Fiscal Year Close

Overview

UW divides its accounting records into periods consisting of two fiscal years, called a "biennium." Fiscal Year 2022 will end on June 30th, 2022, and marks the half-way point of the current biennium. Looking ahead, Fiscal Year 2023 and Biennium 2021 will end on June 30th, 2023.

After the fiscal year ends , accounting records are finalized and closed while a new set of records is opened for the new fiscal year. For a short time, two separate sets of records are open. This time is called crossover and lasts from July to August. Notices and status updates are displayed on the MyFD homepage and sent in email notifications to the MyFD listserve.

All budgets are affected by fiscal year crossover and closing processes. The following information has been gathered from various sources and tailored to our campus.

How to prepare

1. Complete MyFD Reconcilation – While on-going reconciliation is strongly encouraged every month, all schools and units should ensure budgets are reconciled before June 30th to identify required transfers and corrections and submit them before cut-off deadlines.
2. Review Open Balances – Review encumbrances and open balances, and if applicable, request closures to limit erroneous balances into the new year.
3. Plan Year-End Purchases – Coordinate to ensure that actions are taken in advance if you intend to have expenses post to the expiring fiscal year. Services and supplies must be physically received by June 30th and processed before cut-off deadlines. Given continued supply chain issues, we encourage purchasing to occur as early as possible but no later than June 15th. 
4. Forecast Year-end Spending – Determine probable budget or account code overspends at fiscal year-end based by forecasting remaining spending. Once identified, please reach out to Finance by June 15th so we can assist with the resolution.
5. Review Year-end Transactions – Final postings for year-end process post in July and should be reviewed to ensure accuracy. Final payroll (June 16th – 30th) should be visible on MyFD by July 6th, and June ProCard expenses should post by July 10th. Correcting transfers must be submitted by cut-off deadlines

Cut-off Deadlines for Biennium Close 

These deadlines factor in UW Seattle central office timelines, provide allocations for UW Tacoma review and processing, and will assist us in ensuring transactions are posted to the expiring fiscal year.

Items of Note

• During crossover periods, MyFD may not display budgeted or transaction amounts at all or correctly. Budgeted amounts and balances are not final until after all closing calculations are complete. 
• Starting during crossover, Finance will process one-time revisions to sweep unspent fiscal year 2022 allocations to central reserves.  
• One-time budget allocations are not carried forward into the new biennium automatically and if approved for fiscal year 2023, will need to be re-budgeted by UWT Finance.
• UWT Finance will not be able to input one-time or new on-going budget allocations from June 30th until approximately October 1st.
• In rare occasions transfers after the end of the fiscal year (grant or revenue budgets) can occur and may impact GOF or DOF allocated budgets. Since all unspent allocations are swept to central reserves during closing, any impact of post-closing transfers will also be swept to central and will not impact FY23 spending authority.