As Fiscal Year End approaches, don't forget to close your POs. Workday Financials does not have an auto-close feature like Oracle did (we'll be working on that, though, in the future).
We understand it may not be possible to get everything closed before year-end, so here are some priorities and guidelines:
- POs associated with grants will be automatically closed unless you tell us to roll them over, so review your open grant-related POs with end dates before June 1, 2023, and let Ask Finance know if you are expecting extensions and if any of them should be rolled over by June 20.
- Any non-grant POs you don't expect future invoice activity against, please close! See this link for a quick reference guide on how to perform this action. If you need some assistance closing POs, the Clean Up Squad might be able to help! Contact the Ask Finance Team to inquire.
- There's a new report in Workday called "Open Purchase Orders - Fully Invoiced and Paid" that you can use to help identify your Workday POs and see what can be closed.
- Note that Closing a PO isn't the same as Cancelling a PO. Closing a PO happens when the entire process of procurement, from request to final delivery, has been completed and no further action is required. Canceling a purchase order involves the termination of the order before it is completed or fulfilled. This action is taken when requirements change or there is a decision to discontinue the purchase. A canceled PO is null and void. Procurement shoppers can close POs, but PO cancellation requests must be submitted to [email protected].
For more details on closing POs, check out Joel Kreider's slides from our June Fiscal Administrator's meeting on the UVAFinance website.
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Related content: Suggestions for a Successful Year End from the Workday Support Team