Fiscal Year End

Purchasing | Accounts Payable | Cashier's Office | General Accounting

Purchasing

Purchase Orders
June 20, 2008 is the last day to submit requisitions to Purchasing for the 2007-2008 purchases. Purchasing staff will gladly assist you with product specifications or price quotations needed for these purchases. Because we receive a high volume of these requests, we ask that you send these requests to purchasing as soon as possible but no later than June 1st. We cannot guarantee that we can assist with product specifications after that date.

PO's not invoiced and paid in the current fiscal year will roll forward to the "New Year" as an encumbrance. Please review all outstanding encumbrances and notify Jean Hines, Accounts Payable Director (x8181) if the PO needs to be closed (i.e. no additional invoices are due against the PO).

An invoice must be paid against the same fiscal year that the PO has been charged to. Please reference the appropriate fiscal year on your PO authorization form and/or the invoice during this period.

Back to top

Accounts Payable

Prepaid Expenses
Expenses (purchases) that are made now, but are to be charged to the new fiscal year are considered "prepaid" expenses. The documentation should be clearly marked as either "Prepay" or "New Year". Prepayments will be processed through June 30th.

Old Year vs New Year Expenses
The determination of whether an invoice is to be paid as an "old" or "new" year is dependent on the date the services are performed or the date the goods are received."Old Year" goods and/or services must be provided before July 1st. Any exceptions must be cleared through Jenni Sauer, Associate Vice President & Controller.

Accounts Payable Check Schedule
Invoices dated between July 1st and July 9th will be processed as "New Year" transactions, unless you specifically state otherwise. During the "Year End" processing period, our check run schedule will be altered. The last check run for the old year will be the 2nd Friday in July.

New Year Carry Forward of Old Year Funds
Funds may be carried forward from the old fiscal year to the new fiscal year if there is a charge that belongs to the old year, but the invoice or the check request will not be received and processed by Accounts Payable until the New Year. You must send a detailed description of what the carried forward funds will be used for to Susan Galvin for approval. This description should include information such as the vendor name, the items purchased, and the total cost. The minimum amount that will be carried forward is $1,000. Also, we can not just carry forward the balance of money that is left in an index. We must have a total dollar amount in the request.

2004-2005 Travel Expenses
When purchasing airline tickets, registration fees or making deposits for events that will take place AFTER June 30th, please mark your requests "NEW YEAR". If you have budgeted for this event in the current fiscal year please indicate "OLD YEAR" and a brief explanation on the request. If your request does not indicate which fiscal year to charge, your "NEW YEAR" budget will be charged.

Purchasing Card
The purchasing card file will be available after June 25th. Individual PCJV's will be created using the processing date of June 30th. ALL charges on the June 25th statement will be charged to the "OLD YEAR" budgets, even if you approve it during the month of July.

If you have some charges for the "OLD YEAR" and some for the "NEW YEAR", please indicate on the statement which fiscal year to charge for each item and we will charge them accordingly.

If all of your charges are for the "NEW YEAR", please indicate that on the statement and we will date the PCJV with a transaction date of July 1st for the "New Year".

Any charges made after the cycle ends on June 24th will be charged to the "NEW YEAR". If ordering items now that will not be shipped or billed until the July 25th cycle date, and you have the funds to pay for it in the "OLD YEAR"budget, please let Jean know so that the funds may be carried forward to cover the expense. A detailed explanation of the charge and why it is a "New Year" charge must be attached to your request. Please remember that we do not carry forward less than $1,000.00.

Back to top

Cashiers Office

Year End Deposits
So that we may reflect revenues and expenditures in the appropriate fiscal year, please deposit all revenues on hand by 4:00 Monday, June 28, 2004. In the past our office has been inundated with deposits on the final working day of the fiscal year. The amount of deposits received that day makes it impossible to do all the data entry on Banner. We would greatly appreciate your help in making this year end process run as smooth as possible.

If you receive FY04 revenues after this cutoff date, bring the deposit to the Cashier's Office as soon as possible. Please clearly mark on the miscellaneous receipt form OLD YEAR. Tuesday, July 6 th is the final day for receipt of "Old Year" deposits.

Back to top

General Accounting

Expense Refunds
Fiscal years do matter! If you get a refund or returned check for an amount expended in a prior year , but do not receive it until after the beginning of the next fiscal year, you may not deposit that money into the new year's budget. If this happens, please send the check with an explanation to the Director of Accounting, Tammy Hicks.

Click here for information on your deficit report.

A preliminarybudget status report as of June 30 will be sent by email to the campus in early July. This report will not include the administrative telephone toll charges, which are posted later. Please review this report thoroughly for any expenses, transfers, invoices or purchase orders that are incorrect. Contact Accounting, Accounts Payable or Purchasing with any discrepancies. The final financial budget status report as of June 30 will be emailed to the campus by the end of July.

Back to top