In This Issue:
- Fiscal Year 23-34 Year-End Close Approaches
- Capitalization Threshold Increase for FY24-25
- New Financial Navbar Puts 100+ Applications and Resources a Mouse-Click Away
- Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
Fiscal Year 23-24 Year-End Close Approaches
The 2023-2024 fiscal year will close on Thursday, September 5. The voucher processing deadlines, including cash receipts, costing allocation changes, interdepartmental transfers, departmental entries and more, have been established and published. Please process documents as early as possible to avoid the year-end rush.
Please check the askUS fiscal year end resources page for additional guidance. If you have any questions, please contact Financial Accounting and Reporting at oa.far@austin.utexas.edu.
Capitalization Threshold Increase for FY24-25
Effective September 1, 2024, the capitalization threshold will increase from $5,000 to $10,000 for all non-software inventory assets. This change will also affect the controlled assets threshold which will now be $500-$9,999.99. The new capitalization threshold increase will not be applied retroactively to assets already in inventory but will be automatically applied for new purchases.
For any questions related to this upcoming change, please contact Inventory Services at INVgeneral@austin.utexas.edu.
New Financial Navbar Puts 100+ Applications and Resources A Mouse-Click Away
The Financial Navbar, now appearing at the top of over 50 of UT’s financial applications, provides a common navigation method across applications. The navbar helps users by organizing and displaying links to over 100 financial applications and related resources in a format that makes them more discoverable and easier to navigate between.
For more information and links to resources, continue reading New Financial Navbar Puts 100+ Applications and Resources A Mouse-Click Away on the Workday@UT website.
Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu
Many thanks to the readers who have written in with suggestions and feedback about the newsletter. Please continue to write in with any suggestions for improvements or comments to the AFM@austin.utexas.edu email address.