Important dates to remember for fiscal year-end 2024-2025
Please note, the March 31 reporting period column denotes deadlines related to research project grants or contracts that require March-end reporting, whereas the April 30 fiscal year-end column denotes deadlines related to financial transactions for university operations.
*Items with an asterisk indicate activities that have firm reporting deadlines. Requests received after these dates will not be processed in the 2024-2025 fiscal year. Learn more about reporting deadlines for these activities by reviewing the financial transactions with firm 2024-2025 fiscal year-end reporting deadlines section of this page.
Submit your financial transactions by the 2024-2025 reporting deadlines
TMU’s fiscal year-end reporting deadlines were selected to facilitate efficient processing, reduce errors, avoid bottlenecks and ensure accurate financial reporting in university audited financial statements. Please plan accordingly and continue to process, submit and approve items after the dates listed below.
Submit invoices, cheque requisitions, expense and manual reimbursement claims
Financial Services must be in receipt of invoices, approved cheque requisitions and paper expense reimbursement claims (for students and part-time faculty and staff) by Monday, March 3, 2025 for March-ending grants or contracts and by Tuesday, April 1, 2025 for fiscal year-end 2024-2025.
Submit approved purchase requisitions (PR)
Submit approved online PRs by Monday, March 3, 2025 or March-ending grants or contracts and Tuesday, April 1, 2025 for fiscal year-end 2024-2025. Purchasing Services is then responsible for converting it into a purchase order for the 2024-2025 budget year.
Note: All approved outstanding PR encumbrances as of April 30, 2025 will be carried forward into 2025-2026.
Purchase requisitions for the 2025-2026 fiscal year can be submitted beginning April 1, 2025. Regardless of the fiscal year used on a PR, goods and services delivered on or before Wednesday, April 30, 2025 will be charged to the 2024-2025 budget year. Further, goods and services delivered on or after Thursday, May 1, 2025 will be charged to future budget years.
Request to close purchase orders (PO)
Submit request to close an existing PO or a PO line by Monday, March 3, 2025 for March-ending grants or contracts and Tuesday, April 1, 2025 for fiscal year-end 2024-2025.
All PO encumbrances that remain outstanding as of April 30, 2025 will be carried forward into 2025-2026. For clarity, a complete PO is one that has been fully received and invoices processed.
For assistance, please contact Amanda Wood, Associate Director, Procurement Services amandad.wood@torontomu.ca or 416-979-5000, ext. 556981.
Submit and approve iExpense (reimbursement) claims for travel, business meal, professional development and other expenses
Please ensure you have submitted all approved online expense claims by Friday, March 7, 2025 for March-ending grants or contracts and by Friday, April 4, 2025 for fiscal year-end 2024-2025.
Please ensure that all accountable advances for completed travel/activity are cleared and that the applicable original expense receipts have been submitted to Financial Services.
Note: Please ensure that all travel advances for trips taken are cleared, expenses claimed and receipts submitted. Employees without financial system (iExpense) access will need to submit paper-based expense claims with original receipts attached.
Approve invoices in your MarkView inbox
Please review and approve invoices in your MarkView inbox on a regular basis. The last day to approve invoices is Friday, March 28, 2025 for March-ending grants or contracts and Friday, April 25, 2025 for fiscal year-end 2024-25.
If there are invoices in your inbox that are in dispute or should not be charged to the 2024-2025 budget year, please return the invoice to Payment Services using the MarkView workflow with an explanation and/or action to be taken.
Submit and approve P-Card transactions
TMU Purchasing Card (P-Card) transactions may now include combined purchases and travel expenses. TMU’s P-Card is fully integrated with FIS (iExpense) and therefore all transactions must be processed by the cardholder and approved by the deadlines.
The last day to approve P-Card transactions is Friday, March 7, 2025 for March-ending grants or contracts and Thursday, April 17, 2025 for fiscal year-end 2024-2025. If cardholders do not clear transactions by the deadline, expenses will not be reflected in the appropriate reporting period and cost centers.
Financial transactions with firm 2024-2025 fiscal year-end reporting deadlines
The following activities must be submitted by the dates listed below to be processed for the 2024-2025 fiscal year. Requests received after these dates will be processed in the 2025-2026 fiscal year.
Submit request for new cost centres
The last day to submit a request for a new cost centre setup is Thursday, April 17, 2025 for fiscal year-end 2024-2025. Requests for new cost centres and related changes will resume after Friday, May 9, 2025.
Submit receivable billings
Submit receivable (external) billings by Tuesday, March 25, 2025 for March-ending grants or contracts and by Thursday, April 24 for fiscal year-end 2024-2025.
Submit journal entries and budget transfers
Submit requests for budget transfer(s) or expense adjustment(s) to your Financial Services advisor by Friday, March 28, 2025 for March-ending grants or contracts and Friday, April 25, 2025 for fiscal year-end 2024-2025. Please review your departmental reports and raise all issues relating to over expenditures, budget transfers, incorrect allocations, etc. with your financial advisor so that any necessary corrections can be made before year-end.
For more information about the budget and actual entries, please visit the budget and actual entries page.
Endowment processing
As of Wednesday, April 30, 2025, any unspent balance in an endowment-related expendable trust cost centre will be transferred to that endowment's related stabilization account.
Please ensure that all of your 2024-2025 disbursements are processed prior to the respective deadlines. Please also ensure that all new endowments and additional donations are processed by Friday, March 28, 2025 to be included as part of the 2024-2025 fiscal year.
eHR and Payroll
All vacations taken must be entered and approved in eHR by Wednesday, April 30, 2025 to ensure accurate reporting of vacation liability on university’s audited financial statements.
For specific deadline dates, please review the following knowledge articles on AskHR:
Questions?
Please contact your financial advisor or research accounting advisor.
