Year End Closing Deadlines

Transcription

1 Year End Closing Deadlines The College is approaching the end of another fiscal year and it is time to coordinate the yearend closing activities. Campus wide cooperation is essential for a timely and accurate year-end close therefore, it is imperative that all departments adhere to each applicable deadline outlined below. If you anticipate difficulty in meeting any of these deadlines, please contact us at x2495 or budfin@tcnj.edu, so that your concerns can be addressed in a timely fashion. Financial Web Reports Departmental review of the financial web reports should be conducted throughout the year; however, it is especially critical that we have accurate data before the year is closed, so please conduct a thorough review of your accounts. If you experience any difficulty accessing the web reports or have any correcting journal entries, please contact Finance & Business Services as soon as possible at budfin@tcnj.edu. Budget Reviews While making plans to meet the year-end closing deadlines for purchases, departments should confirm that they have sufficient budget to accommodate the anticipated expenditures. This is done by reviewing the Department Budget Status Detail Report or Program Budget Status Report. Please direct any questions regarding available budget balances to Treasurer s Office at ext FY13 Open Purchase Orders Effective immediately Departments should be reviewing all FY13 open purchase orders (including travel encumbrances) and contacting the Purchasing Department to indicate which encumbrances will be liquidated prior to the close of the fiscal year. To review open purchase orders please use the Open Purchase Order web report which can be found under the Purchasing Reports Menu.

2 Purchase Orders Rollover Fiscal year 2013 purchase orders for which the goods or services are not received as of June 30, 2013 maybe rolled over to FY14. Purchasing will make final determination for all purchase orders requested to be rolled to FY14. Purchase orders for goods or services that are rolled to FY14 must be received and paid by October 31, 2013, or the purchase order will be liquidated and the department will be notified. FY13 Entry of Purchase Orders in MAPS (Management Accounting and Procurement Services) The deadlines for entering purchase orders and receipts in MAPS for the current year are as follows: Departments creating Purchase Orders in MAPS Departments Receiving for PO related invoices in MAPS July 8th FY14 Entry of Purchase Orders in MAPS Departments may begin entering Purchase Orders in MAPS for FY14 starting on July 15, 2013 after the Board of Trustees meeting to approve the FY14 budgets. Employee Travel An online Travel Request Form must be completed prior to incurring any financial commitments for the travel. The following deadlines apply to travel that will occur in the last two weeks in FY13 (on or before June 30, 2013). The online travel form must be approved on the travel system by the following dates: Travel Request Forms Travel Expense Reimbursement (Travel completed & approved by 6/7/13) Travel Expense Reimbursement (Travel completed & approved by 6/30/13) June 21st July 5th Travel that occurs on or after July 1, 2013 will be encumbered and reimbursed against FY14. For more information on the College travel policy, please see

3 Accounts Payable Invoices Invoices for goods and services received by June 30, 2013 must be processed as expenditures against FY13. In order to ensure timely processing of your department's expenditures, please route approved invoices to Accounts Payable in accordance with the following schedule: Invoices for goods and services received by June 7, 2013 Invoices for goods and services received by June 30, 2013 July 5th If goods and services have been received by June 30, 2013 but your department did not receive the associated invoice, please contact the vendor and request a copy of the invoice. These invoices must be approved and forwarded to Accounts Payable no later than July 12, If an invoice cannot be obtained please send an to budfin@tcnj.edu with an estimate of the expense. Charges for all goods and services incurred after June 30, 2013 will be processed against the department s FY14 budget. Note: Weekly check runs will move from Thursdays to Wednesdays during our summer energy months. Procurement Card Charges All procurement card purchases appearing on the statement dated June 20, 2013-July 6, 2013 will be charged against the department s FY13 budget. It is essential that the credit card custodian pay close attention to this deadline when making or authorizing departmental purchases. P-card charges should be reconciled and approved in MAPS no later than July 11, Any purchases not appearing on the July 6, 2013 statement will automatically be charged against the department s FY14 budget.

4 Office Supplies & Duplicating Office Max All purchases from OfficeMax shipped on or before June 30, 2013 will be an FY13 expense. Any shipments after this date will be charged to the department s FY14 budget. CRW Graphics All duplicating, stationery and business cards orders from CRW Graphics shipped by June 30, 2013 will be an FY13 expense. Any orders placed after this date will be charged to the department s FY14 budget. Interdepartmental Charges The interdepartmental services listed below must be completed by the following dates: Express Shipping Photocopies (Library and IT) Mailing Labels Graphics Studio Charges Mailroom Postage ITS (Media Center) Telephone Charges Catering Charges The above deadlines are for the general campus community. A memo will be sent to the Servicing Departments addressing the due dates for final FY13 billings.

5 Accounts Receivable Departments knowing of amounts owed to the College as of June 30, 2013 must send an to detailing the amount owed, the name of the vendor, and the MAPS chartfield combination against which the revenue should be credited. Finance & Business Services will provide each department with the MAPS chartfields where the funds should be deposited when received. Deposit Transmittal Forms The deadlines for cash transmittal deposits to the Office of Student Accounts is June 28 th Grants & Contracts For grants ending on or before June 30, 2013 it is imperative that principal investigators review their work plan in conjunction with the grant expenditures posted on financial web reports and contact us at x2495 or if there are any questions or concerns. A separate reminder and a close-out checklist will be sent to the principal investigators whose grants are schedule to end within the next three months.