In order for Finance & Business Services to meet the 2017-2018 closing schedule, it is necessary to establish due dates for certain essential information.
The following general year-end provisions will apply to purchase orders and procurement cared (p-cards) against University budgets st the end of the 2017-2018 fiscal year:
1. Procurement Card reconciliation is approximately one month behind, so all charges posted in Intersect by September 28th will expend funds in this fiscal year against your 2017-2018 budget. Reconcilers are to submit their September Reconciliation Packets by October 5th. All charges posted October 1, 2018 or later will expend funds from your 2018-2019 budget.
2. In order for purchases to be expended in this fiscal year against your 2017-2018 budget, a Purchase Order must be issued, materials and/or services received, and the check for payment processed no later than September 21, 2018.
3. Change Order Requisitions to be issued against 2017-2018 Purchase Orders must be received and processed by the Procurement Services no later than September 20th to be reflected in the accounting system for the 2017-2018 fiscal year.
4. Invoice and receipt of goods documentation (Memorandum Receiving Report or shipping receipt) must be received by Accounts Payable no later than Wednesday, September 19, 2018 in order to be charged against the 2017-2018 budget.
5. MISCELLANEOUS VOUCHERS: All expenses incurred through September 30th that are applicable to fiscal year 2018 must be charged to your 2018 budget. 2018 expenditures should be sent to Business Services as soon as possible after the expense is incurred. Vouchers must be submitted no later than 4:45 pm, October 3, 2018.
6. TRAVEL VOUCHERS: Expenses for trips taken through September 30 are to be charged to your 2018 budget, and submitted to Business Services as soon as possible after the completion of the trip, no later than 4:45 pm, October 3, 2018.
7. Departments should ensure that old outstanding encumbrances are closed.
8. Issue Checks prior to September 29, 2018 are to be dated September 2018.
9. Beginning on September 21, 2018 requisitions must have a transaction date of October 1, 2018.
- If the Requisition has not been approved and the transaction date was not changed to October 1, 208, the requisition will need to be denied by an authorized approver.
- Then contact Procurement Services to have the transaction date on the requisition changed.
10. During the period September 22-30, 2018, if the requisition has been approved, but the transaction date was not changed to October 1, 2018, contact Procurement Services to have the requisition deleted. A new requisition with a transaction date of October 1, 2018 will be needed in order to make your purchase.
11. All requisitions, including those against contract and grant accounts, must be approved by September 20, 2018 (if it requires quotes/bids, then it must be submitted and approved by September 8), so that they can be converted into purchase orders by September 21, 2018 by Procurement Services.
- Requisitions not approved by September 21, 2018 must be denied by an authorized approver.
- The end user will be notified by the individual who denied their requisition.
- Then Procurement Services should be notified to change the transaction date to October 1, 2018.
12. Purchase Orders from FY 2018 will not be carried forward to FY 2019 until October 5, 2018. From October 1-5, no change orders from FY 2018 will be processed by Procurement Services and no A?P checks will be issued against FY 2018 budgets. This restriction is due to standard year-end closing procedures while FY 2018 expenses are being finalized.
13. Only Purchase Orders that have not been invoiced and paid will be brought forward into the new fiscal year. If a partial payment has been issued prior to September 21, 2018, only the remaining balance will be carried forward as an encumbrance obligation. Your available funds in your 2018-2019 budget will be reduced by the outstanding amount of prior year Purchase Orders.
The year-end closing schedule has been prepared for your guidance in meeting the established due dates. Any data adjustments to be included in the FY 2017-2018 financial period must be submitted to the Accounting Office by noon on October 3, 2018.
- October 19 Set-up original encumbrances
- October 26 Budget Carry Forward Process will run at night. OIT assistance will be needed to correct any errors.
- October 29 Final Year-End Budget Statements will be run.
If you have questions or need further information, please contact:
- Robert Leonard (x2233),
- Melanie Newby (x2248),
- Chih Loo (x2243),
- Valarie King (x2231),
- or Terence Haley (x6674).
