Accounts Payable Deadlines for 2014
Accounts Payable Cutoff Procedures for the Fiscal Year Ending June 30, 2014
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.
Deadlines for 2013-2014 Faculty Awards:
CREDIT CARD PURCHASES 04/15/14
COMPETITIVE FACULTY DEVELOPMENT (CFD)
FACULTY-STUDENT PROJECTS (FSP)
CREDIT CARD PURCHASES 04/15/14
PROFESSIONAL DEVELOPMENT ACCOUNTS (PDA)
SAME DEADLINES AS ALL OTHER FY14 TRANSACTIONS
Business Office Deadlines for Current Budget Year (2013-2014) Transactions:
PO REQUISITIONS TO ITS FOR TECHNOLOGY PURCHASES 05/02/14
PO REQUISITIONS TO BUSINESS OFFICE 06/16/14
REIMBURSEMENT REQUESTS 06/23/14
CHECK REQUESTS & INVOICES 06/23/14
PETTY CASH VOUCHERS 06/23/14
CREDIT CARD PURCHASES 06/25/14
GOODS & SERVICES RECEIVING DEADLINE 06/30/14
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, 2013 through June 30, 2014, 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 6/23/14 or they will NOT be reimbursed, with the exception of trips ending between 6/23/14 and 6/30/14. Expense reports should be turned in as soon as possible after the conclusion of these trips, but no later than 7/8/14.
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 6/30/14. 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 8, 2014, and these invoices will be charged to FY 2013-2014 budgets. After July 8, 2014, only invoices greater than $5,000 will be reviewed and manually accrued back to FY 2013-2014 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, bypassing the purchase order process.
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 2014 through June 2015.