Fiscal Year End 2025 Reminders
July 25, 2025
As we approach Fiscal Year End (FYE) for 2025, we highlighted some information related to Procurement and Payment Services:
Accounts Payable
Important Accounts Payable fiscal year-end dates:
August 29
- FY25 requisitions are to be approved and sourced into purchase orders.
- Email Accounts Payable to ensure vouchers with no receipts are not paid in FY25.
September 2
- FY25 paper invoices must be received by Accounts Payable by 5 p.m. to guarantee payment in FY25.
September 3
- FY25 electronic submissions of expense reports and payment requests must be submitted to Accounts Payable by 5 p.m. to guarantee payment in FY25.
Corporate Card Transaction Reconciliation
It is essential that all corporate card transactions are fully reconciled before the end of the fiscal year. Please note:
- Simply moving transactions from My Wallet to an expense report is not sufficient.
- Receipts must be attached to each transaction.
- The expense report must be submitted and fully approved as soon as possible.
Timely reconciliation ensures accurate financial reporting and compliance with University policies.
Important fiscal year-end dates for the corporate card program:
By August 22
- Purchases that should be included in FY25 need to be made by 8/22/25 at the latest. Any purchases made after this date might not be posted by the bank by 8/30/25.
September 3
- All corporate card transactions need to be reconciled on an expense report and approved to reach Accounts Payable by 5 p.m. in order to guarantee payment in FY25.
September 5-7
- FY25 expense reports with pending approvals will be sent back for resubmission in FY26.
- FY25 expense reports not yet submitted into workflow will remain in pending status and will not be deleted. They will be assigned an FY26 accounting date.
More information to help you prepare for FYE is available on the Controller’s Fiscal Year End web page.
Guidance for Running Transaction Reports
To effectively manage orders submitted through NUFinancials, departments and schools are encouraged to regularly run the following reports throughout the year:
- Open Encumbrance Report
- Match Exception Report
These reports help monitor outstanding commitments and identify issues that may require attention. For detailed instructions and additional guidance, please visit the PO and Invoice Transaction Reports web page.