FYE 2024 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.   

Similar to the prior year, this accrual will be recorded at a central university level for all funds. 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 [email protected].