Five Reminders for a Smooth Fiscal Year-End Close

Year-End Close is Approaching!

With June 30 fast approaching, now is the time to review the Fiscal Year-End Close Calendar and ensure your remaining year-end activities are on track. This year, UVAFinance extended many submission deadlines to give departments additional flexibility and more time to complete critical transactions.

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Review the Fiscal Year-End Close Calendar and pay close attention to upcoming deadlines. Because many dates were extended, there is very little flexibility available once deadlines pass.

1. Know Your Deadlines

Many of the early deadlines focused on ETF-related activities, but the busiest portion of year-end is now underway. Departments should review the calendar carefully and ensure transactions are submitted on time. Meeting published deadlines helps avoid delays and allows Central Finance teams to process transactions as efficiently as possible.

2. Ask Questions Early

Throughout the close process, teams from Accounting, Financial Reporting, Fixed Assets, and other areas of Central Finance are meeting daily to review outstanding issues and support departments across Grounds. If questions arise, submit them through Ask Finance as early as possible so they can be addressed before a deadline becomes an issue.

Year-End Tip: Practice Good Financial Hygiene

Year-end is an excellent time to review designated funds, gifts, grants, and other worktags to ensure balances are accurate and appropriately funded. Cleaning up lingering balances now can help prevent unnecessary explanations, adjustments, and follow-up work after the fiscal year closes.

3. Resolve Small Issues Before They Become Large Ones

Reviewing fund balances and addressing deficits before year-end can make the close process significantly smoother. Departments are encouraged to identify and resolve outstanding issues now rather than carrying them into the new fiscal year.

4. Take Advantage of Available Support

If you're unsure how to address a fund balance issue, transaction, or accounting question, don't hesitate to reach out. Central Finance teams are available to help departments work through challenges and identify appropriate solutions before deadlines arrive.

5. Start the New Fiscal Year Strong

Taking time now to review balances, meet deadlines, and address outstanding questions can help ensure a smoother close and a cleaner start to the new fiscal year. A little attention to detail in June can save significant time and effort in July.

Visit the Fiscal Year-End Close Calendar for deadlines, resources, and additional guidance. If you need assistance, contact Ask Finance.

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Related Content: Year End Closing Reminder (and Fiscal New Year's Resolutions)