Year End Close Deadlines

FY24 Year End Closing Dates (Dates are subject to change)

Date Due Transaction Type

May 31 (Friday)

All FY24 or FY25 Payroll Funding Swaps are due to HR by May 31st for processing. If funding is not changing for FY2024, 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) 6/1/2024. If any changes are needed, you will still have the PPE 6/15/2024 to make those corrections/changes.

June 06 (Thursday)

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 bennett [at] umass.edu (David Bennett)

June 13 (Thursday)

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 bennett [at] umass.edu (David Bennett).

June 10  (Monday)

PeopleSoft Expense Reports for Employee Reimbursements

Please note, with the introduction of Concur, if any employee reimbursement expenses remain in PeopleSoft after June 12th, they need to be resubmitted through Concur.

June 28 @ 4 pm (Friday) Cash Deposits - Walkups/in-person deposits must be in the Bursar's Office by 4:00 pm.
June 21 (Friday) Invoices and Journal Vouchers against FY2024 PO Encumbrances must be submitted to UPST by this date.
June 28 @ 4pm (Friday) Direct Pay Vouchers must be submitted to UPST by this date.
June 28 @ 5 pm (Friday)

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.)

June 30 (Sunday) Decentral Budget Transfers - All Budget Transfers should be processed by 6/30 
July 10 (Wednesday) Hard Copy Recharges - Recharges - Hardcopies of recharges must be sent to the Controller's Office by 7/10 (These are recharges from departments that are unable to submit electronic recharge requests and need to be manually entered by the Controller's Office).

July 12 @ 3 pm (Friday)

Electronic 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 2024 date.

July 10 (Wednesday) Journal Entry Requests must be received by the Controller's Office by 7/10 (These are requests from departments that do not have access to electronic journal entries or need cross-campus journal entries processed).  
July 02 (Tuesday) Purchase Order Roll-over into FY25
July 03 (Wednesday) Purchase Orders and Invoices exported from BuyWays to PeopleSoft will resume on (after the PO Rollover is complete)
N/A Purchase Orders - If, due to budget constraints, you do not want your BuyWays requisition to become a purchase order prior to FY25, you may enter it in BuyWays as a draft cart, but do not submit it to workflow until after rollover has been completed.
July 17 (Wednesday) Journal Workflow Entries - Input via Journal Workflow must be submitted by 7/17
June 26 (Wednesday)

Concur expense reports and bank card allocations must be allocated, submitted, and fully approved by June 26th. Expense reports that are not approved by this date will not post to PeopleSoft in FY24. Every effort should be made to allocate all FY24 activity prior to the June 26th deadline. The last day for allocation should be reserved for activity from the previous week.  

June 24 @ 10am (Monday)

Foreign Currency Wire Transfer Requests – Last day to submit Wire Transfer Requests to the Controller’s Office for processing by Treasury
June 25 @ 10am  (Tuesday) USD Currency Wire Transfer Requests – Last day to submit Wire Transfer Requests to the Controller’s Office for processing by Treasury
July 19 (Friday) June Month End and Fiscal Year 2024 Actuals Ledger GL Closing (AP and Expenses close on June 30th)

 

Foreign Currency Wire Transfer Requests – Last day to submit Wire Transfer Requests to the Controller’s Office for processing by Treasury

PO Rollover

Purchase orders and invoices exported from BuyWays to PeopleSoft will be put on hold on June 28th (5pm). BuyWays users may continue to enter requisitions, but purchase orders will not be exported to PeopleSoft until the FY rollover is complete.  All open Purchase Order balances in PeopleSoft on July 2nd will be rolled over to FY25.

For outstanding commitments on FY24 POs to roll into FY25, the FY24 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 FY25 budget to accommodate the rolled balance on the FY24 PO, or the PO will fail budget checking in FY25. UPST staff will work with departments to ensure that all qualified purchase orders roll into FY25.

Asset Receiving on FY24 PO’s must be vouchered by June 30th, therefore, the invoice and packing slip must be submitted by June 25th. To be considered Received, an item must be inspected and tagged.

During the FY24 close, UPST will be closing many POs created prior to 7/1/22. All PO owners of impacted POs subject to closure should have already been notified by UPST. If no action is taken by the PO owner, the PO will be closed. If there is a valid business reason that the PO cannot be closed, please submit a case to UPST, upst [at] umassp.edu, for review and final determination.

Payroll

Payroll through June 30, 2024 (PPE 06/29/24 and 1/14th of PPE 07/13/24) will be expensed in all departments in FY24. The fringe benefit rate applied to payroll is the rate in effect for the fiscal year of the payroll expense. The FY24 fringe rate is 43.20% and 2.11% for payroll taxes (UI/UHI/Medicare/ PFML). The proposed fringe rate for FY25 is 43.43% (Health/Retirement/ Terminal Leave) and 1.62% for payroll taxes.

AP Check Runs

The A/P check runs during the last few weeks of the fiscal year are: 6/18, 6/20, 6/25, and 6/27. The first A/P check run of FY25 will be on 7/2.

Last Updated: 
6/13/24