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 may 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 systematically submit ALL documents as we will continue to process transactions in the normal operational manner as time permits. Departments should continue to process vendor payments, in a timely manner, to the Accounts Payable office throughout the month of 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 16-Feb-2024 5:00 p.m. (See Procurement Notes:1, 2, 3 & 4)	W&M and VIMS Requisitions for non-contract goods, services, and equipment (including ETF), exceeding $200,000, where competition is required	Procurement Marra Austin, W&M x17636
Friday 05-Apr-2024 5:00 p.m. (See Procurement Notes: 2, 3, & 4)	W&M and VIMS Requisitions of non-contract goods, services, and equipment (including ETF) less than $200,000	Procurement Marra Austin, W&M x17636
Friday 19-Apr-2024 5:00 p.m. (See Procurement Notes: 2, 3, & 4)	W&M and VIMS Requisitions for contracted goods and services, up to and over $200,000. (Supplier lead time will be a factor)	Procurement Marra Austin, W&M x17636
ATG Orders posted on June 1^st Invoice (See Procurement Note: 5)	W&M America To Go (ATG) Orders	Procurement Laken Mitchell, W&M x17636
Thursday 06-Jun-2024 5:00 p.m. (See Procurement Note: 6)	W&M and VIMS BOA VISA Small Purchase Charge Card Purchases	Procurement Brandon La Dieu, W&M x12840
Sunday 09-Jun-2024 6:00 p.m.	W&M and VIMS Banner Payroll Hourly and Student Employees Time Sheets Pay Period 11: 05/16/24 - 05/31/24 Supervisor's Approval Monday 10-Jun-2024 10:00 a.m.	Payroll W&M x12848
Sunday 09-Jun-2024 6:00 p.m.	W&M and VIMS Banner Payroll Salaried Employees Time Sheets Pay Period 11: 05/25/24- 06/09/24 Supervisor's Approval Monday 10-Jun-2024 10:00 a.m.	Payroll W&M x12848
Tuesday 11-Jun-2024 12:00 p.m.	VIMS Payroll Redistributions	VIMS Office of Finance Suzanne Pitsillides, VIMS x7036
Tuesday 11-Jun-2024 12:00 p.m.	W&M Payroll Redistributions	Data Control Sherry Joyner, W&M x12835 Melisia Varnadore, W&M x14807
Friday 14-Jun-2024 5:00 p.m. (See Travel Note: 1)	W&M and VIMS Chrome River Travel Transactions (Deadline for indexes beginning with 1W or 2W 1V or 2V is Thursday, 13-Jun-2024)	Travel LaDonna Brown, W&M x12836
Thursday 13-Jun-2024 5:00 p.m. (See Accounts Payable Note: 1)	W&M/VIMS Fiscal Vendor Check Request (Direct pays, Reimb/Refunds/Honorariums) for indexes beginning with 1W or 2W, 1V or 2V	Accounts Payable Amber Brown, W&M x12838
Friday 14-Jun-2024 5:00 p.m. (See Accounts Payable Note: 2)	W&M/VIMS Fiscal Vendor Check Request (Direct pays, Reimb/Refunds/Honorariums)	Accounts Payable Amber Brown, W&M x12838
Friday 14-Jun-2024 5:00 p.m.	W&M and VIMS Transfer Invoices Journal Vouchers/JV Fuploads (Deadline for indexes beginning with 1W/2W or 1V/2V is Friday, 14-Jun-2024)	Data Control Sherry Joyner, W&M x12835 Melissia Varnadore, W&M x14807 W&M OSP Destiny Jones, W&M x11851 VIMS Office of Finance Suzanne Pitsillides, VIMS x7036
Wednesday 26-Jun-2024 5:00 p.m. (See Accounts Payable Note: 3)	W&M/VIMS buyWM PO Invoices (Deadline for indexes beginning with 1W/2W or 1V/2V is Thursday, 13-Jun-2024)	Accounts Payable Amber Brown, W&M x12838
Wednesday 26-Jun-2024 3:00 p.m.	W&M and VIMS Deposit Transmittals Final FY2024 Deposit Activity	Cashiering Karen Donley, W&M x11227

**PROCUREMENT NOTES:

NOTE 1: Depending on complexity of goods and services sought, a formal solicitation process is typically a 120-day execution and may extend beyond the current fiscal year.

NOTE 2: Purchase requests submitted after these dates, or where vendor lead time is a factor, risks ability of execution and completion in 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 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 transmit to the vendor; however, the budget encumbrance will go into a holding table until July 1, 2024, after which FY25 PO’s will be completed in Banner for encumbrance against the new fiscal year.

NOTE 3: FY24 (and prior) Equipment Trust Fund (ETF) purchase items and system components must be received and paid in full by the University before a reimbursement request is submitted 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 1^st invoice will be reconciled and posted in Banner to the appropriate indexes before FY end. There is a possibility the June 11^th invoice will also post in FY24; however, we cannot guarantee the processing to Banner will be completed within FY year end.

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 is dependent upon 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^th.

**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 export 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 goods/services date. 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 export to Banner after FY2025 opens in July.

We understand there may be situations that require an exception to this schedule. Please contact the individuals listed above, based on document type, in order to accommodate any necessary adjustments.

Thank you in advance for your efforts in meeting these deadlines.