Year End Close Deadlines

FY20 Year End Closing Dates (Dates are subject to change)

Date Due Transaction Type
June 05 All FY20 or FY21 Payroll Funding Swaps are due to HR by June 5th for processing.  If funding is not changing for FY2021, do not send in the paperwork. For those that process their funding swaps via ePAFs please make sure that they are all in for the Pay Period Ending (PPE) 6/6/2020. If any changes are needed, you will still have the PPE 6/20/2020 to make those corrections/changes.
June 11 Endowment Payout Accounts (Funds 53800 & 53810) 

This Fiscal Year Scholarship requests must be submitted to Suzanne Schilling in the Financial Aid Office by this date.

* This is for accounts that are required to return unspent balances back to principal at year end.  Any questions about Endowment Payout accounts, or if unsure if your account returns to principal at year end contact wheeler [at] admin.umass.edu (Joanne Wheeler).

June 18

Endowment Payout Accounts (Funds 53800 & 53810)

Payroll, Journal Entries, Recharges, Disbursements must be posted by this date.

* This is for accounts that are required to return unspent balances back to principal at year end.  Any questions about Endowment Payout accounts, or if unsure if your account returns to principal at year end contact wheeler [at] admin.umass.edu (Joanne Wheeler).

June 19 Invoices and Journal Vouchers against FY2020 PO Encumbrances must be in UPST 

June 23

Expense Reports for Employee Reimbursements for all expenses through June 2020 must be entered in PeopleSoft by June 19th with all required departmental approvals in PeopleSoft by June 23rd.  Expense Reports and Travel Authorizations that are in the system but are not yet approved will be sent back. UPST will resubmit these on your behalf after July 1st.
June 24 @ 12 pm Cash Deposits - Walkups/in-person deposits must be in the Bursar's Office by 12:00 pm.
June 29 Direct Pay Vouchers must be submitted to UPST by
June 29 @ 5 pm

Purchase orders and Invoices exported from BuyWays to PeopleSoft will be put on hold

(BuyWays users may continue to enter requisitions in BuyWays, but Purchase orders will not be exported to PeopleSoft.)

July 01 Purchase Order and Travel Authorization Roll-over in FY21
July 02 ProCard - Last feed for FY20 (includes transactions through July 1st)
July 02 Purchase Orders and Invoices exported from BuyWays to PeopleSoft will resume on (after the PO Rollover is complete)
July 02 Purchase Orders - If, due to budget constraints, you do not want your BuyWays requisition to become a purchase order prior to FY20, you may enter it in BuyWays as a draft cart, but do not submit it to workflow until after rollover has been completed.
July 03

Journal Entries - Requests must be received by the Controller's Office

July 05 Recharges - Hardcopies of recharges must be emailed to tlucas [at] admin.umass.edu (Terry Lucas) in the Controller's Office.  (These are recharges from departments that do not have access to electronic feed and need to be manually entered by the Controller's Office)
July 07 Journal Workflow Entries - Input via Journal Workflow must be submitted
July 07 Recharges - Electronic feeds for this Fiscal Year must be received to acoga [at] admin.umass.edu or sent directly to the UITS server.

* For recharge uploads to be posted in this Fiscal Year, the header must have a June 2020 date.

July 07 @ 12 pm

Procard Reallocation - Last day for ProCard Reallocation for feeds through July 1, 2020.  Every effort should be made to reallocate activity through the end of June prior to the last week of June.  The last day for reallocation should be reserved for activity posted in the prior week.

There is typically a 2-3-day lag between when a cardholder uses his/her Procard and when the transaction is included on the bank feed.  Therefore, if the FY20 Procard purchase is not included on the July 1, 2020 bank feed, it will become an FY21 expense.

July 10 June Month End and Fiscal Year 2020 Actuals Ledger GL Closing (AP and Expenses close on June 30th)
 

PO ROLLOVER

All open Purchase Order balances in PeopleSoft on June 30th will be rolled over to FY21.

In order for outstanding commitments on FY20 POs to roll into FY21, the FY20 POs must be in an Approved or Dispatched status with a Valid Budget Check.   There must be a valid budget row in the appropriate departmental FY21 budget to accommodate the rolled balance on the FY20 PO, or the PO will fail budget checking in FY21.  UPST staff will work with departments to ensure that all qualified purchase orders roll into FY21.

Asset Receiving on FY20 PO’s must be vouchered by June 30th.

 

PAYROLL

Payroll through June 30, 2020 (PPE 06/20 and 10/14 of PPE 07/04) will be expensed in all departments in FY20.  The fringe benefit rate applied to payroll is the rate in effect for the fiscal year of the payroll expense.   The FY20 fringe rate is 35.48%.  The proposed fringe rate for FY21 is 37.03% (Health/Retirement/Terminal Leave) and 1.85% for payroll taxes (UI/UHI/Medicare/Paid Family Medical Leave).

 

AP CHECK RUNS

The A/P check runs during the last few weeks of the fiscal year are:  6/24, 6/25, 6/29 and 6/30.  The first A/P check run of FY21 will be on 7/2.

 

Last Updated: 
5/28/20