FY21 Financial Services Year End Deadlines

Loyola Community,

Loyola’s Fiscal Year-end of June 30, 2021 is rapidly approaching! Please review the important year-end deadlines below.

Why is the Fiscal Year-end so important?

The University is required to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The financial statements provide an overview of the financial position of LUC as of June 30th, therefore it is critical that all revenues and expenses that relate to the fiscal year (July 1 – June 30) are captured accurately.

Year-End Procedure and Deadline Presentations

The Financial Services Division Fiscal year end presentations can be found at the following link: https://www.luc.edu/finance/fiscalyear-endinformation/

 Accounts Payable

Departments should ensure that all invoices for goods received or services rendered during FY2021 are reflected in the FY2021 financials.

  • June 4, 2021 (Extended deadline): All requests, including Expense Reimbursements, for May 2021 and prior are due to AP.
  • June 18, 2021: Invoices with Sponsored Program Accounting Units (2XXXXX, 5XXXXX, etc.) are due to AP to ensure they are processed in FY21.
  • June 30, 2021:  All requests, including Expense Reimbursements, for FY21 are due to AP.
    • Requests must be received by Wednesday, June 30, 2021 at 5 p.m to ensure they are posted in FY21.
  • Please contact your vendors for electronic invoices if paper invoices are on campus and not accessible.
  • Please indicate on the payment requisition form if the request is for FY21 or FY22 to ensure the request is posted in the appropriate fiscal year.
  • July 6, 2021:  Expense Transfer forms for AP transactions are due to AP.
  • July 8, 2021: FY21 Expenses NOT posted by July 8th may be accrued by the AP department.

 Expense Accruals

  • Please continue to send payment requests to Accounts Payable after July 8th. AP will make the determination if the request qualifies for an accrual.
  • Service POs must be accrued manually for services June 30th and prior. If you do not have an invoice for services rendered in FY21, please send an expense accrual to the General Accounting department.

If you DO NOT have a FY21 invoice to submit a payment requisition by July 6th, 2021, submit an expense accrual form to General Accounting (accounting@luc.edu) to set up an expense accrual, documentation to support the accrual will be needed. Use the “Year End Accrual Form/Expense Accrual” found under the General Accounting Forms:  https://www.luc.edu/finance/forms.shtml#d.en.103630

Purchasing: 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 30th will be accrued as an expense in FY 2021.
  • Please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30th.
  • Health Science Campus: Orders must be physically received on Dock 8 by 4:30pm on Wednesday, June 30, 2021.
  • Lakeside and Water Tower Campus: items received by a department must be substantiated with the packing list (or signed PO, if necessary) to purchasing by no later than 4:30pm, Wednesday, June 30, 2021.
  • There will be no exceptions made for items in transit or back ordered even if the order has been placed prior to June 30th, therefore, please plan accordingly and place all orders as soon as possible.

Procurement Card

  • Procard transactions must be posted to PNC Active Pay by no later than Monday, June 28, 2021 to be applied to the FY21 budget as this is the end of the June billing cycle. The “posted” date is not the transaction date, so please plan on making all FY21 transactions as soon as possible.
  • Please use account code 1810 (Prepaid expenses) in active Pay for any purchases on your Procard that relate to FY22 services/expenses if made prior to June 30th. (Examples include: Hotel deposits, conference registrations, etc.)

Outstanding Gift Card Logs

  • Gift cards purchased on or before March 31st, 2021 should have been distributed and a completed gift card log returned. If you have an outstanding gift card log, it must be sent in by no later than Friday, June 18th, 2021, prior to the end of Fiscal Year 2021. It is University policy for the purchaser to complete a gift card log found at: http://www.luc.edu/finance/giftcardpolicy/.
  • If any gift cards have been outstanding longer than this 3-month period, please reach out to accounting@luc.edu (For AUs that begin with 1XXXXX, 4XXXXX, 6XXXXX) or grntcon@luc.edu (For AUs that begin with 2XXXXX, 5XXXXX, 103XXX, 104XXX) to confirm the cards are still in your possession and notify Accounting of when they are to be distributed.

Payroll Adjustments

  • General Accounting Payroll Adjustments: To transfer salary expenses between Operating or Endowment Accounting Units (excluding Gift or Grant AU’s), please submit a completed Salary Transfer Request Form to General Accounting (send to cfraczkowski@luc.edu) by no later than Wednesday, June 16, 2021. No salary corrections will be processed for FY21 after this date.
  • Sponsored Program Accounting Payroll Adjustments

For Salary transfers involving Gift, Grant, or 103XXX/104XXX AU’s, please refer to Sponsored Program Accounting’s Year-End deadlines here:

https://www.luc.edu/finance/fiscalyear-endinformation/

Cash Management

Repetitive EFT’s/ACH’s

  • Repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2021, must be sent electronically to the Treasurer’s Office at CashMgmt@luc.edu by Tuesday June 29, 2021 at 12pm. These transactions will be processed on June 29th and clear Loyola’s bank account on June 30, 2021.
    • Any repetitive EFT’s/ACH’s that come in after 12 pm on June 29, 2021 will be processed on June 30th and clear Loyola’s bank account on July 1, 2021.

Non-Repetitive Wire Transfers

  • Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2021, must be sent in with all supporting documentation to the Treasurer’s Office at CashMgmt@luc.edu by Wednesday June 23, 2021 at 12pm.  If any documentation is missing or has incomplete banking information, the request will not be processed and will be returned to you for additional information to be processed in Fiscal Year 2022.

Fiscal Year-End Revenue

  • Revenue Deferral: Revenue received/deposited prior to June 30th for programs or services taking place in FY2022 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 2021 should have a revenue receivable set up.
  • Please refer to the General Accounting Fiscal Year End Presentation for more details on how to defer revenue to FY22 or set up a receivable for FY21.

Credit Card Deposits/Checks

  • A reminder that physical checks should no longer be mailed to individual departments during the remaining work from home period. Please reference the Cash Management presentation for updated banking information to receive electronic payments or Lockbox mailing instructions for checks.
  • Credit Card transactions should be sent to the Bursar’s office (cashier@luc.edu) as soon as possible for any activity that relates to May and June. Please do NOT combine May and June deposits together.
  • Credit card refunds should be sent to General Accounting to accounting@luc.edu with the supporting documentation showing the initial charge to the credit card and then the refund processed. Refunds related to COVID-19 cancellations should reflect that in the notes section.
  • All University deposits for FY21 should be sent to the Bursar’s office by no later than June 29th, 2021 by 3pm to ensure they are recorded for FY21.
  • The Year-End Revenue Deferral/Receivable forms and instructions can be found under the General Accounting Forms under “Year End Accrual Form” https://www.luc.edu/finance/forms.shtml#d.en.103630

 

If you have any questions regarding these procedures, please contact the appropriate department. The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

 

The Financial Services Division

https://www.luc.edu/finance/

 

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