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Important dates to remember for fiscal year-end 2022-2023

In the chart below, the March 31 reporting period column denotes deadlines related to research projects with March-ending grants or contracts 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 2022-2023 fiscal year. Learn more about reporting deadlines for these activities by reviewing the financial transactions with firm 2022-2023 fiscal year-end reporting deadlines section of this page.

Submit your financial transactions by the 2022-2023 reporting deadlines

The following fiscal year-end reporting deadlines were selected to ensure efficient processing, reduce errors and avoid bottlenecks. Please plan accordingly and continue to process, submit and approve items after the dates listed below.

Submit purchase requisitions (PR)

Submit approved online PRs to Purchasing Services at poinvoices@torontomu.ca by Friday, March 3, 2023 for March-ending grants or contracts and Tuesday, April 4, 2023 for fiscal year-end 2022-2023. Purchasing Services is then responsible for converting it into a purchase order for the 2022-2023 budget year.

Note: All approved outstanding PR encumbrances as of April 30, 2023 will be carried forward into 2023-2024.

Purchase requisitions for the 2023-2024 fiscal year can be submitted beginning April 1, 2023. Regardless of the fiscal year used on a PR, goods and services delivered on or before Friday, April 28, 2023 will be charged to the 2022-2023 budget year.

Request to close purchase orders (PO)

Submit request to close an existing PO or a PO line by Wednesday, March 1, 2023 for March-ending grants or contracts and Thursday, April 13, 2023 for fiscal year-end 2022-2023.

All PO encumbrances remaining outstanding as of April 30, 2023 will be carried forward into 2023-2024. For clarity, a complete PO is one that has been fully received and invoices processed.

For assistance, please contact Danny Greenfield, Manager, Purchasing Services at danny.greenfield@torontomu.ca or 416-979-5000, ext. 554276.

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 10, 2023 for March-ending grants or contracts and by Monday, April 10, 2023 for fiscal year-end 2022-2023.

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.

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 17, 2023 for March-ending grants or contracts and by Monday April 17, 2023 for fiscal year-end 2022-2023. 

Note: Please ensure that all travel advances for trips taken are cleared, expenses claimed and receipts submitted. Faculty and staff reimbursements processed through iExpense are typically paid within five business days after all approvals are received. 

As instructed on the iExpense Bar Code page, electronic receipts must be submitted with your expense claim. The most effective way to submit receipts is via the “Email Receipts” link that becomes available once your expense claim is complete.

Approve MarkView inbox invoices

Please review and approve invoices in your MarkView inbox on a regular basis. The last day to approve invoices is Wednesday, March 29, 2023 for March-ending grants or contracts and Wednesday, April 26, 2022 for fiscal year-end 2022-23. 

If there are invoices in your inbox that are in dispute or should not be charged to the 2022-2023 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 31, 2023 for March-ending grants or contracts and Friday, April 28, 2023 for fiscal year-end 2022-2023. If cardholders do not clear transactions by the deadline, expenses will not be reflected in the appropriate reporting period and cost centers. 

Note the use of default accounts is no longer in place and therefore it is imperative that transactions are processed on a timely basis in iExpense as noted above.

Financial transactions with firm 2022-2023 fiscal year-end reporting deadlines

The following activities must be submitted by the dates listed below to be processed for the 2022-2023 fiscal year. Requests received after these dates will be processed in the 2023-2024 fiscal year.

Submit request for new cost centres

The last day to submit a request for a new cost centre setup is Thursday, April 20, 2023 for fiscal year-end 2022-2023. Requests for new cost centres and related changes will resume after May 9, 2023.

Submit receivable billings

Submit receivable (external) billings by Friday, March 24, 2023 for March-ending grants or contracts and by Tuesday, April 25, 2023 for fiscal year-end 2022-2023.

Submit journal entries and budget transfers

Submit requests for budget transfer(s) or expense adjustment(s) to your Financial Services advisor by Wednesday, March 29, 20232 for March-ending grants or contracts and Wednesday, April 26, 2023 for fiscal year-end 2022-2023. 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 outlined in the Endowment Funds Policy, as of Friday, April 28, 2023 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 2022-2023 disbursements are processed prior to the respective deadlines. Please also ensure that all new endowments and additional donations are processed by March 31, 2023 to be included as part of the 2022-2023 fiscal year.

Payroll transactions

For specific deadline dates, please review the pay schedules and deadlines page in AskHR.

Questions?

Contact your financial advisor or Ravi Haldavnekar, Controller, Director Financial Accounting & Reporting at rhaldavn@torontomu.ca or 416-979-5000, ext. 555019.