FY23 Year-End Close

The FY2023 year-end is unique, as we simultaneously close the fiscal year while transitioning to Workday for all financial processes moving forward.

Our current environment has necessitated changes to our year-end process. Our fiscal year-end date remains May 31 and our audit process has not changed, but some deadlines have moved earlier to allow for a smooth transition to Workday.

Please bookmark this page, as it will serve as a comprehensive reference for key year-end dates and tasks. We will continue to populate this page with further information as appropriate.

Key Dates

- May TBD: FY2023 and FY2024 permanent BCRs must be received.
- May TBD: HR/Payroll. FY2023 staff and PT faculty supplement pay forms due to HR. Any requests submitted after this date will be charged to FY2024.
- May TBD: HR/Payroll. FY2023 faculty supplement pay forms due to HR. Any requests submitted after this date will be charged to FY2024.
- May TBD: GL Account. Account requests will no longer be accepted by General Accounting.
- MAY TBD: FISCAL YEAR END
- June TBD: Petty Cash. Petty cash confirmations due to General Accounting.
- June TBD: New Vendors. New vendor requests will no longer be accepted by Accounts Payable, unless payment is necessary before June 27.
- June TBD: Payroll. May payroll posted to General Ledger.
- June TBD: Deferred summer revenue recorded by General Accounting.
  - NOTE: Programs completed by May 31 are considered FY2023 activity. Please notify General Accounting of all programs completed by May 31 ASAP.
- June TBD: P-Cards. All P-card charges made before May 31 must be reviewed and approved.
  - For charges prior to May 31 for activity occurring after May 31, a deferral entry will be posted. To indicate a deferral is necessary, use the "Business Purpose" field at the transaction level in the expense report, indicating "FY2024" at the beginning of the field.
  - All expense reports, including charges before May 31, are required to be through final approval by June 17. Please allow reviewers sufficient time to complete their review prior to June 17. P-Card charges will be given the same scrutiny as accounts payable charges.
- June TBD: Deposits. All FY2023 deposits are due to the Cashier's Office (credit card and cash/check). Please clearly indicate the fiscal year the deposit belongs to, and separate deposits for multiple fiscal years onto two distinct cashier deposit forms – do not combine deposits for multiple years on a single cashier deposit form.
- June TBD: The last day to submit any transaction (including expense reports, invoices, and vendor requests) is June 17 at 5 p.m. FY2023 charges should be indicated in the "Business Purpose", including "FY2023" at the beginning of the field (e.g. "FY2023 – May Services...").
  - All purchases of physical property received between May 10 – June 7 and greater than $1,000 require receiving documents along with the invoice. During this time, general ledger printouts for FY2023 should be reviewed carefully and any items belonging to FY2023 which are not recorded should be brought to Accounting's attention. FY2023 detail reports should be reviewed to ensure there are no items posted to FY2024 that belong in FY2023. All invoices that need to be accrued must be submitted and approved through by June 17, 4pm PST.
  - Accrual should be reflected no later than June 30. If you do not see a charge that you believe belongs in FY2023 by July 7, contact General Accounting immediately (no later than July 10).
  - Any report or invoice that has not been fully approved by June 23 will need to be resubmitted in Workday starting June 28.
  - NOTE: Any invoices submitted to Accounts Payable after June 17 will not be reflected in FY2023. There are only two circumstances where we would record something in our system to be reflected in FY2023 after June 17:
  - If an entry is required due to one of the exceptions listed above, a detailed description as to why this occurred will be required along with notification to the department SVP.
- June TBD: Donation and pledge receivable close by University Advancement.
- June TBD: Westchester Campus Facilities, Westchester ITS, and LLS Fiscal Affairs should reconcile all capital project accounts and have communicated to Accounting the list of completed account numbers, amounts to be capitalized, and the placed into service date for each completed project.
- June TBD: Payroll. All FY2023 Payroll journal entries are recorded, including accruals and deferrals recorded.
- June TBD: Deposits. Last day to record manual deposits.
- July TBD: P-Cards. All P-Card charges beginning June 1 are loaded into Workday, and available to be assigned to expense reports. FY2023 charges should be indicated in the expense line memo field at the line item level in Workday, by including "FY2023" at the beginning of the field (e.g. "FY2023 – May Services...").
- July TBD: Accounting Adjustments. Deadline to communicate account coding corrections or account adjustments to Accounting. FY2023 accounting records will be closed after July 9 so audit schedules can be prepared, year-end entries made and reviewed.
  - NOTE: Any entries submitted after this date will not be reflected in FY2023.
- July TBD: Westchester and LLS revenue recalculation due to General Accounting.
- July TBD: One-time BCRs for FY2023 must be communicated to the Budget office. Any one-time BCRs submitted after July 9 will not be reflected in FY2023.
- July TBD: Y/E Variance Analysis Application is available.
- July TBD: FY2023 Budget to Actual and Actual to Actual analysis due to Controller's office. Variances greater than the absolute value of 10% AND $10,000 must be explained.
- August TBD: Financial Certifications. Financial certifications due to the Controller's office.
- August TBD: Audit begins.
- October TBD: Financial statements available on LMU website.