Finance Division LMU.edu
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FY24 Year-End Close

The FY2024 year-end is unique, as we simultaneously close the fiscal year while transitioning to Workday for all financial processes moving forward.

Our current environment has necessitated changes to our year-end process. Our fiscal year-end date remains May 31 and our audit process has not changed, but some deadlines have moved earlier to allow for a smooth transition to Workday.

Please bookmark this page, as it will serve as a comprehensive reference for key year-end dates and tasks. We will continue to populate this page with further information as appropriate.

Key Dates

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    • May 31: HR/Payroll. FY2024 staff and PT faculty supplement pay forms due to HR. Any requests submitted after this date will be charged to FY2025.
    • May 31: HR/Payroll. FY2024 faculty supplement pay forms due to HR. Any requests submitted after this date will be charged to FY2024.
    • MAY 31: FISCAL YEAR END
    • June 7: Petty Cash. Petty cash confirmations due to General Accounting.
    • June 13: Deferred summer revenue recorded by General Accounting.
      • NOTE: Programs completed by May 31 are considered FY2024 activity. Please notify General Accounting of all programs completed by May 31 ASAP.

    • June 13: P-Cards. All P-card charges made before May 31 must be reviewed and approved.
      • For charges prior to May 31 for activity occurring after May 31, a deferral entry will be posted. To indicate a deferral is necessary, use the "Business Purpose" field at the transaction level in the expense report, indicating "FY2025" at the beginning of the field.
      • All expense reports, including charges before May 31, are required to be through final approval by June 17. Please allow reviewers sufficient time to complete their review prior to June 17. P-Card charges will be given the same scrutiny as accounts payable charges.

    • June 13: Deposits. All FY2024 deposits are due to the Cashier's Office (credit card and cash/check). Please clearly indicate the fiscal year the deposit belongs to, and separate deposits for multiple fiscal years onto two distinct cashier deposit forms – do not combine deposits for multiple years on a single cashier deposit form.
    • June 13: The last day to submit any transaction (including expense reports, invoices, and vendor requests) is June 13 at 5 p.m. FY2024 charges should be indicated in the "Business Purpose", including "FY2024" at the beginning of the field (e.g. "FY2024 – May Services...").
      • All purchases of physical property received between May 10 – June 7 and greater than $1,000 require receiving documents along with the invoice. During this time, general ledger printouts for FY2024 should be reviewed carefully and any items belonging to FY2024 which are not recorded should be brought to Accounting's attention. FY2024 detail reports should be reviewed to ensure there are no items posted to FY2025 that belong in FY2024. All invoices that need to be accrued must be submitted and approved through by June 13, 4pm PST.
      • Accrual should be reflected no later than June 30. If you do not see a charge that you believe belongs in FY2024 by July 7, contact General Accounting immediately (no later than July 10).
      • Any report or invoice that has not been fully approved by June 23 will need to be resubmitted in Workday starting June 28.
      • NOTE: Any invoices submitted to Accounts Payable after June 13 will not be reflected in FY2024. There are only two circumstances where we would record something in our system to be reflected in FY2024 after June 13:
        1. Management or the auditors identify a transaction relating to FY2024 that is deemed to be material to the financial statements, and not recording this entry would result in the financial statements being materially misstated; or
        2. A transaction related to a federal grant in FY2024 was not recorded in the proper period.
      • If an entry is required due to one of the exceptions listed above, a detailed description as to why this occurred will be required along with notification to the department SVP.

    • June 13: Deposits. Last day to record manual deposits. 
    • June 21: Payroll. May Payroll posted to General Ledger. 
    • June 21: Donation and pledge receivable close by University Advancement.
    • June 21: Westchester Campus Facilities, Westchester ITS, and LLS Fiscal Affairs should reconcile all capital project accounts and have communicated to Accounting the list of completed account numbers, amounts to be capitalized, and the placed into service date for each completed project.
    • June 21: Payroll. All FY2024 Payroll journal entries are recorded, including accruals and deferrals recorded.

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    • July 5: Accounting Adjustments. Deadline to communicate account coding corrections or account adjustments to Accounting. FY2024 accounting records will be closed after July 5 so audit schedules can be prepared, year-end entries made and reviewed.
      • NOTE: Any entries submitted after this date will not be reflected in FY2024.
    • July 17: One-time Budget Amendments for FY2024 must be communicated to the Budget office. 
    • July 21: FY24 (5/31/24) Closed
    • July 22: Y/E Variance Analysis Application is available.
    • July 31: FY2024 Budget to Actual and Actual to Actual analysis due to Controller's office. Variances greater than the absolute value of 10% AND $10,000 must be explained. 
    • August 1: Westchester and LLS revenue recalculation due to General Accounting.
    • August 2: Financial Certifications. Financial certifications due to the Controller's office.
    • August 5: Audit begins.
    • October 11: Financial statements available on LMU website.