Loyola’s fiscal year-end of June 30, 2015 is rapidly approaching! To close out FY15 please review the below deadlines.
• Check Requisitions and/or Expense Reimbursements must be received electronically by Accounts Payable (email@example.com) no later than Tuesday, June 30, 2015. Requests received after June 30, 2015 will be paid against the FY 2016 budget.
• Expenses not received in AP by June 30, 2015.
o Expenses incurred prior to June 30 not received by AP by June 30 must be accrued and charged to your FY 2015 budget with supporting documentation from an external party.
o Goods must have been received or services rendered prior to June 30.
o Requests to accrue must be received by AP in writing by Monday, July 6, 2015. If there is a significant invoice ($25,000 or more) that you are aware of after July 6 that pertains to FY15, contact Maria Araque (firstname.lastname@example.org), Melissa Townsend (email@example.com) or Accounts Payable (firstname.lastname@example.org).
o Appropriate and valid accounting unit-account code pairs must be on the requests.
• Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing
o Purchase orders that have not been paid but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30 will be accrued as an expense in FY 2015.
o To ensure accuracy please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30.
• Procurement Card transactions should be made no later than Tuesday, June 30, 2015 to be applied to the FY 15 budget.
• Payroll adjustments
o General Accounting payroll adjustments: (corrections between accounting units for salary line items) must be received by General Accounting (send to email@example.com) by Thursday, June 25, 2015.
o Sponsored Program Accounting payroll adjustments: Personnel Action Forms (PAF’s) or Employee Information Forms (EIF’s) that include corrections to grant accounting units for salary line items must be received by Friday, June 12, 2015. Requests received after Friday, June 12, 2015 will be processed for FY 2016.
• Revenue received prior to June 30 for programs being held in FY 2016 will be deferred to the new fiscal year. Contact Maria Araque (firstname.lastname@example.org), Melissa Townsend (email@example.com) or Andrea Sabitsana at firstname.lastname@example.org by Monday, July 6, 2015 to ensure the proper accounting for the deferral of revenue.
If you have questions regarding these procedures, please feel free to contact Maria Araque (email@example.com), Melissa Townsend (firstname.lastname@example.org)or Andrea Sabitsana at email@example.com.
The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!