2014 Fiscal Year-End Deadlines and Procedures
The University’s fiscal year will end on June 30, 2014, at which time the Financial Accounting Department will begin to prepare for the University’s annual audit and financial statement completion. To ensure the proper recording of expenses in compliance with Generally Accepted Accounting Principles (GAAP) and a timely closing process, the following year-end deadlines and procedures have been developed.
Important Year-End Deadlines:
Process: / Submit to: / Deadline:Purchase Requisitions / Purchasing / Friday, May 23rd
P-Card Charges – Goods & Services / Charged to card / Wednesday, June 18th
P-Card Charges – Grants Purchases / Charged to card / Wednesday, June 18th
P-Card Charges – Travel / Charged to card / Wednesday, June 25th
Travel & Expense Voucher (TEV) / Accounts Payable / Monday, July 7th
Order for Check (OFC) / Accounts Payable / Monday, July 7th
Interdepartmental Transfer (IDT) / Financial Accounting / Monday, July 7th
Cash Advance Reconciliation / Accounts Payable / Monday, July 7th
Wire Transfer Request / Accounts Payable / Monday, July 7th
Year-End Procedures:
Purchase Order Requisitions: The deadline for submitting a purchase order requisition is Friday, May 23rd to ensure that goods are received by June 30th. Requisitions should be initiated when a quote for goods or services is received from a vendor, not held until an invoice is received. Please include a W-9 and Independent Contractor form for new vendors. Reminder – a minimum of three quotes are required if your purchase is over $5,000. Please plan accordingly.
Open Purchase Orders: Please review all open purchase orders (POs) by going to the fund/org in FGIBDST and selecting Options, Organizational Encumbrances from the menu at the top of the screen. If the list includes POs that should be closed, please email a request to close the PO to . If the list includes open POs for invoices that should have been paid, please contact your A/P specialist to ensure invoice is in process.
End of Year Purchase Order Close: All open fiscal year 2014 (FY14) POs will be closed in July, unless notification is received to roll the PO to fiscal year 2015 (FY15). If the PO goods/services will not be received until FY15, please email with a request to roll the PO. Please be aware that budget funds do not roll with the PO. A separate request for budget roll can be submitted to the Budget Office for consideration.
Blanket Order Rollovers: Blanket orders will be rolled to on-line requisitions in early June. A listing of requisitions will be forwarded at which time they may be edited as necessary. Blanket orders can be completed and approved once the budget has been rolled for FY15; please ensure that any requisitions for the new year created before June 30th have a July 1st date, and include detailed explanation of the commodities being purchased (use of Blanket Order, Maintenance, or Contracted Services as a description is not acceptable). In addition, please ensure the requester’s email is entered in order to receive a copy.
For more details or clarification on purchasing related issues, call Purchasing at 768-4007/5514
Order for Checks (OFCs), Travel and Expense Vouchers (TEVs), Interdepartmental Transfers (IDTs), Cash Advance Reconciliations, Wire Transfer Requests: The deadline for OFCs, TEVs, IDTs, Cash Advance Reconciliations and Wire Transfer Requests related to FY14 is Monday, July 7th. Please be aware that payments for goods and services cannot be submitted on an OFC and should be on a Purchase Order; if beyond the requisition deadline, please contact Purchasing to determine proper process.
Receipt of Goods and Services: Per GAAP the fiscal year to which goods and services are charged is based on the date of receipt of the goods or the date services were majorly completed.
P-Card Charges: The deadline for P-Card charges for goods and services is Wednesday, June 18th to ensure that goods and services are received by June 30th. The deadline for P-Card charges for travel is Wednesday, June 25th to ensure the charges are processed and included with the June 27th P-Card download from SDOL. Any charges posted to SDOL after Friday, June 27th will be considered FY15 expenses, unless the charge is over $1,000 and is required to be accrued per the University’s accrual process detailed below. Please be aware that the vendor’s credit card charge transmittal process can impact when the charge actually posts to SDOL. For example, if a vendor only transmits credit card payments on Wednesdays each week, and a department makes a charge payment with them on the last Thursday in June, the charge will not post to SDOL until the first Wednesday in July, and will be considered an FY15 expense.
University’s Prepaid and Accrual Policy (What fiscal year expenses will be charged to): The University’s policy is to review all transactions over $1,000 to determine if an expense should be accrued (charged to old fiscal year), or prepaid (charged to new fiscal year). This policy applies to all types of University payments, including Purchase Order, Order for Check, P-Card, and Wire Transfer payments.
Determination is based on the date of the expense being incurred, not the date the expense is paid. For example, if a department pays $2,000 in May for a conference being held in August, the expense will be considered prepaid, and charged to the department in the new fiscal year. For the accrual process, if a $2,000 invoice is received in July for goods received or services provided in June, the department will be charged in the old fiscal year. Subscriptions or service contracts that cross fiscal years will be prorated if the split will be more than $1,000 in each year. This practice is in accordance with GAAP, and is reviewed during our annual audit; non-compliance could lead to audit findings.
P-Card Prepaid: Financial Accounting Services (FAS) applies the University’s prepaid policy to P-Card transactions. However, for departments that wish to have transactions for less than $1,000 treated as prepaid expenses, FAS will try to accommodate any charges that state “FY15” in the SDOL description.
Grants Exception: Due to the strict expense guidelines of grants, all grant expenses will be charged to the appropriate fiscal year, regardless of dollar amount. For grants, P-Cards cannot be used after June 18th for any FY14 expenses, as charges after that date will not post in time for grant reporting deadlines.
For additional information, please contact:
Contact: / Ext.: / Email: / Contact for:Purchasing / x4007/5514 / Requisitions and Purchase Order deadlines, Blanket Order Rollovers
Bonnie Pepper / x5107 / / OFC, TEV, Cash Advance deadlines, PO Closeout or Rollover – Vendors A-I
Gail Little / x4897 / / OFC, TEV, Cash Advance deadlines, PO Closeout or Rollover – Vendors J-Z
Carol Gasque / x4632 / / IDT, Wire Transfer and P-Card deadlines, Prepaid and Accrual Policy
Melissa McCaw / x4153 / / Budget Roll Request
Thank you for your assistance in ensuring an accurate and timely year-end closing process.
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