FY21 Year-End Close

The FY2021 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 11: FY2021 and FY2022 permanent BCRs must be received. Any FY2022 budget transfers that need to occur must wait until Workday is live on June 28.
    • May 13: HR/Payroll. FY2021 staff and PT faculty supplement pay forms due to HR. Any requests submitted after this date will be charged to FY2022.
    • May 20: HR/Payroll. FY2021 faculty supplement pay forms due to HR. Any requests submitted after this date will be charged to FY2022.
    • May 24: GL Account. Account requests will no longer be accepted by General Accounting, to be added into Oracle. New accounts will be added to Workday, beginning July 1.
    • June 4: Petty Cash. Petty cash confirmations due to General Accounting.
    • June 4: New Vendors. New vendor requests will no longer be accepted by Accounts Payable, unless payment is necessary before June 27. New vendor accounts will be entered into Workday starting June 28.
    • June 9: Payroll. May payroll posted to General Ledger.
    • June 11: Deferred summer revenue recorded by General Accounting.
      • NOTE: Programs completed by May 31 are considered FY2021 activity. Please notify General Accounting of all programs completed by May 31 ASAP.

    • June 17: P-Cards. All P-card charges made before May 31 must be submitted in Concur, 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 within Concur, indicating "FY2021" 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.
      • P-Card charges beginning June 1 will not be loaded into Concur – they will be loaded into Workday on July 5, to be applied to expense reports in Workday.

    • June 17: Deposits. All FY2021 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 17: Concur. The last day to submit any transaction in Concur (including expense reports, invoices, and vendor requests) is June 17 at 5 p.m. FY2021 charges should be indicated in the "Business Purpose" field in Concur, including "FY2021" at the beginning of the field (e.g. "FY2021 – 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 (Longview) for FY2021 should be reviewed carefully and any items belonging to FY2021 which are not recorded should be brought to Accounting's attention. FY2021 Longview detail reports should be reviewed to ensure there are no items posted to FY2022 that belong in FY2021. All invoices that need to be accrued must be submitted and approved through Concur by June 17, 4pm PST.
      • Accrual should be reflected in Longview no later than June 30. If you do not see a charge that you believe belongs in FY2021 in Longview 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 through Concur after June 17 will not be reflected in FY2021. There are only two circumstances where we would record something in our system to be reflected in FY2021 after June 17:
        1. Management or the auditors identify a transaction relating to FY2021 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
        2. A transaction related to a federal grant in FY2021 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.

    • June 25: Donation and pledge receivable close by University Advancement.
    • June 25: 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 25: Payroll. All FY2021 Payroll journal entries are recorded, including accruals and deferrals recorded.
    • June 25: Deposits. Last day to record manual deposits in Oracle. All cashier deposits after this date will be recorded in Workday, utilizing the Department Finance Specialist within each department.
    • June 25: P-Cards. All P-Cards will be frozen on June 26, and reactivated on July 6.
    • June 28: Deposits. Deposits will not be processed from June 28 – 30, to facilitate the transition to Workday.
    • July 5: P-Cards. All P-Card charges beginning June 1 are loaded into Workday, and available to be assigned to expense reports. FY2021 charges should be indicated in the expense line memo field at the line item level in Workday, by including "FY2021" at the beginning of the field (e.g. "FY2021 – May Services...").
    • July 9: Accounting Adjustments. Deadline to communicate account coding corrections or account adjustments to Accounting. FY2021 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 FY2021.

    • July 9: Westchester and LLS revenue recalculation due to General Accounting.
    • July 9: One-time BCRs for FY2021 must be communicated to the Budget office. Any one-time BCRs submitted after July 9 will not be reflected in FY2021.
    • July 12: Y/E Variance Analysis Application is available in Longview.
    • July 23: FY2021 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. Please submit analysis electronically through Longview.
    • August 6: Financial Certifications. Financial certifications due to the Controller's office.
    • August 16: Audit begins.
    • October 14: Financial statements available on LMU website.