2023-2024 Fiscal Year-End Close Deadlines and Information

Calendar of Procurement Services Deadlines and Important Dates

Review the closing dates for the Procurement Services department below. For the full dates, please see the Accounting & Fiscal Services fiscal year-end close memo .

Thursday, May 16

KFS Requisitions: New Fiscal Year Recurring & Contract POs

FY 2024-25 appears in drop-down box on KFS requisition and PO for the next fiscal year (use for recurring PO or contracts that have a start after July 1.) New requisitions for the following fiscal year can be submitted any time starting on this date. Contact Procurement Services for questions.

To encumber 'next year' funds (FY2025), the order must be a recurring PO or orders where a contract and/or services begin July 1 or later. The requisitioner will need to select 'Year: 2025' within the requisition and check the Recurring Payment box in the Payment Info tab (begin/end dates must be added). Requisition’s submission before July 1 is for departments that need to set up recurring or contract orders in advance if they are needed immediately as of July 1.
All non-recurring or non-contract orders (such as supplies, equipment, or one-time purchases) intended for New Fiscal Year encumbrance should not be submitted before July 1. Please note: High value or restricted items will route to Central Procurement for review.
Effective July 1, anything created will be for FY2025. All Open POs that still have balances at the end of Period 12 (FY2024) will carry over to FY2025.

Monday, June 3

High Value/High Risk and Contract Requisitions – FY2023-24

Last day to submit a high value/high risk and contract requisition to ensure sufficient processing and lead time to post in FY2023-24. Efforts will be made to approve submissions after this date but cannot be guaranteed. Contact Procurement Services for time-sensitive transactions.

Purchase Order Amend (POA) for High Value/High Risk, Contract, and Recurring Payment POs – FY2023-24

Last day to request Procurement Services to process a POA for high value/high risk, contract, and recurring payment POs to ensure sufficient processing and lead time to post in FY2023-24. Efforts will be made to approve submissions after this date but cannot be guaranteed. Ensure POs have sufficient funds to process payments before fiscal year-end. Contact Procurement Services for time-sensitive transactions.

Friday, June 7

Submit UCIBuy High Value based Requisitions in KFS – FY2023-24

Last day for generating high value/UCIBuy catalog requisitions (>$5,000 and/or containing any potential restricted commodities). Efforts will be made to approve submissions after this date but cannot be guaranteed. Please contact UCIBuy for time-sensitive transactions.

Monday, June 17

PALCard (Procurement Card) Online Purchases

The last recommended day for PALCard online purchases to ensure the vendor/bank submits the charge by June 30. Please contact PALCard for questions.

Friday, June 21

Close Fulfilled High Value/High Risk POs and Recurring Purchase Orders (RPOs) with Remaining Balances

Last day to request appropriate Procurement Services Contract Manager/Contract Analyst to close fulfilled (no remaining payments, goods, or services) high value/high risk POs and RPOs with remaining balances to release funds. Comply with this deadline to ensure Procurement Services has sufficient processing and lead time to post in FY 2023-24. Contact Procurement Services for time-sensitive transactions. PO Balances that are not closed in time will carry forward to the next fiscal year.

Submit UCIBuy Requisitions as Automated Purchase Orders (APOs) in KFS

Last recommended day for submitting UCIBuy requisitions meeting criteria for APOs (≤ $5000 and not containing restricted items) in KFS. It is recommended to notify departmental approvers that a requisition has been submitted in approval workflow, since the last day to finalize all REQS for FY 2023-24 is Friday, June 28. Contact your department fiscal officer for time-sensitive transactions.

Wednesday, June 26

PALCard In-Store Purchases

The last recommended day for in-store PALCard purchases to ensure the vendor/bank submits the charge by June 30. Please contact PALCard for questions.

Friday, June 28

PO, PO Amends, & Encumbrances for FY2023-24

@8 p.m. Last day to finalize and encumber funds for PO and PO Amends for FY2023-24 for all types/value.
High value/high risk and recurring payment requisitions require additional lead time for review – see previous “POA for High Value/High Risk, Contract, and Recurring Payment POs” guidelines for details.
All PO Amends, PO Close, or PO Void requests must be finalized by 8 p.m.
Last day for contract managers to close or void fulfilled (no remaining payments, goods, or services) POs.

