Fiscal Year End

2025 Submission Deadlines

The following dates ensure a smooth end-of-year closeout. View Other Important Notes.

All business areas must submit Purchase Requisitions (PRs) promptly to allow sufficient time to process competitive solicitations and obtain the necessary authorization to issue a required purchase order (PO) before June 30, 2025; complete goods confirmations in the current fiscal year for accounting in the current fiscal year; and complete Period 12, June month-end close within 5 business days of the month closing.  Additional information regarding rollover is outlined below. The following dates have been established to ensure a smooth end-of-year closeout:

5:00 p.m. Thursday, May 15

2024-2025 PRs greater than or equal to $25,000

  • Completely through the workflow approval and received by Central Procurement by this time.  Exceptions will be handled after that date. Time and workload will not allow for an undue number of exceptions, and delivery cannot be guaranteed. 
  • Please see Procedure CR2019 for information related to capital equipment purchases, particularly the “Equipment Acquired by Construction” subsection regarding milestone payments. 

Supplier Onboarding 

5:00 p.m. Monday, June 2

2024-2025 PRs less than $25,000 for non-catalog items  

  • Completely through the departmental approval path and received by Central Procurement.    
  • PRs less than $25,000 for non-catalog items received after this time may not be finalized by June 30. 

5:00 p.m. Friday, June 13

Invoices 

  • All invoices due in Central Procurement to be charged for the 2024 – 2025 Fiscal Year. 
  • Goods receipts (GR) should be completed by this date to be accounted for appropriately in the current fiscal year.  
  • Invoices associated with asset purchases must be received to be processed by June 28. 

5:00 p.m. Monday, June 16

PO Change Forms 

  • Last-day Central Procurement can accept approved PO Change Forms (POCF) for existing orders.  
  • During the Shop OnLion decommissioning process, please use the POCF to request buyer assistance for decreasing/releasing encumbrances, canceling orders, or changing goods recipients on Shop OnLion orders.  
  • The form does not support account assignment modifications. While the form will be updated to reflect PSUbuy-specific options after full decommissioning, it can currently be used to connect with buyers regarding PSUbuy inquiries, including requests for encumbrance releases on PSUbuy POs. 

12:00 p.m. Friday, June 27 

2024-2025 PSUbuy Catalog Orders 

  • PSUbuy catalog orders must be completely through the workflow approvals and orders released. 
  • Catalog POs not invoiced and paid by June 30 at 11:59 p.m. will be transferred as an encumbrance against 2025-2026 accounts. 
  • Please be mindful of the supplier’s estimated delivery times when placing catalog orders. 

3:30 p.m. Friday, June 27

Goods Received and Services Rendered  

  • Goods received and services rendered through this date are chargeable to the 2024-2025 accounts.  
  • After this date, open 2024-2025 POs will roll over as an encumbrance against 2025-2026 accounts.  
  • For Shop OnLion POs, users should review “Blocked Invoice No GR Report” SIMBA Tile to determine outstanding goods receipts. 
  • For PSUbuy POs, there is no standard “Blocked Invoice No GR Report”. Shoppers should follow system alerts to complete goods receipts and approve invoice receipts. Central Procurement is currently working on a similar report for PSUbuy transactions. Updates will be shared as they become available. 

5:00 p.m. Friday, June 27 

Mendix Locked 

  • All users will be locked out of the Mendix system for June 30 payroll posting to Labor Distribution. Labor Distribution will be available on July 1 

ACH Payments 

  • This is the last day checks, PNC ActivePay, virtual cards, and ACH payments run until July 1. 
     

5:00 p.m. Sunday, June 29 - Monday, June 30

SIMBA and PSUbuy Locked 

  • All users will be locked out of PSUbuy and SIMBA while end-of-year processes are completed.   
  • The June 30 burden program will run, and the rollover of PRs and POs will be executed.  
  • Users will be notified when they can get back into the system on July 1. 

4:30 p.m. Tuesday, July 8

Purchasing Card 

  • All Purchasing Card (PCard) transactions for 2024-2025 must be completely processed through SAP Concur by 4.30 p.m. on July 8. 

Labor Distribution 

  • All Labor Distribution plans for 2024-2025 must be completely processed through workflow by 4:30 p.m. on July 8. 

Salary Clearing Cost Centers 

  • All Salary Clearing Cost Centers should be cleared via Labor Distribution by Period 12 Closing at 4:30 p.m. on July 8.  

June Month Close 

  • All documents must be fully processed and through workflow and waiting for the Central Desk approval by 4:30 p.m.  
  • GRs and invoices can still be posted to June 30 if received after June 30 through this date if the expense was for 2024-2025 fiscal year.  

4:30 p.m. Tuesday, July 15

Endowment Funds 

  • All Period 13 Journal Entries (JE) impacting endowment funds (173-176, 570-573, 577 fund types) should be fully processed and awaiting Central Desk Approval by 4:30 p.m. 

