BUSINESS SERVICES PROCEDURES

FISCAL YEAR END GUIDELINES 2012-13

FISCAL YEAR END GUIDELINES - 2013

Financial and Business Services office is required to prepare financial statements which properly reflect the expenditures for each fiscal year. These financial statements are prepared in accordance with generally accepted accounting principles and are audited by the Florida Auditor General’s Office. For accurate financial statement presentation, we must charge all materials and services received by June 30 to the current ending fiscal year.

A College-wide Year End Closing Calendar is published each year in April with notice of the pertinent dates for the fiscal year-end closing. The Calendar is available for download and viewing at the Business Services website Accounting page and SharePoint. Please print it out and make note of the deadlines.

The college is on the accrual basis of accounting, which means that we record income in the fiscal year it is earned and expenditures in the fiscal year the materials or services are received. Departments must submit for payment all invoices for materials and services that are received on or before June 30 as soon as possible after June 30 and prior to the closing date established in the College-wide Year End Closing Calendar. The following is a table showing how different situations are treated:

Description / Budget Year 2012-2013 / Budget Year 2013-2014
Goods and/or services received by the college through and including June 30, 2013 /
  • Paper Receivers must be sent to Site Receiving by July 1, 2013
  • Invoices must be sent or faxed to AP by July 1, 2013
/
  • Paper Receivers submitted to Site Receiving after July 1, 2013
  • Invoices submitted to AP after July 1, 2013

Goods and/or services received by the college through June 30, 2013, but the invoice is dated July XX, 2013 /
  • Send email to to notify them of the differing dates
/ N/A
Goods and/or services received by the college on or after July 1, 2013 / N/A /
  • Business for the new fiscal year is as usual – submit receivers to Site Receiving, invoices to AP

Travel, foreign or domestic, through June 19, 2013 /
  • Send completed TRV’s, FRV’s and local mileage with all required receipts by June 24, 2013 to the Travel Desk
/
  • TRV’s, FRV’s and local mileage for Travel from June 20 through June 30, 2013

Petty Cash expenditures for goods purchased through June 28, 2013 /
  • Reimbursements recorded as part of year-end cash counts
/
  • Reimbursements for expenditures from July 1, 2013

Hourly payroll payments made in July for work in June /
  • Will be expensed in June via journal entry
/ N/A

HOW DO YOU HANDLE…2012-13 business?

NOTE: All College locations and departments are now “live” with utilizing the e-req system within PeopleSoft Financials. All new year (2013-2014) blanket PO requisition are to be completed in the system-no paper requisitions will be accepted. In order to ensure that the requisition and the accompanying budget are from the new year, you must enter the July 1, 2013 date for both the requisition date and the accounting date. Please pay careful attention to your data entry.

  • How do I know if I still have money left on a 2012-13 purchase order?

Run the “All PO’s by Cost Center (New)” Crystal report S_POC58O for each of your cost centers individually. Please be sure to use 07/01/12 as the “PO Accounting Date From” prompt and 06/30/13 as the “PO Accounting Date To” to ensure that you are getting information on all purchase orders issued during this fiscal year. Do not leave any of the prompt fields blank. If a purchase order has zero dollars remaining, it is effectively closed – you cannot use it, you cannot process a change order against it. An instructional video titled PO Encumbrance Report can be found by clicking here.

  • Blanketpurchase order payments?

Blanket purchase orders are NOTeligible for rollover into the new fiscal year. Final orders against blanket purchase orders must be placed by April 30, 2013. Those orders must be received and invoiced by June 30. It is the department’s responsibility to notify the vendor that an invoice must be received in Accounts Payable no later than July 1 in order to be expensed in the correct budget year. Faxed invoices are acceptable (AP fax number is 727-341-3117).

  • Rollover purchase orders?

Rollover purchase orders take budget with them from the current to the new fiscal year, but only certain types of purchase orders are eligible for rollover. For instance, purchase orders for 2012-13 that contain the language “for the period of July 1, 2012 through June 30, 2013” are not eligible for rollover. Blanket purchase orders that were unused in 2012-13 are not eligible for rollover. Please work with Purchasing and with your Grants Accountant, where applicable, to “scrub” your purchase orders to determine which are eligible for rollover. Your list must be receivedno later than May 17, 2013. All purchase orders ineligible for rollover will be closed by June 30.

  • Petty Cash expenditures?

Keep petty cash expenditures for June separate from those for July. The deadline for submitting Petty Cash reimbursements from 2013 budget is June 21, 2013.Petty Cash is to be counted and recorded on June 28. A request for replenishment should be done at the same time in order to keep June and July transactions separate. In mid-June, a reminder email will be sent to each Business Office Manager and/or custodian of cash containing a link to the Cash Count Form and instructions for preparation and timely submission.

  • Journal entry submission?

