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)

Fiscal Year 2023 year-end timetable

Download 2023 End of Year Timetable (PDF)

Transaction Type	Due Date
Purchase Requests for FY 2023 with a dollar amount greater or equal to $50,000 may require bidding and should be submitted in ShopUW+.	March 24, 2023
External Purchase Requisition(s) for goods and services expected to be delivered in FY 2024 may begin to be created for FY 2024 in ShopUW+.	April 3, 2023
Invoices from External Vendors must be received in Accounts Payable, Suite 5301, 21 N. Park St. Invoices may be submitted after this date, but FY23 processing is not guaranteed.	May 31, 2023
Direct Payments (DP) & Payment To Individual Reports (PIR) must be generated in ShopUW+ with all approvals – Invoices may be submitted after this date, but FY23 processing is not guaranteed.	June 2, 2023
Refund of Receipt form 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 FY23 processing is not guaranteed.	June 2, 2023
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 June 2023. Forms may be submitted after this date, but FY23 processing is not guaranteed.	June 9, 2023
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 12, 2023
Salary Cost Transfers (SCTs) processed through the Cost Transfer Tool for Fiscal Year 2023 must be fully approved before June 20, 2023 to guarantee entry into Fiscal Year 2023. After this cut-off date, SCT’s and Direct Retros will be processed as time permits.	June 19, 2023
Voucher uploads must be received in Accounts Payable, Suite 5301, 21 N. Park Street. Uploads may be submitted after this date, but FY23 processing is not guaranteed.	June 21, 2023
Check Deposits – Must be received in Cash Management, Suite 5301, 21 N. Park Street.	June 23, 2023
Load last FY23 P-card file into SFS	June 26, 2023
All ShopUW+ catalog invoices must be received, matched and processed by June 29, 2023 to ensure charges are applied to FY23 funding. Invoices matched and processed after June 29, 2023 will be applied to FY24 funding.	June 29, 2023
Deadline to reconcile ALL purchasing card transactions (if not fully approved by 12 p.m., processing will run and “close” transactions)	June 29, 2023 by noon (12 p.m.)
Expense reimbursement (E-Reimbursement) – Expense reports not fully approved by 6:30 p.m. on June 29 will not be processed for payment until July 1, 2023 and will be processed in FY 2024.	June 29, 2023 before 6:30 p.m.
Last Day for AP Voucher Entry	June 29, 2023
JET and Cost Transfer Tool – Last day for June FY 2023 (period 12) journal entries	June 30, 2023 by 4 p.m.
JET and Cost Transfer Tool Opens for Period 13 – Accounting dates will change to July 1, 2023 (period 13) at 4 p.m. on Thursday, June 30, 2023. All JET and Non Salary Cost Transfers submitted in the Tool after 4 p.m. June 30 through July 7, 2023 at 4 p.m. will have an accounting date of July 1, 2023 recorded in FY23.	June 30, 2023
Department Bank Deposits – For FY23 postings, deposits must be picked up by armored car services or delivered to US Bank before end of day June 30, 2023.	June 30, 2023
Receipt/Sales Credit Transfers – Forms for FY23 must be received in Cash Management, Suite 5301, 21 N. Park Street by noon.	June 30, 2023 by noon (12 p.m.)
Freight – Departments who are currently using any shipping service must make sure that the funding line to be charged is valid for FY 2024. 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 30, 2023
Central AR (Non-Sponsored) – Last day to upload internal and external invoices is June 30, 2023 by 2 p.m. Any invoice uploaded in “READY” status by 2 p.m. on June 30 will be posted in FY23.	June 30, 2023 before 2 p.m.
Central AR (Non-Sponsored) – Last day payments posted to open internal and external invoices	June 30, 2023
JET – Last day for JRR (Revenue), entries in JET for FY 2023.	July 3, 2023
Deferred Revenue – Completed forms to record deferred revenue for receipts collected in FY2023 for FY2024 activity must be received in Cash Management, Suite 5301, 21 N. Park Street. See Deferred Revenue policy.	July 3, 2023
Resume normal P-card activity	July 3, 2023
Non-Salary Cost Transfers processed through the Cost Transfer Tool must be approved by 4 p.m. July 7, 2023 to ensure entry for FY 2023.	July 7, 2023
JET – Last day JRB (Internal Billings) and JRT (Non-salary cost transfer) entries in JET for FY 2023.	July 7, 2023
JET & Cost Transfer Tool Down – JET will be turned off from July 7 at 4 p.m. until end of day (EOD) July 13, 2023 to allow final clean-up for FY 2023.	July 7-13, 2023
PO Encumbrances (FY2024) will begin to occur and be visible in WISER after this date.	July 10, 2023
JET – First day for JRR (Revenue), JRB (Internal Billings) and JRT (Non-Salary Cost Transfer) entry for FY 2024.	July 14, 2023
Cost Transfer Tool – First day for FY 2024 entry of Salary Cost Transfers or Non-Salary Cost Transfer in the Cost Transfer Tool.	July 14, 2023

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.

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

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