FY24 Year End Closing
Summary
2024 Fiscal Year-End Deadlines
Full Description
The closing schedule includes deadline dates for Procurement and Financial Operations. You will note that some dates apply to all departments, while others only apply to a few specified departments. Your cooperation in adhering to these dates will enable us to comply with all State regulations and appropriately expend the remaining Fiscal Year 2024 funds allocated to W&M and VIMS.
Regardless of these deadline dates, please continue to submit ALL documents systematically. We will continue to process transactions in the normal operational manner as time permits. Departments should continue to process vendor payments to the Accounts Payable office in a timely manner throughout June to ensure compliance with the Prompt Payment Act.
If transactions submitted during June are intended for Fiscal Year 2025 processing, please indicate "FY25" clearly on the documents.
Deadline |
Transaction Type |
Contact |
|---|---|---|
|
Friday, February 16, 2024 at 5:00pm (See Procurement Notes 1, 2, 3 & 4) |
W&M & VIMS: Requisitions for non-contract goods, services, and equipment (including ETF) exceeding $200,000, where competition is required | Procurement: [[maaustin,Marra Austin]], W&M x17636 |
|
Friday, April 5, 2024 at 5:00pm (See Procurement Notes 2, 3, & 4) |
W&M & VIMS: Requisitions of non-contract goods, services, and equipment (including ETF) less than $200,000 | Procurement: [[maaustin,Marra Austin]], W&M x17636 |
|
Friday, April 19, 2024 at 5:00pm (See Procurement Notes 2, 3, & 4) |
W&M & VIMS: Requisitions for contracted goods and services up to and over $200,000 (Supplier lead time will be a factor) | Procurement: [[maaustin,Marra Austin]], W&M x17636 |
|
ATG Orders posted on June 1st Invoice (See Procurement Note 5) |
W&M: America To Go (ATG) Orders | Procurement: [[lmarley,Laken Mitchell]], W&M x17636 |
|
Thursday, June 6, 2024 at 5:00pm (See Procurement Note 6) |
W&M and VIMS: BOA VISA Small Purchase Charge Card Purchases | Procurement: [[bladieu,Brandon La Dieu]], W&M x12840 |
| Sunday, June 9, 2024 at 6:00pm | W&M & VIMS: Banner Payroll, Hourly and Student Employees Time Sheets: May 16, 2024 - May 31, 2024 (Pay Period 11) Supervisor's Approval: Monday, June 10, 2024 at 10:00am |
Payroll, W&M x12848 |
| Sunday, June 9, 2024 at 6:00pm | W&M & VIMS: Banner Payroll, Salaried Employees Time Sheets: May 25, 2024 - June 9, 2024 (Pay Period 11) Supervisor's Approval: Monday, June 10, 2024 at 10:00am |
Payroll, W&M x12848 |
| Tuesday, June 11, 2024 at 12:00pm | VIMS Payroll Redistributions | VIMS Office of Finance: [[skpits,Suzanne Pitsillides]], VIMS x7036 |
| Tuesday, June 11, 2024 at 12:00pm | W&M Payroll Redistributions |
Data Control: [[sdberr,Sherry Joyner]], W&M x12835 [[mavarnadore,Melisia Varnadore]], W&M x14807 |
|
Thursday, June 13, 2024 at 5:00pm (See Accounts Payable Note 1) |
W&M & VIMS: Fiscal Vendor Check Request (Direct pays, Reimb/Refunds/Honorariums) for indexes beginning with 1W/2W or 1V/2V | Accounts Payable: [[albrown,Amber Brown]], W&M x12838 |
|
Friday, June 14, 2024 at 5:00pm (See Travel Note 1) |
W&M & VIMS: Chrome River Travel Transactions (The deadline for indexes beginning with 1W/2W or 1V/2V is Thursday, June 13, 2024) | Travel: [[lmjarvis,LaDonna Brown]], W&M x12836 |
|
Friday, June 14, 2024 at 5:00pm (See Accounts Payable Note 2) |
W&M & VIMS: Fiscal Vendor Check Request (Direct pays, Reimb/Refunds/Honorariums) | Accounts Payable: [[albrown,Amber Brown]], W&M x12838 |
|
Friday, June 14, 2024 at 5:00pm (See Accounts Payable Note 2) |
W&M & VIMS: Transfer Invoices, Journal Vouchers/JV Fuploads (Deadline for indexes beginning with 1W/2W or 1V/2V is Friday, June 14, 2024) | Data Control: [[sdberr,Sherry Joyner]], W&M x12835 [[mavarnadore,Melisia Varnadore]], W&M x14807 W&M OSP: [[djones01,Destiny Jones]], W&M x11851 VIMS Office of Finance: [[skpits,Suzanne Pitsillides]], VIMS x7036 |
| Wednesday, June 26, 2024 at 5:00pm (See Accounts Payable Note 3) | W&M & VIMS: buyWM PO Invoices (The deadline for indexes beginning with 1W/2W or 1V/2V is Thursday, June 13, 2024) | Accounts Payable: [[albrown,Amber Brown]], W&M x12838 |
| Wednesday, June 26, 2024 at 3:00pm | W&M & VIMS: Deposit Transmittals, Final FY2024 Deposit Activity | Cashiering: [[kdonley,Karen Donley]], W&M x11228 |
We understand there may be situations that require an exception to this schedule. Please contact the individuals listed based on document type to accommodate any necessary adjustments. Thank you in advance for your efforts in meeting these deadlines.
