Important dates to remember for fiscal year-end 2023-2024

In the chart below, 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.

*Indicate activities with firm reporting deadlines. Requests received after these dates will not be processed in the 2023-2024 fiscal year. Learn more about reporting deadlines for these activities by reviewing the financial transactions with firm 2023-2024 fiscal year-end reporting deadlines section of this page.

Submit your financial transactions by the 2023-2024 reporting deadlines

The following 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 reimbursement claims

Financial Services must be in receipt of approved invoices, cheque requisitions and paper expense reimbursement claims (for students and part-time faculty and staff) by Friday, March 1, 2024 for March-ending grants or contracts and by Monday, April 1, 2024 for fiscal year-end 2023-2024.

Submit purchase requisitions (PR)

Submit approved online PRs to Purchasing Services at poinvoices@torontomu.ca by Friday, March 1, 2024 for March-ending grants or contracts and Tuesday, April 2, 2024 for fiscal year-end 2023-2024. Purchasing Services is then responsible for converting it into a purchase order for the 2023-2024 budget year.

Note: All approved outstanding PR encumbrances as of April 30, 2024 will be carried forward into 2024-2025.

Purchase requisitions for the 2024-2025 fiscal year can be submitted beginning April 1, 2024. Regardless of the fiscal year used on a PR, goods and services delivered on or before Tuesday, April 30, 2024 will be charged to the 2023-2024 budget year.

Request to close purchase orders (PO)

Submit request to close an existing PO or a PO line by Friday, March 1, 2024 for March-ending grants or contracts and Friday, April 19, 2024 for fiscal year-end 2023-2024.

All PO encumbrances remaining outstanding as of April 30, 2024 will be carried forward into 2024-2025. For clarity, a complete PO is one that has been fully received and invoices processed.

For assistance, please contact Danny Greenfield, interim senior director, strategic procurement and payment services at danny.greenfield@torontomu.ca or 416-979-5000, ext. 554276.

Submit and approve iExpense (reimbursement) claims for travel, business meals, professional development and other expenses

Please ensure you have submitted all approved online expense claims by Friday, March 8, 2024 for March-ending grants or contracts and by Friday, April 5, 2024 for fiscal year-end 2023-2024.

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 MarkView inbox invoices

Please review and approve invoices in your MarkView inbox on a regular basis. The last day to approve invoices is Friday, March 29, 2024 for March-ending grants or contracts and Wednesday, April 24, 2024 for fiscal year-end 2023-24.

If there are invoices in your inbox that are in dispute or should not be charged to the 2023-2024 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 8, 2024 for March-ending grants or contracts and Friday, April 19, 2024 for fiscal year-end 2023-2024. 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 2023-2024 fiscal year-end reporting deadlines

The following activities must be submitted by the dates listed below to be processed for the 2023-2024 fiscal year. Requests received after these dates will be processed in the 2024-2025 fiscal year.

Submit request for new cost centres

The last day to submit a request for a new cost centre setup is Thursday, April 18, 2024 for fiscal year-end 2023-2024. Requests for new cost centres and related changes will resume after May 9, 2024.

Submit receivable billings

Submit receivable (external) billings by Monday, March 25, 2024 for March-ending grants or contracts and by Wednesday, April 24, 2024 for fiscal year-end 2023-2024.

Submit journal entries and budget transfers

Submit requests for budget transfer(s) or expense adjustment(s) to your Financial Services advisor by Friday, March 29, 2024 for March-ending grants or contracts and Friday, April 26, 2024 for fiscal year-end 2023-2024. 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 Tuesday, April 30, 2024, 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 2023-2024 disbursements are processed prior to the respective deadlines. Please also ensure that all new endowments and additional donations are processed by Friday, March 29, 2024 to be included as part of the 2023-2024 fiscal year.

eHR and Payroll

All vacations taken must be entered and approved in eHR by Tuesday, April 30, 2024 to ensure accurate reporting of vacation liability on university’s audited financial statements.

For specific deadline dates, please review the when do I get paid? and what are the deadlines to submit and approve timesheets? knowledge articles on AskHR.

Questions?

Please contact your financial advisor or research accounting advisor.