{"id":57,"date":"2025-05-12T08:44:22","date_gmt":"2025-05-12T13:44:22","guid":{"rendered":"https:\/\/blogs.uml.edu\/financial-system\/?p=57"},"modified":"2025-05-12T08:44:24","modified_gmt":"2025-05-12T13:44:24","slug":"fiscal-2025-year-end-close","status":"publish","type":"post","link":"https:\/\/blogs.uml.edu\/financial-system\/2025\/05\/12\/fiscal-2025-year-end-close\/","title":{"rendered":"Fiscal 2025 Year-End Close"},"content":{"rendered":"\n<p>In preparation for fiscal year-end (FY25 &#8211; June 30, 2025), we need your assistance to ensure an orderly financial closing process. This memorandum provides important information and cut-off dates to be followed. Please take a moment to review the following information to understand the impact on your budget and areas of responsibility.<\/p>\n\n\n\n<h3>Year-End Close:<\/h3>\n\n\n\n<p>The June 30, 2025 actuals ledger closing will be on Friday, July 18th. SUMMIT and&nbsp;<a href=\"https:\/\/www.uml.edu\/empac\/\" target=\"_blank\" rel=\"noreferrer noopener\">PeopleSoft reports<\/a>&nbsp;will be available to view\/download after the June month-end close on Saturday, July 19th.<\/p>\n\n\n\n<h3>SUMMIT Reporting:<\/h3>\n\n\n\n<p>Please be sure to review your operating accounts and reconcile all transactions prior to the year-end close. Contact the Controller\u2019s Office or Budget Office for discrepancies. For help reading reports, please contact the Controller\u2019s Office.<\/p>\n\n\n\n<p><strong>Reports During Year-End Close<\/strong>&nbsp;&#8211; SUMMIT is updated one day after transactions are posted in PeopleSoft. Activity may be viewed online using SUMMIT.<br><br><strong>FY26 July Balances<\/strong>&nbsp;&#8211; Will be available in SUMMIT on Tuesday, July 22nd.<\/p>\n\n\n\n<ul><li><strong>Prior to the roll forward<\/strong>&nbsp;of FY25 balances to FY26, users&nbsp;<strong>will not see<\/strong>&nbsp;available balances for Fund Balance type funds (i.e., Research Investment Funds and Department Discretionary funds) in SUMMIT.<\/li><li>If the chartfield&nbsp;<strong>did not have activity in FY25<\/strong>, the chartfield will&nbsp;<strong>not be listed<\/strong>&nbsp;on the Summary page in SUMMIT.<\/li><li>If the chartfield&nbsp;<strong>had activity in July 2025<\/strong>, the chartfield&nbsp;<strong>will be listed<\/strong>&nbsp;on the dashboard summary page in SUMMIT; and the beginning fund balance will be $0 until Tuesday, July 22nd.<\/li><li>If a user changes the \u201cThrough Fiscal Period\u201d filter back to \u201c2025-12 (June, 2025)\u201d, the user will see their ending balance as of June 30, 2025.<\/li><\/ul>\n\n\n\n<h3>Due Dates for Campus Transactions:<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><td>Transaction Type&nbsp;<\/td><td>Description<\/td><td>Due Date<\/td><\/tr><\/thead><tbody><tr><td>Journal Requests&nbsp;<\/td><td>All journal entry requests for FY25 must be received by Wednesday, July 16th. Please email journal entry requests to&nbsp;<a href=\"mailto:Controller@uml.edu\">Controller@uml.edu<\/a>&nbsp;<\/td><td>July 16<\/td><\/tr><tr><td>Cash Deposits<\/td><td>All cash is to be picked up by Brinks or delivered to Cash Management Services by end of business day on Thursday, June 19th<\/td><td>June 19<\/td><\/tr><tr><td>Cash Transmittals&nbsp;<\/td><td>The cash transmittal is to be submitted to Cash Management Services by Friday, June 20th<\/td><td>June 20<\/td><\/tr><tr><td>Endowment Sweep<\/td><td>Please have all journal entries and transactions posted by Friday, June 20th for endowment projects set to sweep. Balances remaining after this date will be returned to the UMass Foundation.