Fiscal Year 2021 Year-End Calendar of Critical Dates & Deadlines

Below are the critical dates for Fiscal Year 2021 Year-End close as well as departmental responsibilities for providing year-end accounting data to Financial Affairs. Questions regarding the fiscal year-end closing requirements should be directed to the identified staff. If specific staff are not identified, please contact the Controller’s Office with any questions.

FY 2021

Tuesday, June 8, 2021

  • Customer Invoices/Accounts Receivable invoicing begins in Workday for FY 2022 The date goods or services are provided determines the fiscal year revenues and accounts receivable will be recorded.
    • Any questions or concerns regarding these transactions should be directed to Penny Mills, 575-8451 or plmills@uark.edu

Tuesday, June 15, 2021

  • FY2022 Financial and Position Budget Load into Workday Sandbox
  • Last Day to Enter Regular Purchase Orders/Requisitions and Sole Source Purchases for FY 2021
    • If you have received merchandise but have not received an invoice, contact the vendor to make sure the invoice is received and paid in the correct fiscal year.
    • Make sure you have completed all receiving entries for FY 2021 merchandise physically received by June 30th.

Friday, June 25, 2021

  • Last day to process UA Foundation Payment Authorizations.

Wednesday, June 30, 2021

  • There will be 2 cut off dates for Credit Cards Year End:
    • Charges for June 1 through June 15 must be approved by June 30, 2021 in order for June charges to expense in FY21 accounting.
    • Charges for June 16 through June 30 must be verified by July 9, 2021 in order for June charges to expense in FY21 accounting.
  • Last Day for Deposits to post in June
    • All funds received on or before June 30, 2021 by a department on campus must be receipted in CASHNet and deposited at First Security Bank by 4:00 pm on June 30th. If you have money/checks on hand, make sure it gets deposited by this deadline.
    • Any questions or concerns regarding these transactions should be directed to Lea Anne Johnson, 575-3190 or leaannej@uark.edu.
  • Postage Meters. Any postage processed after today will be processed with FY 2022 funds.

FY 2022

Thursday, July 1, 2021

  • FY2022 Financial and Position Budget Load into Workday Production

Wednesday, July 7, 2021

  • Inventories
    • Stock Inventories: All departments that have stock supply inventories must have their year-end inventories completed and copies submitted to Property Accounting.
    • Postage: All departments that have prepaid postage on hand such as stocks of stamps or have balances on postage meters, must report their total postage as of the end of the June 30, 2021 business day to Property Accounting.
    • Building Inventories: All units that receive building lists from Property Accounting must have those lists checked and returned to Property Accounting. Please make sure to note on the lists received any new buildings constructed during fiscal year 2021 as well as any buildings that no longer exist, including an explanation of disposal.

Friday, July 9, 2021

  • Customer Invoices/Accounts Receivable. The date goods or services are provided determines the fiscal year revenues and accounts receivable will be recorded.
    • FY 2021 Goods/Services Provided – Invoices entered and approved in Workday by the end of the business day.
    • Any questions or concerns regarding these transactions should be directed to Penny Mills, 575-8451 or plmills@uark.edu
  • WEX Fuel Charges for June 1 through June 30 must be approved by July 9, 2021 in order for June charges to expense in FY21 accounting.
  • There will be 2 cut off dates for Credit Cards Year End:
    • Charges for June 16 through June 30 must be verified by July 9, 2021 in order for June charges to expense in FY21 accounting
      • Any questions or concerns regarding PCard transactions should be directed to pcard@uark.edu
      • Questions or concerns regarding TCard transactions should be directed to uatravel@uark.edu

Monday, July 12, 2021

  • Travel Claims and Invoices must be received by the Travel Office by July 12, 2021 to ensure expensing to FY21 accounting.
    • Questions or concerns regarding Travel claims & invoices should be directed to uatravel@uark.edu
  • Agent Advances must be submitted and approved.
  • Personal Reimbursement Requests Must be submitted and approved by July 12, 2020 for FY21 expenses.

Tuesday July 13, 2021

  • Last Hourly Payroll Time Due for June hours

Friday, July 16, 2021

  • All invoices including regular invoices, Supplier Invoice Requests, Utilities, Construction and Library must be in Accounts Payable along with receiving performed (when applicable). Received date needs to be June 30, 2021 or prior to be expensed in FY 2021
    • This is the last day to enter goods or services received in June, but the invoice was not received until July to have those expenses reflected in FY 2021.
  • Change Orders must be submitted and approved by this date.
  • All Internal Service Deliveries must be approved by this date.
  • This date is similar to closing the year in the BASIS "ECAL" Calendar

Wednesday, July 21, 2021

  • AP Closes

Friday July 30, 2021

  • Last day for Accounting Adjustments and Payroll Accounting Adjustments
  • This date is similar to closing the year in the BASIS "CALM" Calendar

Friday, August 6, 2021

  • Last day to enter Asset Additions, Record asset changes or disposals.

Monday, August 9, 2021

  • Accounting Calendar Close. After today no transactions will post into June 2020.  AVCF may make changes after this date to ensure materially accurate financial statement are produced.
  • This date is similar to closing the year in the BASIS "ACAL" Calendar

Monday, August 26, 2021

  • July 2021 Accounting Closed (This date is subject to change)

Note

  • Research Incentive Funds (RIF) Distribution is done automatically in Workday as F&A is calculated which is when the expense is incurred.