Year-end reminder from the Accounting & Finance Department
Fiscal Year 2016-2017 is coming to an end. There are a few things to keep in mind as the end of the year approaches:
1. All purchases must be received by June 30 and invoices must be dated June 30 or prior to be included in this fiscal year. An approved requisition or purchase order is not enough to have a charge appear in the current fiscal year. The expense posts to your budget when the invoice is received in Accounts Payable.
2. All original invoices must be received by Accounts Payable on or before July 7 to be included in this fiscal year as we must close the fiscal year before we begin the year-end audit.
3. Make sure your requisitions are marked “DONE” and approved as soon as possible. (Remember, the Procurement Department does not know your requisitions exist if they are not marked “done” and approved.) A requisition with a date of June 30, or prior, for goods or services that have not been received by June 30 will be charged to next fiscal year budget.
TIP: Run the UNRQ (Unauthorized/Not Approved Requisition) report for your department to determine what requisitions are in Unfinished/In Progress and Not Approved status.
4. Accept items on the date they are received. Accepting an item prior to June 30 that has not been received will result in budget system errors.
TIP: Run the OPOL (Outstanding Purchase Order List) report for your department to determine the status of your department’s purchase orders. If you see that you have received items on any purchase orders still showing in “outstanding” status, go to PORC, enter the purchase order number, and accept those items.
If you have questions regarding the year-end process, please contact Laura Solberg or Shannon Milder at (352) 588-8520.
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