Year End Accounting

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


 

Fiscal Year 2020 Year End Timetable

Download 2020 End of Year Timetable

Transaction Type

Due Date

External Requisitions for FY 2020 with a dollar amount $50,000 & over must be received in Purchasing Services, Suite 6101, 21 N. Park St. Wednesday, April 1, 2020
External Requisitions for goods and services expected to be delivered in FY 2021 may begin to be created for FY 2021 in the External Requisition Generator in My UW. Wednesday, April 1, 2020
External Requisitions for FY 2020 with a dollar amount $5,000 – $49,999 must be received in Purchasing Services, Suite 6101, 21 N. Park St. Wednesday, April 15, 2020
Justification to Carryover Prior Fiscal Year POs.  Campus can begin to justify PO rollover. Friday, May 1, 2020
Orders after this date and expected to be received after June 30th must be charged to the new fiscal year, FY 2021. Friday, May 15, 2020
Any external requisition for FY 2020 that
• is less than $5,000
• is PO from a Delegated department
Must be received in Purchasing Services, Suite 6101, 21 N. Park St.
Friday, May 29, 2020
Invoices from External Vendors must be received in Accounts Payable, Suite 5301, 21 N. Park St. – Invoices may be submitted after this date, but FY20 processing is not guaranteed. Friday, May 29, 2020
Direct Payments (DP) & Payment To Individual Reports (PIR) must be received in Accounts Payable, Suite 5301, 21 N. Park St.Invoices may be submitted after this date, but FY20 processing is not guaranteed. Friday, May 29, 2020
Refund of Receipt form for money deposited with the University as a receipt or sales credit must be received in Cash Management, Suite 6101, 21 N. Park St. – Forms may be submitted after this date, but FY20 processing is not guaranteed. Friday, May 29, 2020
Encumbrance Management Forms for FY 2020 approved by your Dean’s office must be received in Purchasing Services. Email forms to purch@bussvc.wisc.edu or pofundingstringonly@bussvc.wisc.edu depending on the change. Friday, June 5, 2020
Check/ACH 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 FY 2020. Friday, June 5, 2020
Last Day to justify Carryover of Prior Fiscal Year POs. Monday, June 8, 2020
Purchasing CardAll orders must be placed early enough to allow the vendor time to process the transaction and submit the charge to US Bank on or before June 12, 2020. The turnaround time varies by merchant. Orders placed the week of June 8, 2020 may or may not post to FY 2020. Friday, June 12, 2020
Shop@UW Order DeadlineAll purchases made through Shop@UW and MDS Verona warehouse must be place by end of business day June 12, 2020 to ensure that the charges are applied to FY20 funding. Orders placed after June 12 may or may not be billed to FY20 depending on product receipt date and potential back-order status.  Friday, June 12, 2020
Salary Cost Transfers (SCTs) processed through the Cost Transfer Tool for Fiscal Year 2020 must be fully approved by June 22, 2020 to guarantee entry into Fiscal Year 2020.  After this cut-off date, SCT’s and Direct Retros will be processed as time permits. Monday, June 22, 2020
Internal invoices / Internal Work Order billings for supplies/services received before July 1, 2020 must be received in Accounting Services, Suite 5301, 21 N. Park St. Monday, June 22, 2020
Internal billings for supplies/services received before July 1, 2020 must be received in Accounting Services, Suite 5301,21 N. Park St. Monday, June 22, 2020
All Shop@UW orders must be shipped and invoiced by June 24, 2020 to ensure charges are applied to FY20 funding.  Orders invoiced after June 24, 2020 will be applied to FY21 funding. Contact for Questions: Shop@UW Customer Service 608-497-4400 Wednesday, June 24, 2020
Voucher uploads must be received in Accounts Payable, Suite 5301, 21 N. Park St. – Uploads may be submitted after this date, but FY20 processing is not guaranteed. Thursday, June 25, 2020
Emergency transactions (ET’s) – Final ET’s for June and FY 2020 will be processed on Friday, June 26, 2020 and distributed on Monday, June 29, 2020. No ET payments will be made on June 30, 2020.  The next day for processing will be July 1, 2020, unless there is an extremely urgent need. Friday, June 26, 2020 before 9:00 AM
Last Day for AP Voucher Entry  Friday, June 26, 2020
Check Deposits – Must be received in Cash Management, Suite 5301, 21 N. Park St. Friday, June 26, 2020
Pre-Posting Allocation Tool (PAT) cutoff – Please note this is different from the standard NOON deadline. June 29, 2020 before 10:00 AM
Expense reimbursement (E-Reimbursement) – Expense reports not fully approved by 6:30 pm on June 29, 2020 will not be processed for payment until July 2, 2020 and will be processed in FY 2021. June 29, 2020 Before 6:30 PM
JET and Cost Transfer Tool – Last day for June FY 2020 (period 12) journal entries Tuesday, June 30, 2020
JET and Cost Transfer Tool Opens for Period 13 – Accounting dates will change to July 1, 2020 (period 13) at 4:00 pm on Tuesday, June 30, 2020.  All JET and Non Salary Cost Transfers submitted in the Tool after 4:00 pm June 30, 2020 through July 8, 2020 at 4:00 pm will have an accounting date of July 1, 2020 recorded in FY 2020. Tuesday, June 30, 2020
Department Bank Deposits – For FY 2020 postings, deposits must be picked up by armored car services or delivered to US Bank before end of day June 30, 2020. Tuesday, June 30, 2020
Receipt/Sales Credit Transfers – Forms for FY 2020 must be received in Cash Management, Suite 6101, 21 N. Park St by June 30, 2020. Tuesday, June 30, 2020
Freight – Departments who are currently using any shipping service must make sure that the funding line to be charged is valid for FY 2021. 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. Tuesday, June 30, 2020
JET – Last day for JRR (Revenue), entries in JET for FY 2020. Thursday, July 2, 2020
Deferred Revenue – Completed forms to record deferred revenue for receipts collected in FY2020 for FY2021 activity must be received in Cash Management, Suite 6101, 21 North Park St. See Deferred Revenue policy. Thursday, July 2, 2020
Non-Salary Cost Transfers processed through the Cost Transfer Tool must be approved by 4:00 PM July 8, 2020 to ensure entry for FY 2020. Wednesday, July 8, 2020
JET – Last day JRB (Internal Billings) and JRT (Non-salary cost transfer) entries in JET for FY 2020. Wednesday, July 8, 2020
JET & Cost Transfer Tool Down – JET will be turned off from July 8, 2020 at 4:00pm until July 14, 2020 to allow final clean-up for FY 2020. July 8-14, 2020
PO Encumbrances (FY2021) will begin to occur and be visible in WISDM/WISER after this date. Thursday, July 9, 2020
JET – First day for JRR (Revenue), JRB (Internal Billings) and JRT (Non-Salary Cost Transfer) entry for FY 2021 Wednesday, July 15, 2020
Cost Transfer Tool – First day for FY 2021 entry of Salary Cost Transfers or Non-Salary Cost Transfer in the Cost Transfer Tool. Wednesday, July 15, 2020

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.

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)