<\/td><td>June 20<\/td><\/tr><tr><td>Account Deficits<\/td><td>&nbsp;Budget deficits and any anticipated transactions through fiscal year-end should be fully funded by Friday, June 20th. Budget transfers will be done thru June 30th. Please contact&nbsp;<a href=\"mailto:Budget_Office@uml.edu\">Budget_Office@uml.edu<\/a>&nbsp;with any questions.<\/td><td>June 20<\/td><\/tr><tr><td>New Chartfield Requests<\/td><td>Requests New chartfield requests must be submitted by Monday, June 23rd. Chartfield changes received after this date, will be held and processed after Monday, July 7th (this includes sponsored and non-sponsored requests).<\/td><td>June 23<\/td><\/tr><tr><td>Equipment Retirements&nbsp;<\/td><td>For equipment no longer in service as of June 30, 2025, please complete an equipment decommission form by Friday, July 18th: Asset Decommission\/Surplus Form. Please contact&nbsp;<a href=\"mailto:Inventory@uml.edu\">Inventory@uml.edu<\/a>&nbsp;with any questions.<\/td><td>July 18<\/td><\/tr><tr><td>Rollback of Invoices<br>(General Operating Funds)<\/td><td>Invoices for FY25 processed in July 2025, will initially be posted to FY26, then later posted back to FY25. This activity will be available to view in SUMMIT after the July month-end close on Monday, August 11th.&nbsp;<\/td><td>August 11<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3>Accounts Payable:<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.umassp.edu\/upst\/fy25-year-end-transaction-due-dates\" target=\"_blank\" rel=\"noreferrer noopener\">UPST has published<\/a>&nbsp;the following cut-off dates for contacts for procurement, expense reimbursement and accounts payable. For additional information, job aides, training assistance and other information please contact UPST directly at:&nbsp;<a href=\"mailto:upst@umassp.edu\">upst@umassp.edu<\/a><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><td>Transaction Type<\/td><td>Description<\/td><td>Due Date<\/td><\/tr><\/thead><tbody><tr><td>Supplier Requests<\/td><td>Supplier requests should be submitted in BuyWays by Friday, May 9th. This includes foreign, domestic, entities and students.<\/td><td>May 9<\/td><\/tr><tr><td>Sourcing\/Bids<\/td><td>A sourcing event takes an average of 6 to 8 weeks to complete. Staff are encouraged to submit all requests to UPST by Monday, May 12th<\/td><td>May 12<\/td><\/tr><tr><td>Contracts Processing<\/td><td>Staff are encouraged to submit requests by Monday, May 12th.&nbsp;<\/td><td>May 12<\/td><\/tr><tr><td>Supplier Registration<\/td><td>Supplier registrations need to be completed by the supplier on Monday, May 19th. Automatic reminders will be sent out to suppliers to remind them to take action.<\/td><td>May 19<\/td><\/tr><tr><td>Bank Card Allocations<\/td><td>All Bank Card allocation and expense activities for FY25 should be submitted in Concur no later than Friday, June 20th.<\/td><td>June 20<\/td><\/tr><tr><td>Accounts Payable<\/td><td>All supplier invoices must be received on or before Saturday, June 21st. This also includes all transactions that are entered directly in Peoplesoft.<\/td><td>June 21<\/td><\/tr><tr><td>Travel &amp; Expense Reports<\/td><td>Approval The last day to approve expense reports in Concur is Monday, June 23rd.<\/td><td>June 23<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3>Administrative Oversight<\/h3>\n\n\n\n<p>All employees are required to follow the&nbsp;<a href=\"https:\/\/www.umassp.edu\/travel-and-expense\/business-and-travel-expense-policy-and-standards\" target=\"_blank\" rel=\"noreferrer noopener\">Business and Travel Expense Policy and Standards<\/a>&nbsp;and the&nbsp;<a href=\"https:\/\/www.dropbox.com\/scl\/fi\/5iu5dl5i5sb04bf24gvkw\/Lowell-Matrix-PDF.pdf?rlkey=wdnjvnosvz178g2z8qa3h7q7f&amp;e=1&amp;dl=0\" target=\"_blank\" rel=\"noreferrer noopener\">Prior Approval and Exception Matrix<\/a>&nbsp;for Lowell. Please also see the&nbsp;<a href=\"https:\/\/www.uml.edu\/service\/Apps\/HR\/PolicyPortal\/Policies\/View?id=90\" target=\"_blank\" rel=\"noreferrer noopener\">Asset Management of Capital and Non-Capital IT Assets and Sensitive Data<\/a>&nbsp;policy and the&nbsp;<a href=\"https:\/\/www.dropbox.com\/scl\/fi\/eot4fbh7rlesqi9op3vdg\/UMASS-Bank-Card-Use-Standard.pdf?rlkey=vx0cat9q61my1s0k1hpno1ybc&amp;e=1&amp;dl=0\" target=\"_blank\" rel=\"noreferrer noopener\">Bank Card Use Standards for UML<\/a>.