It is time again to start planning for the fiscal year-end closing.
UM FY25 Closing Schedule
FY2025 items of interest include:
Requisitions-Last Day to Enter and Approve
- Non-Catalog requisitions requiring a bid - Friday, 5/9
- Non-Catalog requisitions not requiring a bid - Friday, 6/13
- Show-Me-Shop requisitions - Monday, 6/30
Vouchers/Payment Requests - Last Day to Enter - Monday, 6/30
- Submit " Request for Payables Processing" forms to USS promptly before June 30 to allow for processing time.
June Web Journal Entry Cutoff for Departments – Monday, 7/14
- For FY2025 entries, between 7/1 and 7/14, remember to change the Journal Date to 06/30/2025.
- Please refrain from creating FY2026 entries until after 7/14.
Automated AP Accrual Scheduled – Thursday, 7/10
- Vouchers approved and posted between 7/1 and 7/9 with an invoice date before 7/1.
- PO vouchers must also have a PO date before 7/1.
- Expense report lines approved and posted between 7/1 and 7/9 with an expense date before 7/1.
Automated ARR/CRR Accrual Scheduled – Thursday, 7/10
- All approved and posted ARRs and CRRs meeting the following criteria will be included in an automated accrual:
- ARR/CRR (Cashiers and Direct Deposit) date before 7/1 and associated journal date between 7/1 and 7/9 or
- ARR/CRR (Cashiers and Direct Deposit) date between 7/1 and 7/9 and reference date (Date of Check field) before 7/1 or
- ARR/CRR (ACH/Wire) bank date before 7/1 and associated journal date between 7/1 and 7/9
Automated AR/BI Accrual Scheduled - Thursday, 7/10
- Between 7/1 and 7/9 users may update/override the accounting date on invoices to "06/30/2025" if the revenue should be reflected in FY2025. Otherwise, during this timeframe, invoices will default to FY2026.
UM Daily Processing – The journal entry module will have a nightly run each Sunday evening in July, beginning on July 6, to account for activity processed after 6 PM on Fridays.
Please distribute this closing information to the appropriate staff in your units.
I will review the additional AP accrual procedures that occur in July and August with you at a later date.
If you have any questions about closing, please contact me or Rochelle.