Fiscal Year End

2026 Submission Deadlines

The following dates ensure a smooth end-of-year closeout.

All business areas must submit Financial Transaction requests promptly in the current fiscal year for accounting in the current fiscal year. The following dates have been established to ensure a smooth end-of-year closeout:

5:00 p.m. Wednesday, May 20

2025–2026 ServiceNow Non-Catalog Request Submission greater than or equal to $25,000 

  • PR Hub needs to get it through the workflow approval and received by Central Procurement by this time; timely responses on ServiceNow tickets will be important in order to get the PR submitted. Exceptions will be handled after that date. Time and workload will not allow for an undue number of exceptions, and delivery cannot be guaranteed.

5:00 p.m. Monday, June 1

2025–2026 ServiceNow Non-Catalog PR Requests less than $25,000 for non-catalog items

  • PR Hub needs to get it completely through the workflow approval path, so timely responses to open tickets are required.
  • ServiceNow requests for Non-Catalog 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 12

Invoices 

  • All invoices (PO and Non-PO) due in Central Procurement to be charged for the 2025– 2026 Fiscal Year.
  • Goods receipts (GR) for PO-based invoices 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 15

PO Change Forms 

12:00 p.m.Tuesday, June 23 

Central Accounts Receivable Invoices 

  • All Invoice Requests to External Customers to be submitted to Central Accounts Receivable for processing
  • All Credit Memo Requests to be submitted to Central Accounts Receivable for processing

12:00 p.m. Thursday, June 25

2025-2026 PSUbuy Catalog Orders < $25,000  

  • PSUbuy catalog orders must be completely through the workflow approvals and orders released.
  • Catalog POs not invoiced and paid by 11:59 p.m. June 30 will be transferred as an encumbrance against 2026-2027 accounts.
  • Be mindful of the supplier's estimated delivery times when placing catalog orders.

3:30 p.m. Friday, June 26

Goods Received and Services Rendered  

  • Goods received and services rendered through this date are chargeable to the 2025-2026 accounts.
  • After this date, open 2025-2026 POs will roll over as an encumbrance against 2026-2027 accounts.
  • 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 26

Mendix Locked for Payroll 

  • All users will be locked out of the Mendix system for June payroll posting to Labor Distribution.
  • Medix will be reopened on June 27.

5:00 p.m. Monday, June 29

Mendix Locked for Payroll 

  • All users will be locked out of the Mendix system for June payroll posting to Labor Distribution.
  • This is the last day checks, PNC ActivePay, virtual cards, and ACH payments run until July 1

SIMBA, Mendix, and PSUbuy Locked 

  • All users will be locked out of PSUbuy, Mendix, and SIMBA while end-of-year processes are completed.  
  • The June 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.

Wednesday, July 1

Central Accounts Receivable Invoicing

12:00 p.m. Monday, July 6

Central Accounts Receivable Invoicing - Prior FY Processing last call

  • Invoices for the prior Fiscal Year-Special processing must be done. Before submitting the SNOW ticket, reach out to CentralAR@psu.edu before 12:00 p.m. on July 6, to ensure proper entry into SIMBA
    (MUST specify to be entered for prior FY in SNOW ticket.)

4:30 p.m. Monday, July 6

Labor Distribution via ServiceNow

  • Deadline for all Labor Distribution plans for 2025-2026 to be submitted via ServiceNow

4:30 p.m. Wednesday, July 8 

Purchasing Card

  • All Purchasing Card (P-card) transactions for 2025-2026 must be submitted via ServiceNow to the Central Procurement Travel & Expense shared services team for processing in SAP Concur or submitted directly in SAP Concur by the cardholder (or delegate).

5:00 p.m. Wednesday, July 8

Book Journal Entries and Record Internal Billing Charges for Period 12 

  • All Book Journal Entries and Record Internal Billing Charges forms must be submitted in ServiceNow for period 12 posting.
  • Select FY2026 from the Fiscal Year drop-down on the Book Journal Entries Form to indicate that the entry should be posted in period 12.
  • For the Record Internal Billing Charges Form, explicitly note in the form or in the JE template the posting date and period that each journal entry should be posted in.4:30 p.m. Wednesday, July 15

Purchasing Card

Labor Distribution

  • All Labor Distribution plans for 2025-2026 must be completely processed through workflow by 4:30 p.m. on July 15.

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 15.

June Month Close

  • All documents submitted directly in SIMBA by finance hubs must be fully processed and through workflow and waiting for General Accounting approval by 4:30 p.m.
  • Parked documents will be deleted on the evening of July 15. 

GRs and invoices can still be posted to June 30 if received after June 30 through this date if the expense was for the 2025-2026 fiscal year. 

Endowment Funds

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

5:00 p.m. Friday, July 17

Book Journal Entries and Record Internal Billing Charges for Period 13

  • All Book Journal Entries and Record Internal Billing Charges forms must be submitted in ServiceNow for period 13 posting.
  • Select FY2026 from the Fiscal Year drop-down on the Book Journal Entries Form to indicate that the entry should be posted in period 13.
  • For the Record Internal Billing Charges Form, explicitly note in the form or in the JE template the posting date and period that each journal entry should be posted in.

4:30 p.m. Friday, July 24

Period 13 JEs for FY 2026

  • All Period 13 documents submitted directly in SIMBA by finance hubs should be fully processed and awaiting General Accounting 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. Friday, July 31

Budget Adjustments for FY 2026

  • 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.

Other Important Notes

Open Encumbrance 

  • All FY 2025-2026 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 year-end close approaches, take a moment to review and clean up any unreconciled P-card transactions from prior fiscal years. Understandably, some travel purchases may cross fiscal years, older expenses need to be fully settled and reconciled per CP03 Penn State Purchasing Card and PC2009 Use of the Penn State Purchasing Card to ensure accurate accounting.
  • Attention to this helps maintain compliance and financial integrity. 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 to make an accrual 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 

  • Be aware of grant and budget closings. 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 2025-2026 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 July 15, 2026.
  • Through period 12, JE, GR, invoices, etc., can be processed. Departments should delete all parked documents that are not processed. Unprocessed parked documents will be deleted on the evening of month-end. Refer to Review Parked Documents Report (DOCX)  
  • 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 26.

Period 13-16  

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

2026-2027 Fiscal Year Non-catalog PRs 

  • Currently, users may begin submitting non-catalog PRs for new requirements to be charged in the 2026–2027 Fiscal Year.   
  • If submitting non-catalog PRs for these new year requirements, it is imperative to select FY2027 (July 1st 2026 – June 30th 2027) in the Fiscal Year dropdown within the Create Non-Catalog Purchase Requisitions ServiceNow Form. Additional notes can be added in the Additional Information section of the notes section of the form for all requests 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 or after July 1.
  • PRs submitted prior to July 1 for catalog orders through PSUbuy or against a current PSUbuy contract cannot be posted to FY27.
  • PO requests for catalog and PSUbuy contract goods and services that need to be posted in FY27 should be submitted after July 1.

Helpful Reports

  • A few reports listed below will assist 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 (ServiceNow)
    • Shop OnLion: Blocked Invoice No GR Report Tile (AP Reporting Tile Group)- This report shows only PO invoices posted that are blocked from payment 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." 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 psuinvoices@psu.edu 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 May 15, 2026