Main Content
Overview
UW divides its accounting records into periods consisting of two fiscal years, called a "biennium." Fiscal Year 2025 will end on June 30th, 2026, and is the second year of the current biennium. Looking ahead, Fiscal Year 2027 will start on July 1, 2026.
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 throughout July. All resources are affected by fiscal year crossover and closing processes. The following information has been gathered from various sources and tailored to our campus.
Reminder:
In rare occasions, transfers after the end of the fiscal year (grant or revenue resources) can occur and may impact allocated GOF, DOF, SAFC, or STFC resources. Since all unspent allocations are swept to their respective reserves during closing, any impact of post-closing transfers will also be swept to central and will not impact FY27 spending authority.
How to prepare
- Complete Reconciliation – While on-going reconciliation is encouraged every month, all schools and units should ensure resources are reconciled to identify required transfers and corrections and submit them before cut-off deadlines.
- Review Open Balances – Review encumbrances and open balances, and if applicable, request closures to limit erroneous balances into the new year.
- 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 and processed before cut-off deadlines. Items received and/or invoiced after these dates may post to FY27.
- Forecast Year-End Spending – Determine probable overspends at fiscal year-end based on forecasting remaining spending. Once identified, please email tacfiscal@uw.edu as soon as possible so we can assist with the resolution.
- Review Year-End Transactions – Final postings for year-end processes post in July and should be reviewed to ensure accuracy. The final payroll (June 16th – 30th) should be posted by July 8th. Correcting transfers must be submitted by cut-off deadlines.
Who should I email?
To ensure a timely response during fiscal year end, direct all questions and submissions to tacfiscal@uw.edu.
Fiscal Services staff will route your email to the most appropriate team member to handle your query.
2026 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.
|
Function |
UWT Contact |
|
|---|---|---|
|
Accounting |
Jessica Bodas |
|
|
Assets |
Amelia Lingle |
|
|
Cashiering |
Stephanie Mann |
|
|
Procurement |
Bob Hardie |
|
|
Receivables |
Jessica Bodas |
|
Transaction |
Function |
School/Unit Deadline |
|
Need to be fully approved in Workday by deadline in order to be charged to FY26 |
Procurement |
May 22, 2026 |
|
Miscellaneous Payments – Foreign Nationals Payments to foreign nationals claiming a tax treaty All other MPs are due June 12, 2026 |
Procurement |
May 29, 2026 |
|
Need to be fully approved in Workday by deadline in order to be charged to FY26 |
Procurement |
May 29, 2026 |
|
Blanket Requisition Invoices and Credit Memos Need to be fully approved in Workday by deadline in order to be charged to FY26 – includes resolving receiving and match exceptions |
Procurement |
June 5, 2026 |
|
Invoice Match Exceptions - Non-Receiving Campus intervention is needed to allow exceptions to move forward If POs need to be updated by Buyer complete Purchase Order - Change and Close Form Note: Match Exceptions for Receiving are due June 19, 2026 |
Procurement |
June 5, 2026 |
|
Verify CTA transactions are received and posted to the June 2026 cycle |
Procurement |
June 5, 2026 |
|
Need to be fully approved in Workday by deadline in order to be charged to FY26 |
Procurement |
June 12, 2026 |
|
Note: MPs to Foreign Nationals are due May 29, 2026 |
Procurement |
June 12, 2026 |
|
Need to be fully approved in Workday by deadline in order to be charged to FY26 |
Procurement |
June 12, 2026 |
|
Need to be fully approved in Workday by deadline in order to be charged to FY26 |
Procurement |
June 12, 2026 |
|
Need to be fully approved in Workday by deadline in order to be charged to FY26 – this includes PDES verification and Cost Center/Grant Manager approvals. If not completed by deadline, expenses will post in FY27 and may require an accrual accounting journal |
Procurement |
June 19, 2026 |
|
Invoice Match Exceptions – Receiving All receiving completed for goods and services expensed to FY26 Note: Match Exceptions for Non-Receiving are due June 5, 2026 |
Procurement |
June 19, 2026 |
|
Adjustment of worktags for posted Procurement expenses including Supplier Invoices, Expense Reports, and ProCard transactions Complete Reclass Form to request accounting adjustments |
Accounting |
June 19, 2026 |
|
Pending Assets Requiring Review Unit Asset Coordinators need to ensure their assets records have all required information entered in the system by deadline |
Assets |
June 22, 2026 |
|
For all payments received that were not invoiced in Workday including check, cash, ACH, and wires Cash Transmittal Form needs to be received by deadline to post deposits to FY26 |
Cashiering |
June 19, 2026 |
|
Invoices for third-party contracts need to be fully approved by deadline to post revenue to FY26 Complete External Invoice Template to have a Workday Invoice generated |
Receivables |
June 22, 2026 |
|
ISDs need to be entered in Workday by deadline to ensure transactions post in FY26 |
Receivables |
June 26, 2026 |
|
Credit/debit card payments online via TouchNet Marketplace must be received by deadline to post in FY26 |
Receivables |
June 30, 2026 |
|
Corrections to FY26 transactions such as movement of posted expenditures or funding transferred to different worktags Complete Reclass Form to request corrections to posted FY26 expenses Complete Funding Transfer to request posted revenue to be moved between matching resource types |
Accounting |
July 5, 2026 |
|
To record FY26 transactions that were not posted in Workday by June 30, 2026 Fiscal Services will process manual accrual journal entries for goods received or services rendered in FY26 that posted in FY27. Requests that exceed $4,999 must be approved by the appropriate Vice Chancellor (or their designee) and submitted to tacfiscal@uw.edu by deadline |
Accounting |
July 8, 2026 |
|
Payroll Accounting Adjustments June 16-30 payroll will post July 8, 2026 Payroll Accounting Adjustments must fully be approved by deadline to post in FY26 |
Accounting |
July 9, 2026 |
|
Sweeps, Deficits, Balance Reviews Fiscal Services will complete reviews and reach out to Schools/Units as needed |
Accounting |
July 9, 2026 |
|
Fiscal Year-End Closing Review Checklist Fiscal Services will provide information to administrators of schools/units once Central guidance is received |
Accounting |
July 15, 2026 |
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.
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 8th 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.
