Loyola’s fiscal year-end of June 30, 2013, is rapidly approaching! In order to close out your FY 2013 budget, all FY 2013 check requisitions and/or expense reimbursement requests must be received by Sponsored Program Accounting no later than Wednesday, June 26, and to Accounts Payable no later than Friday, June 28.
Payment requests received after this date will be paid against the FY 2014 budget.
Expenses that were incurred prior to June 30, but are not received by Accounts Payable by June 30 due to timing issues, can be accrued and charged to your FY 2013 budget if the expenses are supported with documentation from an external party. In order to accrue an expense, the goods must have been received, or the services rendered, prior to June 30. Requests to accrue expenses must be received by Accounts Payable in writing no later than Wednesday, July 3. Please verify that an appropriate and valid accounting unit-account code is on any payment or expense accrual that you submit.
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 which have a receipt processed against the order in the Lawson system (“received, not invoiced”), by June 30 will be accrued as expense in FY 2013. To ensure an accurate accrual of expenses in FY 2013, please make sure that all items that have been physically received are also recorded as “received” in the purchasing system. In addition, all procurement card transactions should be made no later than Wednesday, June 26 to ensure proper recognition in FY 2013.
Any general accounting payroll adjustments (corrections between accounting units for salary line items) needed to be received by General Accounting (send to firstname.lastname@example.org) by Monday, June 17. Requests received after that date will be processed for FY 2014. Any requests to accrue for summer faculty supplemental salaries must be submitted to Faculty Administration by Friday, June 28.
Any Personnel Action Forms (PAF’s) or Employee Information Forms (EIF’s) that include corrections to grant accounting units for salary line items must have been received by Sponsored Program Accounting at GRNTCON@luc.edu by Monday, June 10. Requests received after that date are processed for FY 2014.
Revenue received prior to June 30 for programs being held in FY 2014 will be deferred to the new fiscal year. To ensure the proper accounting for the deferral of revenue, please contact Andrea Sabitsana at email@example.com or Ben Smigielski at firstname.lastname@example.org by Wednesday, July 3.
The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!