Year-End Accounting

How to perform year-end processes to complete adjustments and prepare submissions for UW System Administration and External Auditors.


Fiscal Year 2023 year-end reporting

Fiscal year-end reporting due dates

Submission Due date
Accounts Receivable July 21, 2023
Inventories July 28, 2023
Fiduciary Activities (Agency Funds) August 4, 2023
Prepaid, Deferred Charges & Outflows August 4, 2023
Divisional Attestation August 31, 2023

Note: For all submissions, we will again use Google Docs for the Dean’s business office to upload their completed submissions. There will either be a separate folder or tab for each division. Please contact April Cook for access.

Download the Basics of Fiscal Year-end Financial Reports Presentation (PDF)

Watch the training video “Basics of Fiscal Year-end Reporting”

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Fiscal Year 2024 year-end timetable

Download 2024 Year-end Timetable (PDF)

Transaction type Due date
Purchase Requests for FY 2024 with a dollar amount greater or equal to $50,000 may require bidding and should be submitted in ShopUW+. March 22, 2024
Purchase Requisition(s) for goods and services expected to be delivered in FY 2025 may begin to be created for FY 2025 in ShopUW+. Estimated: April 1, 2024
Purchase Requisitions submitted after this date may be held for processing in FY2025. Purchasing Services will make every attempt to process requisitions in a timely manner but FY24 processing is not guaranteed. FY24 processing is not allowed for products or services expected to be delivered after June 30, 2024. May 17, 2024
Invoices from External Vendors must be received in Accounts Payable, Suite 5301, 21 N. Park St. Invoices may be submitted after this date, but FY24 processing is not guaranteed. May 31, 2024
Direct Payments (DP) & Payment To Individual Reports (PIR) must be generated in ShopUW+ with all approvals – Invoices may be submitted after this date, but FY24 processing is not guaranteed. May 31, 2024
Refund of Receipt forms for money deposited with the University as a receipt or sales credit must be generated in ShopUW+ with all approvals – Forms may be submitted after this date, but FY24 processing is not guaranteed. May 31, 2024
Disbursement Request Forms and Gift Deposit Routing Forms must be received by UW Foundation in order to guarantee transfer to UW–Madison fund 233 projects by the end of June 2024. Forms may be submitted after this date, but FY24 processing is not guaranteed. June 7, 2024
Capital Equipment Fabrications – All active fabrications are to be reviewed to confirm annual costs are accurately coded to account 4670 and that there are no impairment considerations to be addressed with Property Control. If your fabrication completed in the fiscal year, please contact Property Control to initiate the financial recognition and tagging process. (Procedure 3008.4 Fabricated Capital Equipment) June 10, 2024
Salary Cost Transfers (SCTs) processed through the Cost Transfer Tool for Fiscal Year 2024 must be fully approved by June 18, 2024 to guarantee entry into Fiscal Year 2024. After this cut-off date, SCT’s and Direct Retros will be processed as time permits. June 18, 2024
Voucher uploads must be received in Accounts Payable, Suite 5301, 21 N. Park Street. Uploads may be submitted after this date, but FY24 processing is not guaranteed. June 19, 2024
Check Deposits – Must be received in Cash Management, Suite 5301, 21 N. Park Street. June 21, 2024
Load last FY24 P-card file into SFS June 24, 2024
UWSA to load last purchasing card file to SFS (will contain transactions that posted at U.S. Bank on June 21). Subsequent files will be loaded into SFS on July 3 and processed in FY25. June 24, 2024
All ShopUW+ catalog invoices must be received, matched and processed by June 27 to ensure charges are applied to FY24 funding. Invoices matched and processed after June 27 will be applied to FY25 funding. June 27, 2024
Deadline to reconcile ALL purchasing card transactions (if not fully approved by 2 p.m., processing will run and “close” transactions) June 27, 2024 by noon (12 p.m.)
