With the close of the academic year comes the fiscal year-end on May 31, 2024. The LMU Controller’s Office reminds all community members of the following noteworthy dates, to ensure a smooth transition to FY25.
- May 31: (FY2024) Staff and Part Time Faculty Supplement Pay Forms due to Human Resources. Any supplemental pay requests submitted after this date will automatically be charged to FY2025.
- May 31: (FY2024) FT Faculty Supplement Pay Forms due to Human Resources. Any supplemental pay requests submitted after this date will automatically be charged to FY2025.
- May 31: Notify General Accounting of all summer revenue programs that are completed prior to May 31. These will be recorded as FY2024.
- June 7: Petty cash confirmations due to General Accounting.
- June 13: All P-Card charges made prior to May 31 should be submitted in Workday, 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, it is necessary to utilize the “Memo” field at the transaction level in the expense report within Workday indicating “FY2025” at the beginning of the field (e.g., “FY2025 – Travel Summer 2024…”). Reviewers have been alerted to indicate potential deferrals by utilizing the “Memo” field during review.
Note: all expense reports, including charges prior to May 31, are required to be through final approval by June 13. Please allow reviewers sufficient time to complete their review prior to June 13. P-Card charges will be given the same scrutiny as accounts payable charges.
- June 13: All purchases made through the Connect to Supplier Website (Vendor Punchouts) function in Workday that have been physically received must be reconciled and received in Workday. Please make sure to update the receipt date within the information tab to reflect the date the goods were received.
- June 13: All deposits related to FY2024 are due to the Cashier’s Office (credit card and cash/check), either submitted through Workday or through a paper cashier deposit form. Please make sure to clearly indicate which fiscal year the deposit belongs to. Please separate deposits relating to multiple fiscal years into two distinct cashier deposit forms for each respective year. Do not combine deposits for multiple years on a single cashier deposit form.
- June 13: June 16 is the last day for any invoices to be in the Accounts Payable (AP) queue in Workday. Please indicate charges belonging to FY2024 in the “Memo” field in Workday by including “FY2024” at the beginning of the field (e.g., “FY2024 – May Services…”). All purchases of physical property received between May 10 – June 13 and greater than $1,000 will require receiving documents along with the invoice to ensure proper accounting. During this time, journal line transactions for FY2024 should be reviewed carefully and any items belonging to FY2024 which are not recorded should be brought to the attention of Accounting. Also, FY2024 Journal Line reports should be reviewed to be sure there are no items posted to FY2024 that belong in FY2025. All invoices that need to be accrued should be submitted and approved through Workday by June 13 at 4 p.m. PST.
The accrual should be reflected in Workday no later than June 30. If you do not see a charge that you believe belongs in FY2024 in Workday by July 5, contact General Accounting immediately (no later than July 9).
Note: Any invoices submitted to Accounts Payable through Workday 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:- Management or the auditors identify a transaction that relates to FY2024 that is deemed material to the financial statements, and therefore not recording this entry would result in the financial statements being materially misstated;
- 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 departmental SVP.
- June 21: Westchester Campus Facilities, Westchester Information Technology Services, and Law School Fiscal Affairs should have reconciled 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.
- July 5: Account coding corrections or account adjustments must be communicated to Accounting by this date. LMU’s accounting records for FY2024 will be closed so that audit schedules can be prepared, yearend entries made and reviewed.
Note: Any entries submitted after this date will not be reflected in FY2024.
- July 21: FY2024 closed.
- 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 need explanations. Please submit your analysis electronically through Adaptive Insights.
- August 1: Westchester and Law School revenue recalculation due to General Accounting.
- August 2: Financial Certifications due to the Budget Office.
- August 5: Audit begins.
- October 11: Financial Statements are available on LMU website.
LMU Finance appreciates your attention to all deadlines as we close another fiscal year. If you have any questions, please contact controllersoffice@lmu.edu.
