FY25 Important Year-end Payroll Accounting Timelines

To prepare for the end of the fiscal year, it is critical to review costing allocations to ensure they are accurate and up to date. The Payroll Funding reports can be used to review and identify when costing allocation updates need to be made. Due to the new date validations added for payroll accounting adjustments (PAAs) in May 2025, you will not be able to correct payroll funding with a PAA after the fact in the new fiscal year (after July 22, 2025) if the PAA does not involve an OSP grant. Below are the recommended costing deadlines for June FY25.

• June 12 -- to make costing changes for Monthly 6 (6/01 - 6/30)
• June 17 -- to make costing changes for Biweekly 13 (6/01 - 6/14)

You may still correct payroll expenses involving OSP grants for up to one year, when necessary to ensure accuracy and compliance. The validation looks at the current and proposed lines and the period end dates.

The recommended deadline for Payroll Accounting Adjustments to post to FY25 is June 18. Payroll close activity group closes on June 20 for FY25. This means any PAAs processed after 6/20 will post to FY2026. The additional grace period with the new date validations will allow you to post PAAs for pay periods associated with FY25 until July 22; however, the PAAs will post to the next open period, which will be FY26 - July.