 | Close Payroll; Fringe expenses post (Day # depends on payroll calendar) |
| Day 6 | Last day to run financial allocations - 2pm cut-off |
| Day 6 | Close Operational Accounting |
| Day 6 | Close Journals (except for Controller's Office). Journals must be approved by 2pm |
| Day 6 | Cancel In-process journals if not approved and posted by end of day at 5pm |
| Day 7-8 | Controller's Office Only |
| Day 8 | University Final Close and Consolidated Financial Reporting - 5pm |
| Day 9 | Submit trial balance to State Agency Financial Reporting System (AFRS) |
Note: Last day of the calendar month is called "Day minus 1". Day 1 - 9 are business days.