Sunday, June 30

Clear Department PO Encumbrances

Departments should clear out old or invalid leftover encumbrances before year end. Purchase Orders that are open with expected payments/credits after July 1 should remain open. Only those without expected future activity should be closed or voided by June 30. Closing or voiding a PO will release all remaining encumbrances and no more activity (payments) can be done.

To close a PO, fiscal officers and contract managers can go into the PO and select the ‘Close Order’ button to close and release all remaining encumbrances. When there has been no activity on an open PO, then only the contract manager/buyer can void the PO. To void a PO, the contract manager can go into the PO and select the ‘Void Order’ button. To review open encumbrances on ledgers, use the Encumbrance Report from UCI Decision Support. For EX (external encumbrance) entries, the reference document number is the PO number. Contact kfs@uci.edu for questions regarding encumbrances.

Monday, July 1

New Fiscal Year 2024-25 PALCard Purchases

PALCard purchases made on or after this date affect FY2024-25 funds and will not appear in KFS until after FY2023-24 June (period 12) closes. Contact PALCard for questions.

Monday, July 1 to Monday, July 15

New FY PALCard Documents

New PCDOs will be held until after period 12 closes (July 15) and appear in reconcilers action list after July 16. It will go back to the 15-calendar day review period.

Wednesday, July 3

Invoices from Vendors - Charges under Specific Purchase Orders

Due at 4 p.m. for invoices to be submitted to Accounts Payable. Accounts Payable will be processing all invoices submitted as long as they are an open PO, with sufficient remaining funds. Vendor invoices with a creation date of June 30 or prior, and fully approved by the department by the deadline, will be recorded on the June preliminary general ledger.

FY 2024-25 Note: In order to post to the general ledger, the Payment Request (PREQ) must be fully approved. Generally, invoices under $10,000 will auto-approve, while invoices over $10,000 require department approval. If the invoice date reflects June 30 and prior, the invoice must be in final or processed status in order to post to the GL by the due date.

If you miss the deadline, DO NOT hold the invoices. Send the invoice to Accounts Payable immediately and every effort will be made to post them to the June 2024 (period 12) ledger.

Any invoices for FY2023-24 services or dates that are not processed by the Preliminary Ledger (Monday, July 8, 2024) must be accrued by the department if the expense is greater than $10,000 (see the Recommended Actions section on the Accounting Fiscal Close webpage for capitalized equipment and plant/capitalized construction costs exceptions).

PALCard/PALCArd Document (PCDO) Creation

Last PCDO create date for FY2023-24 (which includes bank file posting dates 06/30/2024 and prior). Please contact PALCard for questions.

Monday, July 8

PALCard Document (PCDO) Reconciliation

Due at 8 p.m. Last day to approve PCDOs to reconcile, adjust tax, and reallocate transactions from default account. All unapproved PCDOs will auto-send after the deadline regardless of date created, and post to June 2024 (period 12). Please contact PALCard for questions.

FY2023-24 Note: Review time for PCDO docs is significantly reduced to meet fiscal close deadlines. Department reconcilers should review their Action List quickly to meet the deadline. Additionally, once the fiscal year closes, no additional corrections/changes may be done on FY2023-24 transactions.

Thursday, July 11 @ 4 p.m.

Capital Asset General Error Corrections (GEC)

All GECs that involve equipment or capital asset should be department approved by the due date. These are often associated with object codes for capital assets and require completion of the Capital Asset tab (object 9XXX). The short deadline is required to allow Equipment Management and Central Accounting to record and process entries in the Capital Asset Management (CAM) module.

Monday, July 15 @ 4 p.m.

Accrual of Travel, Even and Other Expenses Normally Processed in TEM

Deadline to submit and approve the YEDA document. Travel, event, and relocation expenses incurred in FY2023-24 for airfare (including round-trip costs), meals, lodging, foreign per diem, etc. normally processed in TEM, should be accrued so long as it meets threshold requirements. Departments can accrue expenses using the YEDA document.

For trips beginning July 1 or later, it is not permissible to accrue any travel costs, even if tickets are purchased in June. This is considered an advance, rather than an accrual, for financial reporting purposes.

The transaction value is greater than or equal to the university's accrual/deferral threshold, which is $10,000 for FY 2023-24, with the exception for equipment: anything greater than or equal to $5,000 must be accrued.