Loyola’s fiscal year-end of June 30, 2016 is rapidly approaching! To close out FY16 please review the following deadlines.
Fiscal Year-End Expenses
Departments should ensure that all invoices for goods received or services rendered during FY16 are reflected in the FY16 financials.
Check Requisitions and Expense Reimbursements
- Must be received electronically by Accounts Payable (email@example.com) by no later than Monday, June 27, 2016 for all expenses needing Sponsored Program Accounting approval (Gift/Grant AUs).
- All other requests must be received by Thursday June 30, 2016. Requests received after June 30, 2016 will be paid against the FY 2017
Expenses not received in Accounts Payable by June 30, 2016:
- Expenses incurred prior to June 30th must be accrued and charged to your FY 2016 budget with supporting documentation from an external party.
- Requests to accrue must be received by AP in writing by Wednesday, July 6, 2016.
- Every effort should be made to notify Accounts Payable or General Accounting in a timely manner regarding FY16 invoices received after June 30th so that all expenses are appropriately accrued for.
- If there is a significant invoice greater than $25,000 that you are aware of after July 6 that pertains to FY16, contact Maria Araque (firstname.lastname@example.org) or Accounts Payable (email@example.com).
- Appropriate and valid accounting unit-account code pairs must be on the requests.
Purchase Orders: Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.
- 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 2016.
- 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 Thursday, June 30, 2016 to be applied to the FY16 budget.
- 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 10, 2016. Requests received after Friday, June 10, 2016 will be processed for FY 2017
- General Accounting payroll adjustments: (corrections between accounting units for salary line items) must be received by General Accounting (send to firstname.lastname@example.org) by Wednesday, June 22, 2016
- If you have any repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2016, the Repetitive EFT forms need to be sent electronically to the Treasurer’s Office at Cashmgmt@luc.edu by 12 pm on June 29, 2016. These transactions will be processed on June 29th and clear Loyola’s bank account on June 30, 2016.
- Any repetitive EFT’s/ACH’s that come in after 12 pm on June 29, 2016 will be processed on June 30th and clear Loyola’s bank account on July 1, 2016 and these transactions will be recorded in Fiscal Year 2017.
Non-Repetitive Wire Transfers
- If you have any Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2016, the Non-Repetitive form with all supporting documentation must be sent to the Treasurer’s Office at Cashmgmt@luc.edu by 12 pm June 27, 2016. If any documentation is missing or has incomplete banking information, it will not be processed and it will be returned to you for additional information and will then be processed in Fiscal Year 2017.
Fiscal Year-End Revenue
- Revenue Deferral: Revenue received prior to June 30 for programs being held in FY 2017 must be deferred to the new fiscal year.
- Revenue Receivable: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2016 should have a proper receivable set up.
- All University deposits for FY16 should be taken to the Bursar’s office by no later than June 29th, 2016 by 2pm.
- Contact Maria Araque at email@example.com or Andrea Sabitsana at firstname.lastname@example.org by Wednesday, July 6, 2016 to ensure the proper accounting for revenue deferrals or receivables.
- The last day to submit budget transfers for FY2016 is Wednesday July 6, 2016.
The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!
The Fiscal Year 2016 Financial Services Deadlines can be found at: http://blogs.luc.edu/finance/2016/06/01/fiscal-year-2016-financial-services-deadlines/