4:30 p.m. Friday, July 25 

Period 13 JEs for FY 2025 

  • All Period 13 documents should be fully processed and awaiting Central Desk Approval by 4:30 p.m., including: 
    • Close-out of all service centers (114-116 fund types) to general funds (should all have a $0 balance) 
    • Close-out of all salary clearing funds (should all have a $0 balance) 
    • Close-out of all conversion clearing funds (should all have a $0 balance) 
    • Education & General (E&G) funds balance adjustments (clearing deficits, removing balances from business areas that shouldn’t have E&G activity, etc.) 
    • Bad debt write-offs related to grants 
    • Year-end accrual entries (receivables, prepaid expenses, payables, deferred revenue) 
    • Close-out of SIF/International Fee funds 
    • College of Medicine intercompany true-up 
    • College of Medicine close-out to reserves 
    • Behrend Knowledge Park activity 

4:30 p.m. Thursday, July 31

Budget Adjustments for FY 2025 

  • All documents requiring Central Desk approval should be awaiting Central Desk Approval by 4:30 p.m. All other Budget Adjustments must be fully processed through workflow by 5:00 p.m. 

 

Anchor Destination

Other Important Notes

Open Encumbrance 

  • All FY 2024-2025 POs with an open encumbrance on July 1 will be rolled over into the new fiscal year and expensed to the fiscal year that matches the date a GR is entered. Users should review all open POs against their accounts by May 31 to determine if any action is required.   

Unreconciled P-card Expenses 

  • As we approach year-end close, please take a moment to review and clean up any unreconciled P-Card transactions from prior fiscal years. While we understand that some travel purchases may cross fiscal years, older expenses need to be fully settled and reconciled per BS14 Penn State Purchasing Card and PC2009 Use of the Penn State Purchasing Card to ensure accurate accounting. 
  • Your attention to this helps maintain compliance and financial integrity. Please address any outstanding items by July 8 at 4:30 p.m. 

Goods Receipts  

  • GRs should be completed accurately (i.e., if the goods were received centrally or by shoppers prior to fiscal year end, the GR/goods confirmation should be on that date).   
  • If the GR was not entered in the appropriate fiscal year, the shopper or central office should complete the GR and notify the user’s finance office that an accrual should be made for the expense.  
  • Users should review “Blocked Invoice No GR Report” SIMBA Tile to determine outstanding goods confirmations for Shop OnLion data. For PSUbuy, users should review system alerts/notifications. 
  • PO related postings, including GRs, invoices, and supplier payments, require the relevant cost objects to be open and valid in the current posting period. PO edits require all cost objects associated with the entire PO to be open for postings including cost objects on the completed line items. 

Grant and Budget Closings 

  • Please be aware of grant and budget closings. You will need to contact Research Accounting to either extend the dates or add a different account assignment to the PO before the grant/budget closes and/or before fiscal year-end to ensure that GRs, invoices, or any PO edits/changes can be performed successfully in the following year. 

Sponsored Awards 

  • All FY 2024-2025 POs funded through a sponsored award by an external agency shall have completed GRs and invoices paid in advance of the sponsored award closing date.  
  • Departments are encouraged to follow the research administration policy outlined in RA90 Finalization and Closure to determine necessary actions required for timely and compliant sponsored award closure. 

Period 12, June Month-End 

  • Close will be 5 business days after the month end.   
  • Through period 12, JE, GR, invoices, etc., can be processed. Departments should delete all parked documents that are not processed.   
  • Activities against PRs and POs are completed when period 12 is closed.  No more GR, IR, etc.  
  • All PR/PO activity must be completed and in order status by June 29. 

Period 13 -16  

  • Periods 13-16 are for year-end Financial JE postings only (invoices should only be posted through period 12).   
  • Financial Officers will be able to post JEs through period 13.   
  • Periods 14-16 are for Central Office JEs only.   

2025-2026 Fiscal Year Non-catalog PRs 

  • Currently, users may begin submitting non-catalog PRs for new requirements to be charged by the 2025–2026 Fiscal Year.    
  • If you are submitting non-catalog PRs for these new year requirements, it is imperative that you insert “FY26” in the title of the PR and “FY26 Requirement” in the header comment of the PR for all requisitions submitted in advance of July 1.  
  • No GR/IR postings should be made against these POs until after July 1. Any GR or invoice approval posted before July 1 against these PO will expense in the current FY.   This note is not required on July 1 or after.  
  • PRs submitted prior to July 1 for catalog orders through PSUbuy or against a current PSUbuy contract cannot be posted to FY26.   
  • PO requests for catalog and PSUbuy contract goods and services that need to be posted in FY26 should be submitted after July 1.

Helpful Reports

A few reports are listed below that will assist you in identifying POs that have issues that should be evaluated and cleaned up for Fiscal Year End: 

  • GL Line Item Display GL View Tile (GL Display and Reporting Tile Group)  “GRIR_OPEN” Variant: GRIR GL Line Item Report Guide 
  • Shop OnLion: Blocked Invoice No GR Report Tile (AP Reporting Tile Group)- This report only shows POs that have invoices posted that are blocked from paying due to missing or incorrect goods confirmations or pricing discrepancies. Blocked Invoice No GR Report Guide Vendor
  • Line-Item Report (AP Reporting Tile Group) – This report pulls in everything open for the Vendor. Enter Document Status as “= Open.” You can filter by Grant, Business Area, or Fund. Vendor Line-Item Report Guide. 
  • Business Objects – Purchase Order by Business Area – Look for POs where the remaining PO value is negative (displayed in red with parentheses). It indicates that the invoice amount is greater than the PO value. Contact Central Procurement Accounts Payable at [email protected] to determine the resolution. 

Request For Proposals (RFPs) 

  • June is critical for Central Procurement to process end-of-fiscal-year transactions. Central Procurement might delay new Requests for Proposals (RFPs) or adjust timelines for existing RFPs in June. Patience is appreciated during this time. 

Revised April 4, 2025.