The yearly closing process begins in June of each year. University budget managers are responsible for verifying that transactions on all funds are recorded accurately, timely, and in accordance with the chartstring's established purpose and budget.

  • The Year End User Guide (PDF) is a comprehensive guide to key year-end processes. It is updated each May to reflect current deadlines, and processes, and explains why each process is important, how to complete the process, key dates and deadlines, links to online resources, and a contact should you need help or have questions. It is important that you read each section that may pertain to your area and share this information with other key personnel that may be involved.
  • The Summary of Year End Deadlines (PDF) is a quick reference guide of key year-end dates.

General Reminders

  • If you have budget-checking errors on a sponsored project, it is important that you contact your SPA analyst in a timely manner so that the deadlines in the attachment can be met.
  • If your area works with a service center, you will want to contact them as they may have shorter deadlines in order to comply with the overall University deadlines.
  • FY23 prepaid transactions (PurCard charges and payables invoices) must be transferred to FY24. The Prepaid Transactions user guide (PDF) details this process and describes which transactions need to be on prepaid accounts for the new fiscal year (FY25), how to find prior fiscal year (FY23) prepaid transactions, and how to make those corrections. Contact: Disbursement Center
  • Prior-year (FY23) unearned (deferred) revenue transactions need to be recorded as true revenue in the current fiscal year (FY24) via journal entry; prior year (FY23) pre-paid expenses (PurCard charges and payables invoices) need to be recorded as true expenses in the current fiscal year via journal entry. Please see the Prepaid Transactions user guide for a description of which transactions need to be on prepaid accounts for the upcoming fiscal year (FY25), how to find prior fiscal year (FY23) transactions, and how to make those corrections.

Purchasing Reminders

  • Submit any FY24 requisitions (with appropriate back-up documentation for the purchase) as early as possible for strict approval, especially ones that require contract/agreement/terms & condition review as these need additional lead time.
  • PeopleSoft requisition access will be turned off at 4:30pm on Friday, June 21 and will reopen on Monday, July 1, around 8:30am. New FY25 requisition purchases can only be entered on or after July 1.
  • *NEW: FY25 requisitions MUST have an approved supplier created and selected in your requisition BEFORE it can be submitted. 
  • Please check your open requisition list any time now and prior to June 21 to be sure your requisitions are complete (with all proper documents attached) and have been successfully budget checked & submitted for FY24 purchases or are valid prepaids using the prepaid category. Any requisitions remaining in incomplete status after June 21 will be deleted.
  • After nightly processes have posted on Wednesday, July 10, ALL remaining purchase orders for FY24 will be closed, (including prepaid POs for which invoices have not been received) unless there is a valid reason for rolling into next year. Some valid examples would be:
    • Purchases made and received in FY24 for which the invoice has not been received by July 3
    • POs on grants/projects that did not end on the fiscal year 6/30
    • Ongoing capital projects
  • Send a list of all POs your department would like rolled into FY25, using this spreadsheet, including a justified reason by end-of-day Friday, July 5 to We will review your spreadsheet and roll the valid requests into FY25.
  • PO roll dates are scheduled for Monday, July 15 - Tuesday, July 16.

Please feel free to email if you have any questions.

ABSC Customer Information

Please submit requests with all required information, documentation, and approvals at least 5 business days prior to the University deadline. Requests will be responded to in the order received. Requests submitted less than 5 business days prior to the University deadline and requests requiring follow-up may not be processed until FY25. Requests submitted after the University deadline will be processed in FY25.

Request Submitted to ABSC:Request Processed by ABSC:
5 or more business days prior to University deadlineProcessed in FY24
Less than 5 business days prior to the University deadlineMay not be processed until FY25
After the University deadlineProcessed in FY25

Contact the ABSC