Fiscal Year End
Welcome to the Fiscal Year End website! Fiscal year end is June 30, 2025 and this is an extremely busy time of year for all of us. This website holds all of the deadlines and reminders that will help you have a smooth and successful fiscal year end! Please make sure to check back frequently as we update it to include additional information regarding other financial transactions.
Don't forget, we have virtual Fiscal Year End Office Hours every week in May and June! You can sign up in Workday Learning. Please join us and ask any questions you have about fiscal year end, we are excited to help!
Jump to: Purchasing and Invoicing Deadlines | Purchasing Reminders | Prepaid vs. Request Date | Purchase Order Review | Invoicing Reminders | Supplier Invoice Requests | Miscellaneous Payment Refund Requests | Expense Cards and Expense Reports | Accounting Adjustments, Department Journal Requests, Internal Service Deliveries and Budget Amendments | All Deadlines
Technology Acquisition
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Date |
Description |
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|---|---|---|
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June 9, 2025 |
Last day to submit Tech Acquisition quote orders Internal Service Deliveries for Technology Acquisition quote orders must be submitted and approved by your cost center manager no later than 12:00 p.m./noon on Monday, June 9, 2025. If the items ordered have not arrived to campus by June 30th, the ISD will be moved and billed in the next fiscal year. |
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June 23, 2025 |
Last day to submit Tech Acquisition orders for catalog/stock orders Internal Service Deliveries for Technology Acquisition catalog/stock orders must be submitted and approved by your cost center manager no later than 12:00 p.m./noon on Monday, June 23, 2025. Any catalog/stock items ordered before Monday, June 23rd at noon will be billed to the current 2024-2025 fiscal year. |
Orders for fiscal year 2025-2026 will be accepted on July 1, 2025.
Please visit the Technology Acquisition website for guidelines and policies.
Purchasing and Invoicing
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Date |
Description |
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|---|---|---|
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June 1, 2025 |
Requisitions for future dated purchases open for FY 2025-2026 Beginning on June 1, 2025, you can submit a requisition for the new fiscal year. You should only use this option if the services are occurring in the new fiscal year or the goods will be received in the new fiscal year and no invoices will be paid until on or after July 1. Help Article - How to Create Requisitions for the New Fiscal Year |
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June 30, 2025 |
ALL FY 2024-2025 requisitions will be closed All requisitions for FY 2024-2025 will be closed at 5:00pm on June 30, 2025 regardless of status. If your requisition has not been fully approved and turned into a purchase order by this deadline, it will be closed and you will need to resubmit it in the new fiscal year on or after July 1, 2025. ALL purchase orders with inactivity of 13 months (inactivity as of 5/31/2024) will be closed (regardless of obligation balance remaining) on June 30, 2025. |
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July 3, 2025 |
Last day to submit invoices with a purchase order number to Accounts Payable for FY 2024-2025 Invoices that have a valid purchase order number must be submitted to [email protected] by July 3, 2025 in order to be processed in the 2024-2025 fiscal year. |
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July 11, 2025 |
Last day to approve invoices in Workday for FY 2024-2025 The last day to approve invoices in Workday for the 2024-2025 fiscal year is July 11, 2025. Please make sure to check your Workday inbox often and approve any invoices in a timely manner. Invoices for fiscal year 2024-2025 that are not approved by July 11 run the risk of being charged to fiscal year 2025-2026. |
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July 15, 2025 |
FY 2024-2025 purchase orders with remaining balances will be rolled to FY 2025-2026 |
Purchasing Reminders
The last day to submit requisitions is Monday, June 30 at 5:00 p.m. Only new year requisitions should be submitted on or after July 1.
