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Washington State University Modernization

Fiscal Year End

 

Fiscal year end for 2021 is our first year end closing with Workday. A timeline is below. We’ll continue to update this page with new information.

Last updated at 4:30 p.m. on July 21, 2021.

Things to Know

  • Fiscal year end for 2021 is June 30, 2021.
  • We will host open office hours focused on year end processes.
  • We will have a “thirteenth month” during which transactions that process after June 30 can still be captured as part of fiscal year 2021.
  • Because we launched Workday in the middle of a fiscal year, processes will need to incorporate legacy systems as well.
  • General Accounting will not be able to move pending manual journals and accounting adjustments to the next period the way they do for month end close.
  • Both FY2021 and FY2022 will be open for an overlap period in Workday, so we will need to be attentive to be sure dates post in the correct year.
  • Departments will no longer need to submit compensated balances (now called Compensated Absences) because of new Workday functionality. Leave liability will be reported directly from Workday.
  • Workday reports can still be accessed throughout the year end process.
  • Questions? Ask them here.

Timeline

 

Date

Task to complete

Mid-June
  • Risk Assessments survey sent to Area Finance Officers
June 18
  • Manual journals, accounting adjustments, and supplier invoices for subcontractors with grant worktags must be submitted.
  • Internal Service Deliveries (ISD) that include grant worktags must be submitted.
June 25
  • Supplier invoices for goods and services submission priority deadline for inclusion in FY2021
June 28
  • Submit EIBs (if you are new to the EIB process) after attending a special training on June 17. Read more.
June 30
  • Retro time and leave from 12/16/2020 to 6/15/2021 must be submitted and approved by 9 a.m. Read more.
  • Receipts for goods or services sold by your department during the last week of June must be received in the Cashier’s Section of the Bursar’s Office by 10 a.m.
    • A minimum of two cash deposit turn-ins during the last week is suggested.
    • To the extent possible, large deposits on Wednesday should be avoided.
  • All accounts receivables for goods and services and any corrections to accounts receivable transactions in myWSU should be reported to the Bursar’s Office (335-9711) as early as possible, but no later than noon.
  • Fiscal Year 2022 opens in Workday.
July 2
  • Receipts for FY2021 travel or reimbursements must be expensed.
    • Spend authorizations for travel expenses on or after July 1, 2020 that request cash advances prior to July 1, 2021 will be charged to the budget in the current fiscal year.
    • Airline tickets purchased before July 1, 2021 for travel on or after July 1, 2021 will be charged to the current fiscal year.
  • Payroll Accounting Adjustments must be fully approved through Workday by 5 p.m. (prior to second half of June payroll run).
  • Time and leave from 6/15/2021 to 6/30/2021 must be submitted and approved by 5 p.m. Read more.
July 9
  • Card transactions for FY2021 must be verified. (Deadline extended from July 2)
  • All manual journals and non-grant accounting adjustments need to be fully approved.
  • Internal Service Deliveries (ISD) that are non-grant need to be fully approved.
  • Last day to receipt goods or services received prior to June 30, 2021. Read more.
  • Last day to complete financial transactions for FY2021 (except budget amendments).
July 12
  • Budget Office to provide final expense entry to General Accounting.
  • Fiscal Year 2021 officially closes in Workday.
July 13
  • Initial close of FY2021.
July 16
  • Property Inventory reports due
  • Physical Inventory reports due
    • Equipment received on or before June 30, 2021 which meets Property Inventory criteria must have a property inventory tag assigned and the paperwork returned to Property Inventory (Campus Zip 1025).
July 19
  • Roll forward of assets, liabilities and retained earnings from Fiscal Year 2021 to Fiscal Year 2022. (New date extended from July 13)
July 22
  • FY2021 core fund budget amendments must be completed by noon.
July 30
  • Post Core Funds carryforward (date updated from July 23 – read more).