FYE 2023 bi-weekly payroll accrual

As part of our annual fiscal year end close process, U-M is required to record an accrual for employee compensation earned as of June 30, but not paid until July.   

For the upcoming fiscal year end, this accrual will be recorded at a central university level for all funds instead of the individual employee appointment-level chartfield(s) for non-sponsored funds, as has been done in prior years.  

This approach will benefit campus units that found the once-a-year, department-level accrual to be somewhat cumbersome. Units that receive separately audited financial statements will continue to have this accrual recorded at their department level. 

 Please feel free to contact the Financial Operations Accounting Operations Team with any questions at accountingoperations@umich.edu.