Fiscal Year-end Close Process
The fiscal year-end close process is similar to the month-end close process, except it has an extended timeline to allow additional time to ensure all fiscal year activities and transactions are captured.
Annual Surveys
Surveys Sent to Departments for Year-end Reporting
Surveys will be emailed to known contacts in early June. They should be completed and returned to Financial Reporting by early July, as requested in the survey, to allow sufficient time for review and to make annual adjustments before the fiscal year closes.
Accounts Receivable Surveys
Accounts receivable surveys will be emailed to those departments in early June with instructions.
Inventory Surveys
"Inventory" includes items that are:
- Owned by the University
- Physically present at the inventory location, and
- Held for sale to qualified buyers or for distribution to other University departments.
Inventory does not include office supplies expected to be used by the department in the normal course of departmental activities.
Deferred Revenue Surveys
Deferred revenues are amounts (i.e., payments) received by a department on or before June 30 for a service, sale, or class that will not take place until July 1 or later.
Departments that have any of these items to report and did not receive surveys should contact Financial Reporting.
Roll Forward Year-end Balances
As part of the fiscal year-end process, when the June period is closed in the Workday system, the June 30 ending balances roll forward to the beginning balances of the new fiscal year on July 1. When the UW is in its post-close reporting phase, which starts when June closes and ends when the UW issues its audited financial statements, the UCO may run additional roll-forward procedures as post-close entries are recorded, which is part of the financial statement reporting process.
Fiscal Year-end Close Calendar
The workday system is closed for the month of June, following an extended calendar at fiscal year-end. The fiscal year-end calendar is generally published in the spring of the respective fiscal year.
The biennium year-end is treated similarly to a non-biennium fiscal year-end close process.
The due dates and timeline for UW Medicine's fiscal year-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.
UW Academy Fiscal Year-end Close Calendar
Calendar for June 2025 will be an 18 business day process.
Note: Last day of calendar month is called "Day minus 1". Day 1–18 are business days.
Fiscal Year-end Close Calendar (Printable Version)
| UW Academy Fiscal Year-end Close Calendar 2025 Last updated June 3, 2025 | |||||
|---|---|---|---|---|---|
| WD Period | Month | Date | Day of Close | Deadline | Key Functions and types of transactions that occur each day |
| June | 30 | Day minus 1 | Midnight | Open July ledger period in Workday | |
| June | June | 27 | Day minus 4 | 12:00 PM | Last day to submit Accounting Adjustments involving trackable spend categories for EIO approval |
| June | June | 30 | Day minus 1 | 2:00 PM | Last day to approve Accounting Adjustments for period (follows Procurement close) |
| June | June | 30 | Day minus 1 | 10:00 PM | Complete receiving of goods and services for period |
| June | June | 30 | Day minus 1 | 10:00 PM | Close Procurement ~ Procurement YE Rollforward |
| June | June | 30 | Day minus 1 | 10:00 PM | Last day to post ISDs (follows Procurement close) |
| June | June | 30 | Day minus 1 | Midnight | Close Expenses, Capital Assets, Student Accounts |
| June | July | 1 | Day 1 | Midnight | Close Banking |
| June | July | 1 | Day 1 | 2:00 PM | In-progress customer invoices must be approved or cancelled (if not approved) by 2pm |
| June | July | 1 | Day 1 | 5:00 PM | Close Customer Accounts |
| June | July | 1 | Day 1 | 5:00 PM | Run Receipt Accrual |
| June | July | 2 | Day 2 | 5:00 PM | Run Depreciation |
| June | July | 2 | Day 2 | 5:00 PM | Post reversing journal |
| June | July | 3 | Day 3 | - | |
| June | July | 4 | - | - | Holiday |
| June | July | 5 - 6 | - | - | Weekend |
| June | July | 7 | Day 4 | Midnight | Payroll posts; Time of day is dependent upon Payroll processes completing and may be earlier/later than midnight. |
| June | July | 8 | Day 5 | - | |
| June | July | 9 | Day 6 | - | |
| June | July | 10 | Day 7 | - | |
| June | July | 11 | Day 8 | 5:00 PM | Surveys due to Controller's Office: Accounts Receivable, Unearned Revenue and Inventory |
| June | July | 12-13 | - | - | Weekend |
| June | July | 14 | Day 9 | - | Courtesy Dean's Day - If posting to another Balancing Unit (BU), communicate in advance |
| June | July | 14 | Day 9 | 5:00 PM | Close Payroll; Fringe expenses post. All Payroll Accounting Adjustments (PAA) must be approved to be captured in June. |
| June | July | 15 | Day 10 | 12:00 PM | Funding Source - final task run for period |
| June | July | 15 | Day 10 | 2:00 PM | Last day to run financial allocations - 2pm cut-off |
| June | July | 15 | Day 10 | 2:00 PM | In-progress journals must be approved or cancelled (if not approved) by 2pm |
| June | July | 15 | Day 10 | 5:00 PM | Close Journals (except for Controller's Office) |
| June | July | 15 | Day 10 | 5:00 PM | Close Operational Accounting |
| June | July | 16 | Day 11 | - | Controller's Office Only |
| June | July | 17 | Day 12 | - | Controller's Office Only |
| June | July | 18 | Day 13 | - | Controller's Office Only |
| June | July | 19-20 | - | - | Weekend |
| June | July | 21 | Day 14 | - | Controller's Office Only |
| June | July | 22 | Day 15 | - | Controller's Office Only ~ UCO final review WD companies close: UWMC, ALNW, UWMSS, UWP, UWPMC |
| June | July | 23 | Day 16 | - | Controller's Office Only ~ UCO final review WD companies close: SOM, MT, PBI, WBRP |
| June | July | 24 | Day 17 | - | Controller's Office Only |
| June | July | 25 | Day 18 | 5:00 PM | University closes Workday for fiscal year ~ All WD companies closed |
| June | July | 28-31 | Submit & post trial balance to State Agency Financial Reporting System (AFRS) | ||
| ~ University in Post Close Period until audited financial statements issued ~ | |||||