Expense reimbursement (E-Reimbursement) – Expense reports not fully approved by 6:30 p.m. on June 27 will not be processed for payment until July 1 and will be processed in FY 2025.  June 27, 2024 before 6:30 p.m.
Last Day for AP Voucher Entry June 27, 2024
JET and Cost Transfer Tool – Last day for June FY 2024 (period 12) journal entries June 28, 2024
by 4 p.m.
JET and Cost Transfer Tool Opens for Period 13 – Accounting dates will change to July 1, 2024 (period 13) at 4 p.m. on Thursday, June 28, 2024. All JET and Non Salary Cost Transfers submitted in the Tool after 4 p.m. June 28 through July 8, 2024 at 4 p.m. will have an accounting date of July 1, 2024 recorded in FY24. June 28, 2024
Department Bank Deposits – For FY24 postings, deposits must be picked up by armored car services or delivered to US Bank before end of day June 28. June 28, 2024
Receipt/Sales Credit Transfers – Forms for FY24 must be received in Cash Management, Suite 5301, 21 N. Park Street by noon. June 28, 2024 by noon (12 p.m.)
Freight – Departments who are currently using any shipping service must make sure the funding line to be charged is valid for FY 2025. We encourage you to contact your current shipping providers to make sure the funding information has been changed. To update UPS CampusShip funding strings, email changes to freight@bussvc.wisc.edu. June 28, 2024
Central AR (Non-Sponsored) – Last day to upload internal and external invoices is June 28, 2024 by 2 p.m. Any invoice uploaded in “READY” status by 2 p.m. on June 28 will be posted in FY24. June 28, 2024 before 2 p.m.
Central AR (Non-Sponsored) – Last day payments posted to open external invoices June 28, 2024
Deferred Revenue – Completed forms to record deferred revenue for receipts collected in FY2024 for FY2025 activity must be received in Cash Management, Suite 5301, 21 N. Park Street. See Deferred Revenue policy (UW-3032). July 1, 2024
JET – Last day for JRR (Revenue), entries in JET for FY 2024. July 2, 2024
Resume normal P-card activity July 3, 2024
Non-Salary Cost Transfers processed through the Cost Transfer Tool must be approved by 4 p.m. July 8, 2024 to ensure entry for FY 2024. July 8, 2024
JET – Last day JRB (Internal Billings) and JRT (Non-salary cost transfer) entries in JET for FY 2024. July 12, 2024
JET & Cost Transfer Tool Down – JET will be turned off from July 8 at 4 p.m. until end of day (EOD) July 14 to allow final processing for FY 2024. July 8-14, 2024
PO Encumbrances (FY2025) will begin to occur and be visible in WISER after this date. July 12, 2024
JET – First day for JRR (Revenue), JRB (Internal Billings) and JRT (Non-Salary Cost Transfer) entry for FY 2025. July 15, 2024
Cost Transfer Tool – First day for FY 2025 entry of Salary Cost Transfers or Non-Salary Cost Transfer in the Cost Transfer Tool. July 15, 2024

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Completing year-end roll forward adjustment request

Period 998 adjustment transactions are used to move SFS cash balances to the proper funding string for the new fiscal year operations.  This guide will help you with the steps involved in preparing the form for any changes that need to be made from the current year end roll forward listing.

A journal entry, with a JR998 journal mask, is created to record this type of transaction. This entry will be posted in early August and creates your beginning balance in WISER.

  1. Complete the 998 Adjustment Request form.
  2. Email the form and supporting documentation to Accounting Services at journals@bussvc.wisc.edu.
  3. Journal entry is prepared and posted by business services.

Questions regarding this form can be directed to journals@bussvc.wisc.edu.

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Contact

Find accounting Services

Financial Information Management
21 N. Park Street
Madison, WI 53715-1218

Call accounting services

(608) 262-5748

Fax accounting services

Fax:
(608) 262-5060 Controller’s Office
(608) 262-9681 File Room
(608) 265-9035 Vendor Relations