With few exceptions (including grants and construction), Journal entries for transactions affecting the 2012-13 fiscal year should be submitted to Accounting as early as possible and no later than July 11, 2013. This will allow Accounting to meet established deadlines. Please do not combine entries for 2012-2013 and 2013-14 on one form; you must submit separate forms and be sure the Budget Year column indicates the correct Budget Year (“13” represents 2012-13; “14” represents 2013-14).The 2013-14 journal entry form will be posted on the SPC website by May 21, 2013.

  • College checks that must be voided?

Forward any college checks issued in the fiscal year ending June 30, 2013 which must be voided to Matthias Bates in Accounting at the Epicenter Services building. Please do not hold these checks, but return them to Accounting as soon as you are aware of the need to void. Be sure to note in the remittance portion of the check why it is to be voided and whether a replacement check is to be issued. Provide your name and a contact phone number so that you can be reached if necessary.

  • Tagging of Assets?

All college-owned equipment, furnishings, and fixtures costing $1,000 or more must be tagged by Monday, June 24, 2013. If you have an untagged asset, please contact Karen Reynolds (341-3234) or Darlene Fuller (712-5295) in Asset Management. Budget Supervisors must make every attempt to locate missing assets prior to June 28. On June 28, each Budget Supervisor is required to print a list of missing assets, sign and date the printout, and send to Karen Reynolds, Asset Management, EpiCenter Services Building.

  • Grant or Restricted Funded business?

Please remember to obtain your Grants Accountant’s signature before submitting requisitions and/or check requests to Purchasing or AP. Since many Grant or Restricted Funded programs have differing rules and deadlines that may not be in synch with the College’s deadlines, please discuss with your Grant Accountant the deadlines that will impact you.

  • Budgets?

If your remaining balance of budget is near zero and you will be processing additional 2012-13expenses that were not previously encumbered, please contact Jim Nosewicz in the Budgets Office (341-3230) and make arrangements to provide an alternate funding source through a budget amendment for your journal entries or vouchers.The final day for submitting current expense budget amendments, for FY 2012-13 is June10, 2013. The final day for submitting personnel or OPS budget amendments, for FY 2012-13is June 21, 2013.

  • Any other questions?

Contact any of the Team on the Contact Information sheet provided at the end of the SPC 2013 Year-End Closing Calendar. Please remember that College Policies and Procedures are not suspended during year end activities, even though the volume of details is intensified due to processing two fiscal years during the same time frame. To ensure that your business is processed timely and accurately, be sure that all required signatures are in place, that you have attached required supporting documentation, and supplied accurate and up-to-date information as to your vendor selection.

  • Travel?

In-District Zone Travel (DZT) reimbursement requests through June 19, 2013, must be submitted to Accounts Payable no later than June 24, 2013. FY2013 DZT Travel expenses through June 19, will not be reimbursed if submitted after July 1 without an appropriate justification.

HOW DO YOU HANDLE…2013-14 business?

  • Blanket (formally known as Open) Purchase Orders for 2013-14?

Submit your requisitions for blanket purchase orders for 2013-14 beginning April 22, 2013 and no later than May 24, 2013;your blanket purchase order description text shouldread “for the fiscal year July 1, 2013 through June 30, 2014.”You must enter the July 1, 2013 date for both the requisition date and the accounting date. Blanket purchase orders should be in the hands of your vendors by July 1, 2013.

  • Payments due 7/1/13 and later?

Please have your check requests clearly marked “2013-2014 budget” and submit them to Accounts Payable no later than June 22, 2013. The check requests will be processed and charged to your 2014 budget and a check will be mailed to the vendor on or after July 1, 2013.

Handy Tips for processing Purchase Requisitions, Check Requests
Topic / Tip
Grant or contract funded purchases
(Restricted Funds: 20 -24) / Requires approval by the respective Grant or contract Accountant before being submitted to Purchasing
Continuing contracts for copiers, printers / Be sure to specify terms covered (i.e. “months 12-24 of a 36 month contract”); also reference the 2012-13 purchase order to help ensure tracking of lease obligations.
Vendor Quotations / Be sure to include the name of the individual quoting, and the date; attach the quote if written, attach all renewal notices to the requisition. If more than one quote was obtained, please attach all.
Blanket purchase orders (BL)
(Single itemover $1,000cannot be purchased on a blanket PO) / State in the body of the requisition what you intend to purchase. Indicate on the requisition whether a BL2-way or a BL3-way match is required.
A BL2-way match does not require your authorization to pay – AP will pay any invoices received up to the amount of the purchase order. A BL3-way match requires the input of a receiver, which is your authorization to pay and your acknowledgement of receipt.
Memberships and Subscriptions / No purchase order is required; can be paid from a check request with documentation attached.InstitutionalMemberships must meet F.S. 119.01(3)requirements

Your assistance in making this a smooth fiscal year-end and a new fiscal year beginning is greatly appreciated by all of Financial and Business Services.

1

Lockhart, Amy, Senior Accountant Revised 03/13/13

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