FY25 Year-End Closing Procedures & Key Dates

Union’s fiscal year ends on Monday, June 30, 2025. Following past practice, we ask for your help with several key tasks and procedures, starting now, to prepare the College for its year-end closing. Please review the following list and complete all applicable tasks.

Key Dates

• June 1 - June 30

  • Avoid purchases using the Union Card.
  • For details, please refer to the email sent on May 15, 2025, from cardprogram@union.edu.

• June 10

  • All vacation time taken in FY25, including any anticipated time between June 11 and June 30, must be entered and approved in Workday.

• June 25

  • Final day to submit Accounting Adjustments to Accounts Payable.

• June 30

  • Final day to submit non-purchase order invoices for processing.
  • Final day to Create Receipt for purchase order items.
    • To ensure the charge is applied to FY25, please create the receipt even if the invoice has not yet been received. In this situation, create the receipt without an attachment.
  • Final day to submit personal reimbursements in Workday.

• July 9

  • Final day to submit journal entries.

• July 11

  • All other financial items and documentation related to FY25 (e.g., cash receipts, departmental invoices, etc.) must be submitted to Finance for proper processing.

Tasks

• Cost Centers

  • Please review your Cost Centers for accuracy and completeness, including gift balances.
  • If your Cost Center has outstanding transactions that need to be posted or items requiring reclassification, please get in touch with your Finance budget partner.

• Purchase Orders (POs)

  • Review open POs and request their closure if appropriate.
  • If you are missing invoices, please contact the vendors.
  • Enter received invoices into Workday by attaching them during the Create Receipt process.

• Workday Notifications

  • Review outstanding notifications and approvals in your Workday inbox.
  • Take the necessary actions to complete them.

• Future Funding Use

  • As a general policy, transferring funds to accounts to reserve them for future use is not permitted.
  • Please direct any questions or requests for clarification regarding this policy to both Scott Jones and Janice Butler.

Summary - Fiscal Year-End Process

Fiscal Year Definitions

• Closing Fiscal Year (FY25): Applies to goods and services received on or before June 30, 2025.
• New Fiscal Year (FY26): Applies to goods and services received on or after July 1, 2025.

Communication and Support

• Please communicate this information to individuals in your area who may be affected.
• If you have any questions, please contact the appropriate member of the Finance Team.

We appreciate your support during this busy and critical time.

Accounting Adjustments: cosselme@union.edu

Purchase orders/receipts: purchasing@union.edu

Invoices: accountspayable@union.edu

Expense reports: cardprogram@union.edu

Journal Entries: siegelmr@union.edu

Cash Receipts: bursar@union.edu

Payroll: payroll@union.edu