Important dates to remember for fiscal year-end 2025-2026
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.
Activity |
March 31 reporting period | April 30 fiscal year-end |
|---|---|---|
February 17 |
March 17 |
|
| Submit invoices, cheque requisitions, expense and manual reimbursement claims | March 3 |
April 1 |
March 6 |
April 6 |
|
February 27 |
April 10 |
|
N/A |
April 17 |
|
March 20 |
April 17 |
|
March 25 |
April 24 |
|
March 27 |
April 24 |
|
March 28 |
April 24 |
|
March 30 |
April 30 |
|
Refer to AskHR |
Refer to AskHR |
*Items with an asterisk indicate activities that have firm reporting deadlines. Requests received after these dates will not be processed in the 2025-2026 fiscal year. Learn more about reporting deadlines for these activities by reviewing the financial transactions with firm 2025-2026 fiscal year-end reporting deadlines section of this page.
Submit your financial transactions by the 2025-2026 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. As such, we ask that you please plan accordingly to ensure you meet the deadlines.
As a reminder:
- Goods/services received/rendered on or before Thursday, April 30, 2026 are to be charged to the 2025–2026 fiscal year.
- Goods/services delivered/rendered on or after Friday, May 1, 2026 are to be charged to future fiscal years.
Important note: Invoices related to 2025–2026 goods and services that are received after the deadline dates listed on this page must still be submitted to Financial Services for processing.
Submit purchase requisitions (PR)
To ensure Purchase Orders (POs) can be issued in time for invoices to be charged to the 2025–2026 fiscal year, departments must submit compliant (i.e. three (3) quotes, US/non-Ontario business exception form) PRs by the deadlines below. Please note, that if the selected vendor is new and not active in the financial system, additional time is required to add vendors. As a result, we encourage you to plan early and contact Financial Services as needed.
Only PRs that meet all purchasing requirements and have received full approval in the Financial Information System (FIS) by these dates can facilitate processing for year-end invoice payment.
Deadlines for PR submissions (to facilitate invoice payment in fiscal year-end 2025-2026)
- Tuesday, February 17, 2026: For PRs related to March-ending grants/contracts.
- Tuesday, March 17, 2026: For PRs related to fiscal year-end 2025–2026.
Encumbrances carry-forward
All approved and outstanding PR and PO encumbrances as of Thursday, April 30, 2026 will automatically carry forward into the 2026–2027 fiscal year.
Submitting PRs for the 2026-2027 fiscal year
PRs for the 2026–2027 fiscal year may be submitted starting Wednesday, April 1, 2026.
Submit invoices, cheque requisitions, expense and manual reimbursement claims
Financial Services must be in receipt of invoices*, approved cheque requisitions and expense reimbursement claims by Tuesday, March 3, 2026 for March-ending grants or contracts and by Wednesday, April 1, 2026 for fiscal year-end 2025-2026.
Departments must also ensure that vendor invoices referencing the valid PO number are received by Financial Services before the invoice submission deadlines noted above to facilitate payment processing within the 2025–2026 fiscal year.
*This includes both invoices referencing a valid PO number and Self Service invoices.
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 6, 2026 for March-ending grants or contracts and by Monday, April 6, 2026 for fiscal year-end 2025-2026.
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 expense claims with original receipts attached.
Submit and approve P-Card transactions
TMU Purchasing Card (P-Card) transactions 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, February 27, 2026 for March-ending grants or contracts and Friday, April 10, 2026 for fiscal year-end 2025-2026. If cardholders do not clear transactions by the deadline, expenses will not be reflected in the appropriate reporting period and cost centers.
Requests to finally close purchase orders (PO)
“Finally Closing” a PO in FIS is a permanent action that prevents any further activity and releases remaining encumbrances. It is important to close POs on a timely basis, as encumbrances reduce budget funds.
Departments must request closure only when all goods/services have been received and all invoices processed.
Requests to finally close purchase orders must be submitted to purchasing.assistant@torontomu.ca.
Deadlines for requests to finally close purchase orders
- Friday, March 20, 2026: for March-ending grants and contracts.
- Friday April 17, 2026: for fiscal year-end 2025–2026.
POs with outstanding encumbrances on Thursday, April 30, 2026 will be carried forward to the 2026–2027 fiscal year.
Approve invoices in your Invoice Approval (MarkView) inbox
Please review and approve invoices in your Invoice Approval (MarkView) inbox on a regular basis. The last day to approve invoices is Friday, March 27, 2026 for March-ending grants or contracts and Friday, April 24, 2026 for fiscal year-end 2025-2026.
If there are invoices in your inbox that are in dispute or should not be charged to the 2025-2026 budget year, please return the invoice to Payment Services using the MarkView workflow with an explanation and/or action to be taken.
Financial transactions with firm 2025-2026 fiscal year-end reporting deadlines
The following activities must be submitted by the dates listed below to be processed for the 2025-2026 fiscal year. Requests received after these dates cannot be processed in time for the 2025-2026 fiscal year.
Submit request for new cost centres
The last day to submit a request for a new cost centre setup and related changes is Friday, April 17, 2026 for fiscal year-end 2025-2026. Requests for new cost centres and related changes will resume after Friday, May 8, 2026.
Submit receivable billings
Submit receivable (external) billings by Wednesday, March 25, 2026 for March-ending grants or contracts and by Friday, April 24, 2026 for fiscal year-end 2025-2026.
Submit journal entries and budget transfers
Submit requests for budget transfer(s) or expense adjustment(s) to your Financial Services advisor by Friday, March 27, 2026 for March-ending grants or contracts and Friday, April 24, 2026 for fiscal year-end 2025-2026. 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 Thursday, April 30, 2026, 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 2025-2026 disbursements are processed prior to the respective deadlines. Please also ensure that all new endowments and additional donations are processed by Monday, March 30, 2026 to be included as part of the 2025-2026 fiscal year.
eHR and Payroll
All vacations taken must be entered and approved in eHR by Thursday, April 30, 2026 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?
If you have any questions, please contact your financial advisor or research accounting advisor.