Year-End Planning Details

Clemson University's business organization extends across a network of personnel from colleges and administrative divisions to the institutional financial area. The Fiscal Year Closing Schedule is established to communicate and assist in planning processes for current fiscal year-end closing. The objective of the year-end closing process is to record all receipts/revenues and disbursements/expenditures in the proper fiscal year. An accurate fiscal year-end cutoff is important for all funds, not merely State appropriated funds. Various audits, reports and financial statements require that even sponsored projects, capital projects, and the University's related organizations accurately report their transactions as of the University's June 30 fiscal year-end. Unless specifically noted, this Fiscal Year Closing Schedule applies to, not only Clemson University, but also to the Clemson University Foundation and the Clemson University Research Foundation. 

PLEASE NOTE: The dates included below may differ from standard years due to the University's transition to Workday on July 1. Please pay close attention to these dates, also included on the Workday Cutover webpage, to ensure you meet key deadlines for this year.

Procurement Services

All goods and services received by June 30, 2026, will be charged to fiscal year 2025-26. Goods and services received after June 30, 2026, will be charged to fiscal year 2026-27. Please account for delivery times in planning and plan to submit requisitions as early as possible. Allow three weeks from when a finished scope of work and requisition is submitted to a Contract Officer until it is advertised.

Depending on the complexity of the bid, the entire process from advertisement to award/intent to award will vary from two (2) to six (6) weeks. A simple bid for a purchase of <$100K may be completed (from advertised to awarded) in two (2) to three (3) weeks.  A purchase of >$100K will automatically require an additional two weeks for processing the Intent to Award period. RFPs will depend on the availability of the evaluation team to evaluate and award the contract.

Disbursements/Expenditures

Departments are encouraged to review all open purchase orders for their area that have not been paid in full. If the items have been reviewed, but not invoiced, please work with the supplier to obtain a copy of the invoice and submit it for payment. Departments should process all disbursement documents promptly, in accordance with the closing guidelines.

Invoices

Invoices for goods and services received through June 30, 2026 must be charged to fiscal year 2025-26. All invoices for fiscal year 2025-26 must be entered by Friday, June 12 and receive final approvals by 4:30 p.m. on Friday, June 19. Departments should close any open purchase orders no longer needed, or submit a Purchase Order Close request prior to Friday, June 12 to ensure any remaining encumbrances are relieved prior to fiscal year-end and old purchase orders are not converted into Workday.

Any fiscal year 2025-26 invoices not processed by the dates above should be manually entered in Workday with a June 30 invoice date. The "legacy" PeopleSoft chartfield string must be entered in the memo field to facilitate a smooth year-end close. The last day to enter "old year" (FY26) invoices in Workday with a June 30 invoice date is July 15. 

ALL NEW YEAR (FY27) invoices should be held until Workday goes live on Wednesday, July 1.

VISA Departmental Purchasing Card

Procurement card transactions will be posted to the general ledger based on the purchase date reflected in Concur. Charges with a purchase date on or before June 30, 2026 will be posted in fiscal year 2025-26. Charges with a purchase date on or after July 1, 2026 will be available to process in Workday on July 1 to ensure they are correctly posted in fiscal year 2026-27. Please note that a charge initiated on June 30, especially an online charge, does not guarantee that the payment will be processed on that date. Please carefully review transactions in Concur to ensure that charges are classified to the appropriate fiscal year, based on fiscal year-end guidelines.

All June procurement card transactions must be classified, submitted and fully approved in Concur as of 4:30 p.m. on Friday, July 10 for overnight posting to the general ledger. If additional charges appear in Concur with a purchase date on or before June 30, 2026, after submitting your report, you can submit a second report to ensure all fiscal year 2026 charges are submitted, based on fiscal year-end guidelines.

We strongly encourage cardholders to submit multiple June reports if there are large numbers of transactions. By submitting/approving multiple p-card expense reports, it should alleviate delays due to large numbers of approvals and reduce budget errors that need to be cleared.

Any corrections or budget amendments necessary to correct procurement card posting errors must be approved by noon on Friday, July 17. Budget check errors resulting from corrections must be cleared by noon on July 17.

NEW YEAR (FY27) procurement card transactions will be available for classification and approval on July 1 in Workday.

AirCard Charges and Travel Reports

All fiscal year 2025-26 travel that occurred prior to June 30 should be submitted and approved in Concur prior to Thursday, June 25. Any outstanding registration charges and AirCard charges for travel taking place during fiscal year 2026-27 should be allocated to 1301, submitted, and fully approved prior to Friday, July 10. Please refer to the Prepaid Expenses section of this document for details.

