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Campus Colleagues -

It is that time of year again. Accounting Services, Budget & Finance, Bursar and Procurement & Contract Services are working diligently to process the many diverse documents each of  us receive from the campus.  The information below is a listing of important dates, reminders and procedures pertaining to the Fiscal Year-End close process.

Items which are to be included in the current year's activity, including travel, petty cash, transfer vouchers and invoices must be received for processing by the close of business, Thursday, July 6, 2023.  Please make sure any FY 22-23 documents submitted for e-processing through ZAP_ENTRY between July 1 and July 6 have a POSTING DATE of June 30, 2023 when entered. The signature approval date should also be June 30 or before.  Items entered on or after July 1, 2023 will be charged to the new fiscal year if the posting date is not changed to June 30, 2023. Invoices scanned and sent via email should have FY 22-23 written on the top right hand corner and include FY 22-23 in the subject line.  All invoices that are requested to be processed in FY 22-23 must have an invoice date of June 30, 2023 or earlier, there are no exceptions.  Travel ending July 1, 2023 or later will be charged to the new fiscal year, FY 23-24.

Department deposits dated by June 30, 2023 and received in the Bursar's Office by noon July 3, 2023 (Due to the Independence Day Closing)  will be processed in the current fiscal year.  Funds received by June 30, 2023 must be receipted as of June 30, 2023.  The IRIS document and deposit slip must clearly indicate it is a FY 22-23 deposit.  Funds received and deposited July 1, 2023 or later will be credited to the new fiscal year 23-24.

Petty cash funds should be reconciled to ensure the cash on hand and expenditure receipts equal the amount of the petty cash fund. Please document your reconciliation and forward a copy to Business Services c/o Vanasia Parks.

Please remember that our objective is to record all revenues, disbursements and encumbrances in the proper fiscal year.  In view of our volume and the diversity of transactions, we urge you to arrange for frequent submission of items to reduce the volume of transactions on the final submission date.

All departments must register any accounts receivables with the Budget & Finance Office.  Write off requests must first be approved by the department head and then forwarded to Audit Management for review.  All write off requests must be received in the Budget & Finance Office or Controller's office for year-end processing by July 7, 2023.

The June cutoff date for purchases made by departmental procurement cards will be June 23, 2023.  The final date to distribute charges for June purchases will be July 12, 2023, or the default account will be charged. Procurement card purchases made after the billing cycle ends will be charged to the new fiscal year.

If you need additional information to plan year-end activities, please contact the appropriate office.

Thank you.

Vanasia

Vanasia C. Parks
Sr. Associate Vice Chancellor for Business Services
423-425-4343