<\/p>\n\n\n\n<p>Administrators are expected to monitor expenses all year for appropriate classification, comparing actual expenses to budget, and resolving any significant variances. Routine review and reconciliation of transactions are necessary to verify the accuracy of records, the appropriateness of transactions, and compliance with policies. This is best accomplished using SUMMIT reporting dashboards.<br><br>Administrators are also entrusted to ensure cash, inventories, equipment, and other property are secured physically, counted periodically (at least annually) and compared with control records. In addition, safeguards should be in place to prevent the loss or unauthorized use of university assets, including data.<\/p>\n\n\n\n<h3>Useful Resources &amp; Links:<\/h3>\n\n\n\n<ul><li>SUMMIT users please follow the link for important updates:&nbsp;<a href=\"https:\/\/blogs.uml.edu\/financial-system\/\" target=\"_blank\" rel=\"noreferrer noopener\">UMass Lowell Blog &#8211; Financial System<\/a>.<\/li><li>Use the&nbsp;<a href=\"https:\/\/www.umassp.edu\/upst\/commodity-and-account-code-crosswalk?combine=computer\" target=\"_blank\" rel=\"noreferrer noopener\">UPST Commodity Code Crosswalk<\/a>&nbsp;to easily find a Commodity Code.<\/li><li>Please check out our Travel page using the link:&nbsp;<a href=\"https:\/\/www.uml.edu\/financial-services\/administrative-fiscal-policies\/travel.aspx\">University Travel<\/a>.<\/li><\/ul>\n\n\n\n<h3>Contact Emails:<\/h3>\n\n\n\n<ul><li>Purchasing &amp; Accounts Payable:&nbsp;<a href=\"mailto:upst@umassp.edu\">upst@umassp.edu<\/a><\/li><li>Travel Expense &amp; Reimbursements\/Bank Card:&nbsp;<a href=\"mailto:travelexpense-services@umassp.edu\">travelexpense-services@umassp.edu<\/a><\/li><li>Controller\u2019s Office:&nbsp;<a href=\"mailto:Controller@uml.edu\">Controller@uml.edu<\/a><\/li><li>Budget Office:&nbsp;<a href=\"mailto:Budget_Office@uml.edu\">Budget_Office@uml.edu<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>In preparation for fiscal year-end (FY25 &#8211; June 30, 2025), we need your assistance to ensure an orderly financial closing process. This memorandum provides important information and cut-off dates to be followed. Please take a moment to review the following &hellip; <a href=\"https:\/\/blogs.uml.edu\/financial-system\/2025\/05\/12\/fiscal-2025-year-end-close\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1426,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/posts\/57"}],"collection":[{"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/users\/1426"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/comments?post=57"}],"version-history":[{"count":2,"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/posts\/57\/revisions"}],"predecessor-version":[{"id":59,"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/posts\/57\/revisions\/59"}],"wp:attachment":[{"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/media?parent=57"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/categories?post=57"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.uml.edu\/financial-system\/wp-json\/wp\/v2\/tags?post=57"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}