Reminders:
- Amazon, Office Depot, Grainger and McKesson orders require a requisition
- Payments to Independent Contractors require a requisition, regardless of dollar amount
- Honorariums for guest speakers can be paid using a Supplier Invoice Request and do not require a requisition
Prepaid vs. Request Date
If you are creating a requisition in the current 2024-2025 fiscal year that is for goods or services for the new 2025-2026 fiscal year, you have two options to denote that on the requisition depending on the type of purchase you are making. Please note, you can only use ONE of these options, not both.
|
Option |
Purpose |
When will this be paid? |
Procedure |
|---|---|---|---|
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Prepaid |
Used when goods or services need to be paid for now in the current fiscal year 2024-2025, but the goods or services are actually taking place in the new fiscal year 2025-2026 (or the service period begins now and crosses over into the new year). Example: you sign a contract for services to begin on July 1st, but you must prepay for the services now. |
Now (current fiscal year 2024-2025) |
Add a note in the Internal Memo field of your requisition stating that the purchase is PREPAID. |
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Request Date |
This option will become available on June 1, 2025. Used when you need to set up a PO now for goods or services that are occurring in the new fiscal year, but no invoices will be paid until on or after July 1st. Example: you sign a contract for services to begin on July 1st, but you will not be invoiced until December. |
New fiscal year 2025-2026 (after July 1, 2025) |
How to Create Requisitions for the New Fiscal Year (Available on June 1, 2025) |
Purchase Order Review
As our Fiscal Year end approaches, we ask that you be proactive about reviewing the remaining balances on your department’s existing Purchase Orders. This can be done in Workday by using a few different reports:
- My Requisitions
- GVSU Purchase Order Balance
- Financial Reports (GVSU General Fund Budget to Actuals or GVSU Sources and Uses)
If you are absolutely certain a supplier has been paid in full for items purchased on the PO in question, you can request that the PO be closed or reduced and the remaining obligation will be released back into your budget.
Remaining balances on a PO could be a result of:
- The invoice(s) being less than the PO total
- Change(s) in the original order
- Discount(s) not being reflected in the purchase order
- Error in shipping or billing by the supplier
Contact Procurement Services at [email protected] with your request or any questions.
Invoicing Reminders
- Invoices under $5,000 (not already associated with a purchase order, ongoing contract over $5,000, and not for independent contractors) may be entered on a Supplier Invoice Request by the GVSU employee. These invoices will not require a requisition and will be paid using the Supplier Invoice Request,
- If the invoice is emailed to [email protected] without a purchase order number, Accounts Payable will assign the home cost center for the name or department listed on the invoice. The invoice will route for approvals based on that cost center. Cost Center Assistants should review the invoice and make any necessary changes to the worktags. If the invoice is less than $5,000 and not for an ongoing contract over $5,000 or an independent contractor, the invoice will not require a requisition and will be paid against the worktags that are approved. If the invoice is for $5,000 or greater, for an independent contractor OR is associated with an existing purchase order, please SEND BACK the invoice to Accounts Payable in Workday with the PO# entered in the SEND BACK comment box.
- **Note, in departments where a Cost Center Assistant is not assigned, Cost Center Managers will not be able to make changes to the invoice and must send it back to Accounts Payable with any requested changes noted in the SEND BACK comment box.
Reminders for invoices sent to [email protected] to be processed for payment:
- PO numbers need to be on invoices not in email body
- Must include the PO number not the requisition number
- One attachment per email
- The [email protected] email box is not monitored for questions, use this only for invoice submission
Supplier Invoice Requests
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Date |
Description |
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|---|---|---|
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June 30, 2025 |
Supplier invoice requests need to be submitted for approval in Workday by June 30, 2025. |
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July 3, 2025 |
All supplier invoice requests must be fully approved by July 3, 2025 in order to be processed in the 2024-2025 fiscal year. |
Miscellaneous Payment Refund Requests
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Date |
Description |
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|---|---|---|
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July 3, 2025 |
Miscellaneous Payment Refund Requests must be submitted to Erica Herwig by July 3, 2025 |
Expense Cards and Expense Reports
Reminder regarding Expense Cards: Most transactions usually post within two or three days following the transaction date, however there can be delays to the posting caused by back orders or if the merchant waits to ship before charging the card. We recommend placing all of your orders by June 14 in order to avoid delays in shipping that might cause transactions to post to your Workday account too late to be included in your 2024-2025 expense report.
Most merchants will charge your expense card when your order ships. Shipping could be delayed due to back-ordered items or special circumstances, and we cannot guarantee that any orders placed late June will post to your Workday account in time. Please plan ahead to get as many of your orders placed in early June as possible, as we are not able to retroactively change the fiscal year that your expense card transactions post to.
