As the close of the fiscal year is quickly approaching, Financial Accounting Services (FAS) would like to remind you of the following:
Which fiscal year will be charged?
Financial Accounting is mandated by accounting principles when determining which fiscal year expenses are charged to. Because of this, expenses will be charged to the fiscal year in which the expense was incurred and will not be adjusted based on department preference.
When is paperwork due?
All payment documentation for FY18 (TEV, OFC, payment requests on POs, etc.) will need to be submitted to FAS by Friday, July 6th so that we have sufficient time for review and processing prior to closing FY18. If for some reason your paperwork cannot be submitted by this date, please let Accounts Payable know ASAP at firstname.lastname@example.org for approval.
The deadline for Pcard purchases for goods and services is Friday, June 15th. The Pcard may be used for travel purposes up to June 30th, but please be sure to reconcile all charges ASAP.
Rolling or Closing POs:
Please review all open POs in your department’s budget(s) to determine if any should be rolled to FY19 (Banner screen FGIOENC). Please let Accounts Payable know by July 6th the PO number, vendor name, and amount to be rolled into FY19. If we do not hear from you by then, please assume any open POs will be closed as of FY18. Just a reminder that if you are rolling a PO from an operating expense line, the budget does not roll with the PO.