Year End Close Deadlines

FY21 Year End Closing Dates (Dates are subject to change)

Date Due Transaction Type
June 04 All FY21 or FY22 Payroll Funding Swaps are due to HR by June 4th for processing. If funding is not changing for FY2022, 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) 6/5/2021. If any changes are needed, you will still have the PPE 6/19/2021 to make those corrections/changes.
June 10 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 17

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 23

Expense Reports for Employee Reimbursements for all expenses through June 2021 must be entered in PeopleSoft by June 19th with all required departmental approvals in PeopleSoft by June 23rd. Expense Reports that are in the system but are not yet approved will be sent back.
June 28 @ 3 pm Cash Deposits - Walkups/in-person deposits must be in the Bursar's Office by 3:00 pm.
June 25 Invoices and Journal Vouchers against FY2021 PO Encumbrances must be in UPST
June 28 Direct Pay Vouchers must be submitted to UPST by
June 29 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)
June 30 @ 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.)

June 30 @ 3 pm

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 2021 date.

July 01 Purchase Order Roll-over in FY22
July 01 Last Bankcard feed - Last feed for FY21 (includes transactions through July 1st)
July 01 Purchase Orders and Invoices exported from BuyWays to PeopleSoft will resume on (after the PO Rollover is complete)
July 01 Purchase Orders - If, due to budget constraints, you do not want your BuyWays requisition to become a purchase order prior to FY21, 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 Journal Workflow Entries - Input via Journal Workflow must be submitted
July 06 @ 12 pm

Last day for Bankcard Reallocation for feeds through July 6, 2021. 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 Bankcard and when the transaction is included on the bank feed. Therefore, if the FY21 Bankcard purchase is not included on the July 1, 2021 bank feed, it will become an FY22 expense.

July 09 June Month End and Fiscal Year 2021 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 FY22.
In order for outstanding commitments on FY21 POs to roll into FY22, the FY21 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 FY22 budget to accommodate the rolled balance on the FY21 PO, or the PO will fail budget checking in FY22. UPST staff will work with departments to ensure that all qualified purchase orders roll into FY22.
Asset Receiving on FY21 PO’s must be vouchered by June 30th, therefore, the invoice and packing slip must be submitted to the Controller’s Office by June 19th. To be considered Received, an item must be inspected and tagged.

 

PAYROLL

Payroll through June 30, 2021 (PPE 06/19 and 11/14 of PPE 07/03) will be expensed in all departments in FY21. The fringe benefit rate applied to payroll is the rate in effect for the fiscal year of the payroll expense. The FY21 fringe rate is 38.59%. The proposed fringe rate for FY22 is 37.53% (Health/Retirement/Terminal Leave) and 1.97% 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: 6/22, 6/24, and 6/29. The first A/P check run of FY22 will be on 7/1.

 

Last Updated: 
6/8/21