Receipts/Revenues

All cash receipts for Clemson University gifts and revenues to be posted in fiscal year 2025-26 must be taken to Wells Fargo Bank and placed in the night drop no later than Tuesday, June 30, 2026. To receive credit for fiscal year 2025-26, you may also take your deposit into Wells Fargo on Wednesday, July 1, before noon, and have the teller process your deposit. You should wait for your receipt and keep it for your department records. You do not need to email or forward copies of receipts to Cash and Treasury Services. Deposits taken to the bank through end of day June 26 should be posted as a web deposit into Touchnet before end of day June 26. The Touchnet web deposit portal will be disabled at the close of business on June 26. Deposits made at the bank between June 27 and noon on July 1 will be entered into Workday, with a manual entry in PeopleSoft to record the revenue in fiscal year 2025-26.

All cash receipts for Clemson University Foundation program revenues must be received in the Foundation Office by June 30. All cash receipts for Clemson University Research Foundation non-sponsored research revenues must be received in the CURF Office by June 30.

All invoices for goods and services provided by University departments must be entered in PeopleSoft by end of day on Friday, June 12. Any invoices for fiscal year 2025-26 not entered in PeopleSoft by June 12 should be entered in Workday with a June 30 accounting date on July 1. The "legacy" PeopleSoft chartfield string must be entered in the memo field to facilitate a smooth year-end close. The last day to enter fiscal year 2025-26 invoices in Workday, with a June 30 accounting date, is July 15.

NEW YEAR (FY27) invoices will be created in Workday, beginning July 1.

Journal Entries and Corrections

All journal entries and correction transactions for fiscal year 2025-26 must be entered by noon on Friday, July 17. You must clear any budget check errors resulting from corrections by noon on July 17.

Leave

All leave (Annual, Sick, Comp, Holiday Comp, etc.) taken through the period ending June 30, 2026, must be submitted and approved in Kronos by noon on June 27. Edits to timecards and punches for June 28-30 will be made in Workday.

Fiscal Year-End Payroll

Payroll has detailed information regarding fiscal year-end payroll processing here and on the Workday @ Clemson Cutover page.

Year-End Accounting Guidelines

The following accounting guidelines should be followed during the fiscal year-end process.

Deferred Revenues

Receipts deposited prior to the end of the fiscal year that are advance payments for delivery of goods and performance of services in the next fiscal year are reported as deferred revenues in the current fiscal year.

Examples: orientation fees, continuing education fees, 4-H camp fees and football season tickets

Credits to deferred revenue accounts will be reversed in August and September of FY 2026-27 by Accounting Services and Related Organizations staff.

When revenues are collected for goods or services that straddle the fiscal year-end, revenues are recorded in the fiscal year in which the services are predominantly provided.

Example 1
Registration fees were received in May for a continuing education course to be held in July. Amounts should be deposited to deferred revenue account 2406.

Example 2
Advance sales for football tickets were received in April, May and June. Since the football season occurs entirely in the “new” fiscal year, amounts received should be deposited to deferred revenue account 2426.

Prepaid Expenses

Disbursements made prior to the end of the fiscal year, which are advance payments for the delivery of goods and the performance of services in the next fiscal year, are reported as prepaid expenses in the current fiscal year.

Examples: rent, insurance, subscriptions, airline tickets, maintenance agreements and conference registrations

Debits to prepaid expense accounts 13xx will be reversed in August and September of FY 2026-27 by Accounting Services & Related Organizations staff.

Guidelines to assist you in deciding on whether an expense is prepaid follow: Payment for services (contracts and agreements) exceeding more than one year.

Example 1
Payment of a five-year maintenance agreement — Annual contractual payments for services that straddle the fiscal year-end, and the charge is incurred during the last two months of the fiscal year, May and June. If the total amount exceeds $25,000, the charge should be prorated between fiscal years.

An annual maintenance agreement is due May 1, 2026, for $36,000. The charge should be prorated 2/12 maintenance agreement expense of $6,000 and 10/12 prepaid expense of $30,000.

Example 2
Individual payments, regardless of the amount, except annual contractual payments, for services paid in advance for the next fiscal year should be recorded as a prepaid expense. A registration fee is paid, and an airline ticket is purchased in June for a conference in July.

Exception
A good or service consumed during the current fiscal year (even though it is for a program that will generate revenues in the next fiscal year) and the charge that cannot be refunded should not be considered a prepaid expense.

Printing and postage expenses incurred in June for a continuing education meeting to be presented in July should be considered current fiscal year 2025-26 expenses.

If you need further information or assistance, please contact: