Fiscal Year Close

2025 Year-End Close Deadlines 

These deadlines accommodate UW Seattle central office timelines and allow for Fiscal Services review and processing. To the extent possible, taking action well in advance will assist with ensuring timely processing. Fiscal Services will process all items received by the respective task school/unit deadline. Requests received after the school/unit deadline but before the process deadline will be accommodated as capacity allows.

• Fiscal Year-End Deadlines 5/19/25 email
  FY25 Fiscal Year-End Deadlines

Clarifications on Institutional Reserves and Commitments processes

Schools and units may recall prior iterations of the reserves and commitments (also known as carryforwards) request process that operationalized our current policy.  As a result of the significant changes in our financial systems, the following clarifications will now guide our processes.

Dean’s Carryforward for Special Projects
No request necessary

Fiscal Services will include initial allocations of $50,000 for each school during the annual budget development process. With the approval of the Chancellor and confirmation of remaining GOF funds after fiscal year close, up to $50,000 will be funded in the subsequent fiscal year.

Start-up and offer letter commitments
No request necessary

Due to changes in how Workday Finance operates, Fiscal Services can now fund start-up and offer letter commitments funded from central resources at the time of issuance using stand alone grant Worktags. Allocations for school or unit funded start-up and offer letter commitments can be transferred from existing school or unit resources to the stand alone grant Worktag at the request of the cost center manager.   

Residual balances in these identified stand alone grant Worktags will not be swept at fiscal or biennium end and will remain available through the timeframe detailed in the offer letter.

Incurred or legally obligated expenses

Requests that exceed $4,999* and meet the criteria listed below must be approved by the appropriate Vice Chancellor (or their designee) and submitted to tacfiscal@uw.edu by Monday, July 7th at 3:00pm.

As a result of Workday, Fiscal Services can now process accruals. An accrual, or accrued expense, is a means of recording an expense that was incurred in one accounting period but not paid until a future accounting period.  Recording an accrual ensures that the transaction is recognized in the accounting period when it was incurred, rather than paid.  Since expenses can be recorded using accruals in the appropriate fiscal year, carryforward requests are no longer necessary. An accrual request is not needed for fully approved purchase orders and invoices if the goods or services have been received and any receiving match exceptions are cleared by Friday, June 23rd at 5:00pm. Workday will automatically create accruals in these circumstances.  

For items not automatically accrued by Workday, Fiscal Services will process manual accrual journal entries.  In order for an expense to be recorded in the expiring fiscal year, the expense should have been incurred by June 30, meaning that the goods should have been received or services should have been rendered by that date.   The following examples warrant appropriate justification for an accrual.

• Example 1: A purchase order for equipment is issued in Workday on June 1, and the equipment is physically received on June 28.  The vendor submits an invoice on July 3 and is paid on July 30.  An accrued expense of $10,000 must be recorded as of June 30.
• Example 2: A bill for $6,000 is received on July 3. The dates of service are from June 2 – July 2. An accrued expense of $5,613 must be recorded as of June 30 since ~94% of the time of service occurred in June.

When recording an accrual, the school/unit resource is debited, and a central accrued expense liability ledger is credited.  All accruals recorded in June will automatically reverse in July.