Skip to main content
FY25 Year End Closing
Summary
2025 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 2025 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 2026 processing, please indicate "FY26" clearly on the documents.
Workday Development and Implementation
Please note that all information is subject to change as a result of the ongoing development and implementation of Workday.
Deadline |
Transaction Type |
Contact |
|---|---|---|
|
Friday, February 21, 2025 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 4, 2025 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 18, 2025 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 |
|
Wednesday, June 4, 2025 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 |
|
Monday, June 9, 2025 at 5:00pm (See Procurement Note 7) |
W&M & VIMS: New buyW&M Requisitions and Change Requests | Procurement: [[jadixon,John Dixon]] W&M x13957 |
| Monday, June 9, 2025 at 6:00pm | W&M & VIMS: Banner Payroll - All Employees Time Sheets: May 25, 2025 – June 9, 2025 (Pay Period 11) Supervisor's Approval: Tuesday, June 10, 2025 at 10:00am |
Payroll, W&M x12848 |
| Wednesday, June 11, 2025 at 12:00pm | VIMS Payroll Redistributions | VIMS Office of Finance: [[nllewis,Star Lewis]], VIMS x7496 |
| Wednesday, June 11, 2025 at 12:00pm | W&M Payroll Redistributions |
Financial Systems/Data Control: [[sdberr,Sherry Joyner]], W&M x12835 [[mavarnadore,Melissia Varnadore]], W&M x14807 |
|
Thursday, June 12, 2025 at 5:00pm (See Accounts Payable Note 1 & 3) |
W&M & VIMS: Fiscal Vendor Check Request (Direct pays, Reimb/Refunds/Honorariums) to include indexes beginning with 1W/2W or 1V/2V | Accounts Payable: [[albrown,Amber Brown]], W&M x12838 |
|
Thursday, June 12, 2025 at 5:00pm (See Travel Note 1) |
W&M and VIMS: Chrome River Travel Transactions submitted for indexes beginning with 1W/2W or 1V/2V. | Travel: [[lmjarvis,LaDonna Brown]], W&M x12836 |
|
Friday, June 13, 2025 at 5:00pm (See Travel Note 2) |
W&M & VIMS: Chrome River Travel Transactions | Travel: [[lmjarvis,LaDonna Brown]], W&M x12836 |
|
Friday, June 13, 2025 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 13, 2025) | Financial Systems/Data Control: [[sdberr,Sherry Joyner]], W&M x12835 [[mavarnadore,Melissia Varnadore]], W&M x14807 W&M OSP: [[eazznara,Elaine Azznara]], W&M x16440 VIMS Office of Finance: [[nllewis,Star Lewis]], VIMS x7496 |
|
Sunday, June 15, 2025 at 5:00pm (See Accounts Payable Note 2 & 3) |
W&M & VIMS: buyW&M PO Invoices (The deadline for indexes beginning with 1W/2W or 1V/2V is Thursday, June 12, 2025) | Accounts Payable: [[albrown,Amber Brown]], W&M x12838 |
| Thursday, June 26, 2025 at 3:00pm | W&M & VIMS: Deposit Transmittals, Final FY2025 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 2026, 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, 2025 (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, 2025, after which FY26 POs will be completed in Banner for encumbrance against the new fiscal year.
- Note 3: For FY25 (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 FY25; 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 4, 2025, to make every effort that the transaction posts to your card account by the close of the June 13th 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 25.
- Note 7: Any requisitions and change requests submitted after this date will be rejected and must be recreated once Workday goes live on July 1, 2025.
Accounts Payable Notes
- Note 1: Non-PO invoices must be approved and in the AP Workflow by June 12, 2025 to be paid in FY25. Following this date, buyW&M will be down until Workday goes live on July 1, 2025. Any invoices not processed by the deadline will be deleted in buyW&M.
- Note 2: buyW&M PO invoices (to include cXML invoices) must be completed and synched to Banner by June 15, 2025. Following this date, buyW&M will be down until Workday goes live on July 1, 2025. Any invoices not processed by the deadline will be deleted in buyW&M. This includes invoices that have been returned or are in the matching exceptions workflow, therefore please make sure the receiving has been entered to ensure there is a three-way match. Any invoices that need to be paid next fiscal year should not be submitted in buyW&M until after 7/1. Any cXML invoices that have a three-way match with a due date after 7/1 will be given a NET1 due date and processed in FY25.
- Note 3: Although the last check printing day in Banner will be 6/26/25, buyW&M will not be available for invoice processing after June 15, 2025. For emergency payments, please contact Amber Brown x 12838
Travel Note
- Note 1: Expense Reports with 1W/2W and 1V/2V indexes must be submitted and approved prior to June 12, 2025, as this is the last day for Travel to process these reports for reimbursement in FY2025. Expense Reports submitted after this deadline will be exported to Banner after FY2026 opens in July.
- Note 2: Expense Reports submitted by June 13, 2025, are guaranteed for processing in FY25. Travel will continue to process expense reports until the last processing day June 24, 2025.