The Division of Administration and Finances has released the due dates for procurement and accounting transactions for this fiscal year. These dates are in place so that the division can prepare the university’s financial statements in accordance with generally accepted accounting principles (GAAP) on a timely basis.
The division reminds faculty and staff in a memorandum that goods and services received prior to Friday, June 30, must be recorded as current year fiscal expenditures or accrued as liabilities; goods and services received after that date must be recorded in the ensuing fiscal year. In addition to the ongoing review of transactions and balances in applicable cost centers at year-end, departments should pay particular attention to appropriate cut-offs for transactions during June and July.
University sales and services performed prior to Friday, June 30, must be recorded or accrued as a current year revenue; revenues for sales or services to be performed after June 30, must be deferred to the next fiscal year. The division emphasizes that all cash and checks received, related to fiscal year 2017, must be deposited at the Office of the Bursar by June 30. And all deposits to university accounts must be made in accordance the Bursar’s Office policy, Business Procedure Manual No. 5-1.
Documents required to be processed in fiscal year 2017 must be received by Procurement Services in LH 107, by Accounts Payable Services in LH 208 and/or General Ledger at firstname.lastname@example.org by the requested deadlines.
The deadlines are as follows:
- Friday, May 5: New purchase requisitions for FY2017 order and delivery in FY2017 must be received in Accounts Payable Services and purchase order rollover requests (requisitions are required for rollover requests).
- Friday, June 16: Year-end cutoff for posting all journal activity occurring prior to June from all fund sources are due to General Ledger
- Friday, July 14: All FY2017 approved invoices, check requests and travel reimbursement requests are due to Accounts Payable Services
- Friday, July 14: Year-end cutoff for posting all journal activity occurring in June from all fund sources are due to General Ledger
For any questions about the year-end process, call the Controller’s Office at 815-753-1514 or Procurement Services at 815-753-1594 for further assistance.