Year-End Guidelines

Find year-end deadlines and procedures.


The University’s fiscal year runs from April 1 to March 31. 

Departments/Schools/Centres/Units need to meet the set deadlines to ensure revenues/assets and expenses/liabilities are captured within the fiscal year for proper financial reporting.

Portfolio Finance Teams can be contacted to answer year-end enquiries or concerns.

Faculty of Medicine Deadlines

Accounting cut-off procedures are used to ensure that all financial activity for the year is accurately recorded in your accounts prior to closing the accounts. Cut-off procedures ensure the integrity of our financial information. Without a clear cut-off, errors can occur. When expenses or revenue are reported in the incorrect period:

  • The Financial Statements will contain errors and may be reported to the Board of Governors
  • Your budget available may be impacted
  • Your carryover will be incorrectly reflected
  • On a research grant, the expense could be deemed an ineligible expense as its outside the timeline of the grant

Financial Services works diligently during Year End to review and enter transactions to ensure expenses and revenue are properly captured. To ensure that all transactions relating to the current fiscal year are included in the financial results, we need your help! We rely on Departments/Schools/Centres/Units to:

  • Remind staff to submit travel claims promptly
  • Send ALL invoices from Suppliers to Financial Operations as soon as possible
  • Review your Purchase Order commitments in Workday — if the goods/service was received on or before March 31 make sure your invoicing has been recorded. 
  • Have leftover commitments of completed orders? Let your Procurement Team
  • know so they can close the PO and remove the commitment
  • Process all your payroll – including adjustments & changes in source of funds
  • Send all cheques/cash daily to Accounts Receivable for deposit
  • Process PGME payments
  • Post all Credit Card Transactions
  • Follow the Year End deadlines