End of Year Training Questions and Answers
End of Year Training Questions and Answers
Q.Can a registration for the new fiscal year be paid for in the current year?
A.Yes, as long as it is paid prior to the current year deadlines.
Q.What happens if a travel voucher for the current year is not submitted prior to the deadline?
A.The expense comes out of the new year.
Q.Facilities provides a quote for a piece of furniture I want to order. Can I use that same quote to buy more of the same? How long is the quote from Facilities valid?
A.A new quote is needed with each purchase even if it is more of the same item. When quantities change, delivery and installation charges also fluctuate. The quotes are requested by TWU from a vendor and they expire after 30 days.
Q.When can I input a requisition for the new fiscal year?
A.After the budget has been loaded but you MUST change the GL date to September 1st. If possible, it is best to wait until September 1st to input any new requisitions.
Q.Does HEF money go back to the Sate if I don’t use it?
A.HEF money is kept in the State of Texas treasury not in our local depository bank. If your department is awarded HEF money and you do not use it in a timely manner then the offer may be withdrawn.
Q.Can an individual department set their own end of year deadlines?
A.Yes.
Q.Are memberships allowed on the Pcard?
A.Not at this time.
Q.I’m confused on how to get the required quotes for purchases between $5,000 and $25,000. How do you navigate the State website?
A.You can call Purchasing for help. It can be difficult to search for appropriate vendors.
Q.Can you please provide clarification on the delayed approval of student workers? If the pay period ends on 8/15 does it pay on 9/1? If so, please confirm that it will come out of the new year’s budget.
A.Any pay received on 9/1 will come from the current year’s budget. For student workers, hours worked from 7/16-8/15 will be paid on 9/1 (current year budget). Hours worked from 8/16-9/15 will pay on 10/1 (next year budget).
Q.Would you consider imposing separate (earlier) deadlines for larger purchases?
A.Not at this time. Not all large purchases require long lead times so an earlier deadline would be detrimental to many departments.
Q.The 11.410 accounts don’t roll to the new fiscal year but the deficits do?
A.Yes.
Q.Is my budget reduced if I have money left over at the end of the year?
A.No. Any excess funding is returned to the TWU general fund for reallocation the next year. The university does not lose the money.