Year-End Close Reminders

We're on the very edge of our first fiscal year-end close in Workday Financials.  Thank you to everyone for your hard work and collaboration during this first critical year.  

Here are the final deadlines to keep in mind: 

• While certain activity has an earlier cut-off, all remaining activity groups and transaction types will be closed on June 29th at 4pm. Please refer to the Year End Closing Calendar for details regarding earlier cut-offs for specific activities. All transactions must be approved by this time to be posted to June 2023. Certain transactions can still be entered and approved after the cut-off but will post to July 2023 when the period becomes available.
• All Accounting Journals must be approved by June 29th at 4pm, otherwise, they will be canceled by Central Accounting as they will prevent the period from being closed.
• All Accounting Adjustments should be approved by June 29th at 4pm, otherwise, they will post to the next accounting period, when approved. With this year-end, UVA Finance will cancel any unapproved Accounting Adjustments initiated before June 1st, 2023 by June 29th.
• All Payroll Accounting Adjustments should be approved by June 28th at 4pm, otherwise, they will post to the next accounting period, when approved. With this year-end, UVA Finance will cancel any unapproved Payroll Accounting Adjustments initiated before June 1st, 2023 by June 29th.
• Workday will be down for year-end processing on June 30th, 2023. Central departments to perform year-end activities such as Procurement Roll Forward, Year End Balance Roll Forward, etc.
• The Year-end Adjustments Book Code will become available from July 1st at 7:00am to July 14th at 5pm. This book code can be used to make certain adjusting entries that will post to June 2023. Note that only accounting journals can be performed. Also, note that only certain adjustments can be accommodated. All accounting journals posted to the Year-end Adjustments Book Code must be approved centrally by the Accounting Manager. Refer to the UVAFinance blog post about Year-end Adjustments for more guidelines.
• The July 2023 period will be available on July 1st at 7:00am. Users can continue to process Accounting Journals, Accounting Adjustments, as well as all other transactions at this time to be posted to the new fiscal year.

___________________________________________________

Related Content: Year-End Adjustments:  What to Expect