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Fiscal Year End Deadlines for 2013

Accounts Payable Cutoff Procedures for the Fiscal Year Ending June 30, 2013

The Business Office is required for audit purposes and budgetary accounting procedures to establish a documented cutoff of purchasing and accounts payable transactions at year-end.  If you anticipate a problem meeting the deadlines disclosed below, please contact Brenda Thompson or Jennifer Martinka as soon as possible so we can work together to address the issue. 

 

You will note some changes in the procedures compared to previous years as the Business Office streamlines end of fiscal year operations to align cutoff procedures with year-end activities.

 

Important Dates for 2012-2013 Faculty Awards:

 

Competitive Faculty Development Awards & Faculty Student Projects

As a reminder, the deadline for credit card charges and reimbursement requests to be submitted to the Business Office for the 2012-2013 Competitive Faculty Development Awards & Faculty Student Projects has already passed.

 

Professional Development Accounts

Same credit card and reimbursement deadlines as all other 2012-2013 transactions below

 

Important Dates for Current Budget Year (2012-2013) Transactions:

 

5/3/13 – Last day to submit purchase order requisitions to ITS for technology purchases

6/18/13 – Last day to make P-Card purchases to ensure charges to post on June statement

6/25/13 – Petty cash voucher cutoff

6/25/13 – Last date to submit payment requests for reimbursements for the current year (i.e. expense reports & check requests)

6/25/13 – Last date to submit purchase order requisitions to the Business Office

Remember to allow adequate time for PO processing, order processing by the vendor and shipping. 

6/30/13 – Last date for goods and services to be received in order to count as current year expenditure

7/9/13 – Last date to submit 6/30/13 invoices for current year expenses

 

Please submit invoices to the Business Office for payment as soon as all required approvals have been obtained.

 

NOTE:  All reimbursement requests for expenses incurred during the period July 1, 2012 through June 30, 2013, including travel expense reports, petty cash, and other reimbursements submitted with a check requisition, must be turned in to the Business Office for payment by 6/25/13 or they will NOT be reimbursed.

 

Please remember that the University’s purchasing policy requires the completion of a purchase requisition before any goods costing $1,000 or more are ordered from a vendor.  The Business Office will receive current year purchase requisitions through the end of June.  Your purchase requisition will be processed within a day or two and become a purchase order to be sent to the vendor.  Please allow adequate time for processing by the Business Office and vendor, and for shipment and receipt by June 30th, in order for the expense to be charged to your current year budget.

 

Transactions must meet certain criteria to be accounted for in the current fiscal year.  The critical element to SU’s auditors is a bona fide obligation to pay which is evidenced by the receipt of goods and services.  That is, the transfer of ownership for goods, or the performance of work for services, must be completed by 6/30/13.  Alone, neither purchase requisitions nor purchase orders satisfy this test.  Your planning of expenditures between now and the end of the fiscal year should ensure that the items you are purchasing could be received by the June 30th deadline for receipt of goods and services as noted above.  If not, you may wish to consider another vendor or another product to meet your needs. 

 

All goods and services received by June 30th which are evidenced by an invoice promptly submitted for payment will be charged to the current year.  The Business Office will continue to process invoices for orders completed in June through 5:00 p.m. July 9, 2013, and these invoices will be charged to FY 2012-2013 budgets.  After July 9, 2013, only invoices greater than $10,000 will be reviewed and manually accrued back to FY 2012-2013 if appropriate.  All other invoices will be expensed in the new fiscal year. 

 

As always, reimbursement for out-of-pocket expenses (e.g. stamps, etc.), travel reimbursements, and small purchases (less than $1,000) may be submitted to the Business Office via a check requisition (direct pay), bypassing the purchase order process. 

 

As stated above, all FY 2012-2013 expense reimbursements MUST be submitted to the   Business Office for payment by 6/25/13; otherwise, they will NOT be reimbursed.

 

Finally, since the Business Office will be processing transactions for both the current fiscal year and the new fiscal year simultaneously, please clearly indicate on all documentation the fiscal year to which the transaction pertains.  An example of a future year purchase that might be processed in the current year is a prepaid subscription for a periodical with a subscription term of July 2013 through June 2014.

 

Your cooperation in following these procedures is appreciated.  Please contact Brenda Thompson at thompso2@southwestern.edu or Jennifer Martinka at martinkj@southwestern.edu if you have any questions.

 

Thank you.