Please make sure to check your Workday Expenses Hub frequently for any outstanding transactions (lodge card, expense card, declining balance card) and reconcile everything available on your expenses list. Please note that you do not need to wait until your trip has concluded to reconcile any expenses relating to that trip. We are not able to post date anything that is submitted late, so it is imperative that you reconcile your outstanding expenses as quickly as possible.
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Date |
Description |
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|---|---|---|
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June 27, 2025 |
Last day to submit expense reports for FY 2024-2025 Deadline to submit and approve expense reports for the 2024-2025 fiscal year. New year reports for the 2025-2026 fiscal year can be submitted on or after July 1, 2025. Card charges that post after June 27 will need to be included in your July expense report. |
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July 1, 2025 |
Expense reports for FY 2025-2026 can be submitted |
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July 3, 2025 |
Last day to approve expense reports for FY 2024-2025 Deadline to approve expense reports for the 2024-2025 fiscal year. All Cash Advance reconciliations for Cash spent in FY 2024-2025 must be approved or repaid |
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July 16, 2025 |
Processing begins for July expense reports New expense reports will begin being processed on July 16. |
Accounting Adjustments, Department Journal Requests, Internal Service Deliveries and Budget Amendments
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Date |
Description |
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|---|---|---|
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June 4, 2025 |
Last Day to submit General Fund BASE Budget Amendments for next year. Please email requests for General Fund base budget amendments to Jennifer Schick by June 4, 2025 if you would like them posted as part of the approved FY25-26 budget load to Workday.
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July 15, 2025 |
Last day to submit Non-Tech Acquisition Internal Service Deliveries All remaining Non-Tech Acquisition Internal Service Deliveries (ISDs) - must be fully approved by all necessary department users. Change the Document Date to 6/30/25 on any ISDs created in July that should be processed in FY 2024-2025. Last day to submit Payroll Accounting Adjustments to Accounting
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July 16, 2025 |
Last day to submit Journal Entry Request forms Last day to submit Accounting Adjustments on Supplier Invoices and Expense Reports Change the Accounting Adjustment Date to 6/30/25 on any adjustments created in July that should be processed in FY 2024-2025 Last day to submit Budget Amendments (Current Year) |
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July 18, 2025 |
All FY 2024-2025 journal entries and adjustments must be approved by all department users |
All Deadlines
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Date |
Description |
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|---|---|---|
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June 1, 2025 |
Requisitions for future dated purchases open for FY 2025-2026 |
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June 4, 2025 |
Last Day to submit General Fund BASE Budget Amendments for next year. |
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June 9, 2025 |
Last day to submit Tech Acquisition quote orders |
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June 23, 2025 |
Last day to submit Tech Acquisition orders for catalog/stock orders |
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June 27, 2025 |
Last day to submit expense reports for FY 2024-2025 |
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June 30, 2025 |
ALL FY 2024-2025 requisitions will be closed ALL purchase orders with inactivity of 13 months (inactivity as of 5/31/2024) will be closed Supplier invoice requests need to be submitted for approval in Workday by June 30, 2025 |
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July 1, 2025 |
Technology Acquisition orders for fiscal year 2025-2026 will be accepted on July 1, 2025 Expense reports for FY 2025-2026 can be submitted |
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July 3, 2025 |
Last day to submit invoices with a purchase order number to Accounts Payable for FY 2023-2024 All supplier invoice requests must be fully approved by July 3, 2025 Miscellaneous Payment Refund Requests must be submitted to Erica Herwig or Brian Thompson by July 3, 2025 Last day to approve expense reports for FY 2024-2025 All Cash Advance reconciliations for Cash spent in FY 2024-2025 must be approved or repaid |
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July 11, 2025 |
Last day to approve invoices in Workday for FY 2024-2025 |
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July 15, 2025 |
FY 2024-2025 purchase orders with remaining balances will be rolled to FY 2025-2026 Last day to submit Non-Tech Acquisition Internal Service Deliveries Last day to submit Payroll Accounting Adjustments to Accounting |
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July 16, 2025 |
Processing begins for July expense reports Last day to submit Journal Entry Request forms Last day to submit Accounting Adjustments on Supplier Invoices and Expense Reports Last day to submit Budget Amendments (Current Year) |
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July 18, 2025 |
All FY 2024-2025 journal entries and adjustments must be approved by all department users |