The FY2025 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
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- May 21: HR/Payroll. FY2025 Staff and part time faculty supplement pay forms due to HR. Any OTP/PAP request submitted after this date will automatically be charged to FY2026. Due to HR on May 21, 2025.
- May 23: HR/Payroll. FY2025 Full time faculty supplement pay forms due to HR. Any OTP/PAP request submitted after this date will be automatically charged to FY2026.
- MAY 31: FISCAL YEAR END
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- June 6: Petty Cash. Petty cash confirmations due to General Accounting.
- June 13: Deferred summer revenue recorded by General Accounting.
- NOTE: Programs completed by May 31, 2025, are considered FY2025 activity. Please notify General Accounting of all programs that are completed prior to May 31, as soon as possible so we are aware.
- NOTE: Programs completed by May 31, 2025, are considered FY2025 activity. Please notify General Accounting of all programs that are completed prior to May 31, as soon as possible so we are aware.
- June 13: P-Cards. All P-card charges made prior May 31st should be submitted in Workday, reviewed, and approved.
- For charges prior to May 31st for activity occurring after May 31st, a deferral entry will be posted. To indicate a deferral, it is necessary to utilize the "Memo" field at the transaction level in the expense report withing Workday indicating "FY2026" at the beginning of the field (e.g., "FY2026-Travel Summer 2025..."). Reviewers are alerted to indicate potential deferrals by utilizing the "Memo" field review.
- All expense reports including charges prior to May 31st are required to be submitted through final approval by June 13th, please allow reviewers sufficient time to complete their review prior to June 13th. P-Card charges will be given the same scrutiny as accounts payable charges.
- June 13: All purchases made through the Connect to Supplier Website (Vendor Punchouts) function in Workday that have been physically received must be reconciled and received in Workday. Please make sure to update the receipt date within the information tab to reflect the date the goods were received.
- June 13: Deposits. All Deposits related to FY2025 are due to the Cashier’s office (credit card and cash/check) either submitted through Workday or through a paper cashier deposit form. Please make sure to clearly indicate the fiscal year the deposit belongs to. Please separate deposits relating to multiple fiscal years into two distinct deposit forms for each respective year. Do not combine deposits for multiple fiscal years on a single cashier deposit form.
- June 13: June 13th will be the last day for any invoices to be in the Accounts Payable (AP) queue in Workday. Charges belonging to FY2025 should indicate in the “Memo” field in Workday by including “FY2025” at the beginning of the field (e.g., “FY2025-May Services…”). All purchases of physical property received between May 10-June 7 and greater than $1,000 will require receiving documents along with the invoice to ensure proper accounting. During this time, journal line transactions for FY2025 which are not recorded should be brought to the attention of Accounting. Also, FY2025 Journal Line reports should be reviewed to be sure there are no items posted to FY2025 that belong in FY2026. All invoices that need to be accrued should be submitted and approved through Workday by June 13th, 5pm PST. The accrual should be reflected in Workday no later than June 30th. If you do not see a charge that you believe belongs in FY2025 in Workday, contact General Accounting immediately no later than July 7th, 2025.
- NOTE: Any invoices submitted to Accounts Payable after June 13th will not be reflected in FY2025. There are only two circumstances where we would record something in our system to be reflected in FY2025 after June 13th, which are as follows:
- Management or the auditors identify a transaction relating to FY2025 that is deemed to be material to the financial statements, and not recording this entry would result in the financial statements being materially misstated; or
- A transaction related to a federal grant in FY2025 was not recorded in the proper period.
- 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.
- NOTE: Any invoices submitted to Accounts Payable after June 13th will not be reflected in FY2025. There are only two circumstances where we would record something in our system to be reflected in FY2025 after June 13th, which are as follows:
- June 20: Westchester Campus Facilities, Westchester Information Technology Services, and Law School Fiscal Affairs should have reconciled all capital projects accounts and have communicated to Account the list of completed account numbers, amounts to be capitalized, and the placed into service date for each completed project.
- June 20: All FY2025 Payroll related journal entries will be recorded including accruals and deferrals.
- June 20: Department Chair and Program Director Financial Certification due to the Unit Leadership.
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- July 7: Accounting Adjustments. Reclassifications and/or adjustments mut be communicated to Accounting by this date. LMU’s accounting records for FY2025 will be closed so that audit schedules can be prepared, year-end entries made and reviewed.
- NOTE: Any entries submitted after this date will not be reflected in FY2025.
- July 14: One-time budget amendments for FY2025 must be submitted via Workday or communicated to the Budget Office via Budget@lmu.edu.
- July 21: FY2025 (05/31/2025) closed.
- July 31: FY2025 Budget to Actual and Actual to Actual analysis due to Controller’s Budget Office. Variances greater than the absolute values of 10% AND $10,000 need explanations. Please submit your analysis electronically through Adaptive Insights.
- July 7: Accounting Adjustments. Reclassifications and/or adjustments mut be communicated to Accounting by this date. LMU’s accounting records for FY2025 will be closed so that audit schedules can be prepared, year-end entries made and reviewed.
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- August 1: Westchester and Law School revenue recalculation due to General Accounting.
- August 4: Financial Certifications. All Financial Certifications due to the Budget office.
- August 4: LMU year-end audit begins.
- October 10: Financial statements available on LMU website.