Procurement Notes
- Note 1: Depending on the complexity of the goods and services sought, a formal solicitation process typically takes 120 days to execute and may extend beyond the current fiscal year.
- Note 2: Purchase requests submitted after these dates, or where vendor lead time is a factor, risk the ability to execute and complete them in the current fiscal year.
- Purchase orders created in buyW&M for delivery and/or payment in the next fiscal year, FY 2025, should include a line item-level comment that clearly states for the vendor's benefit that the budget for payment is not available until July 1, and delivery should be made on or after that date.
- A Purchase Order with the accounting date set on or after July 1, 2024 (please refer to the Ordering How-to Guide in Box) will immediately be transmitted to the vendor; however, the budget encumbrance will go into a holding table until July 1, 2024, after which FY25 POs will be completed in Banner for encumbrance against the new fiscal year.
- Note 3: For FY24 (and prior), the university must receive and pay in full for Equipment Trust Fund (ETF) purchase items and system components before submitting a reimbursement request to SCHEV for processing. All ETF purchases should be processed through Procurement and follow year-end deadlines.
- Note 4: Requisitions must identify the fiscal year for which the purchase is intended.
- Note 5: ATG Orders entered and processed prior to the June 1st invoice will be reconciled and posted in Banner to the appropriate indexes before the end of the fiscal year. The June 11 invoice may also be posted in FY24; however, we cannot guarantee that the Banner processing will be completed within the fiscal year.
- Note 6: Purchases made using the Bank of America VISA Small Purchase Charge Card (SPCC) should be processed by the vendor by June 6, 2024, to make every effort that the transaction posts to your card account by the close of the June 15th VISA billing cycle. The processing date for charge card transactions depends on the merchant's accounting practices and could take anywhere from 1 to 4 days for the transaction to post and be included in your June statement. Further, the SPCC posting to Banner will be processed on June 24.
Accounts Payable Notes
- Note 1: Invoices paid by 1W/2W and 1V/2V indexes must be submitted and approved by June 13, 2024, to be processed in FY2024. Invoices submitted after this deadline will be exported to Banner after FY2025 opens in July.
- Note 2: Non-PO invoices received by June 14, 2024, are guaranteed for processing for FY2024. However, please continue to submit all Invoices through June 26, 2024, as we will continue to process transactions as time permits. The last check printing day is June 27, 2024. Any Invoices with a due date after June 30, 2024, will sit in a year-end workflow hold and will not be approved out of the workflow until after FY2025 opens in July.
- Note 3: buyW&M PO invoices must be completed and synched to Banner by June 26, 2024, in order for payment to be processed by the last check printing day on June 27, 2024. Any invoices with a due date after June 30, 2024, will sit in a workflow hold and will not be approved out of the workflow until after FY2025 opens in July. Please keep in mind that the invoice due date is calculated based on the later date of the invoice date or the date of the goods/services. If you have funds that must be depleted by the end of the fiscal year, it might be best to assign a NET1 pay term on the invoice instead of NET23. Any buyW&M PO invoices with a 1W/2W or 1V/2V index must be completed and synched to Banner by June 13, 2024.
Travel Note
- Note 1: Expense Reports with 1W/2W and 1V/2V indexes must be submitted and approved prior to June 13, 2024, as this is the last day for Travel to process these reports for reimbursement in FY2024. Expense Reports submitted after this deadline will be exported to Banner after FY2025 opens in July.
