Fiscal Year End Close Dates

Thank you for your patience as we continue to work through processing transactions and fixing incorrect worktag usage in Workday.  As we are quickly approaching the year-end close and financial statement audit, further postings/corrections will cease after the dates outlined below. Please review your data immediately to finalize fiscal year 2024 (FY2024).

July 16

• Accounts Payable invoices and expense reports will close for FY2024 on July 16 at 5pm
• Purchase orders that are open with a remaining balance will be rolled from FY2024 to FY2025 on July 16 at 5pm
  • Please review for potential PO closure/adjustments before July 16 as it will affect your general fund sweep if obligations are not reflected correctly.
  • We are also currently working on prepaid obligations and some other issues that we will continue to work on through 7/24.

July 24

• Customer receivables relating to FY2024 need to be invoiced/approved in Workday by July 24
• Departments may submit FY2024 corrections through July 24 via request journal in Workday
  • If you need to submit fiscal year 2025 (FY2025) journal entry requests, please clearly state in the description that the request is for FY2025. If at all possible, please wait until after July 24 to submit FY2025 journal entry requests.
• Departments may submit FY2024 current year cost center budget amendments in Workday by July 24 if both sides of the amendment are within areas under their control
  • If your budget amendment will impact a different cost center, please discuss with that cost center manager before submitting
• Payroll accounting adjustments to be completed through July 24
• Corrections on missing/incorrect worktags will continue through July 24
  • Departments may submit FY2024 accounting adjustments to correct worktags on supplier invoices and expense reports through July 24. If correcting FY2024 activity, please change the document date on the accounting adjustment to 6/30/24.

July 31

• All journal entries/adjustments need to be fully approved by July 31
• Departmental activity (including obligations) will be FINAL on July 31 at 5pm. Divisional sweeps will take place after this date.

Please see resources for running reports or making corrections:

Budgets & Financial Accounts - Workday @ GVSU - Grand Valley State University