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Year-End Finance Procedures and Deadlines Guide

Ensure a smooth financial year-end transition with this comprehensive guide to key deadlines and procedures. Key dates include IT requests for computers by July 31, purchase orders by August 7, and last days for regular POs and print shop services by September 15 and 18, respectively. On September 30, finalize all budget changes, cash receipts, and purchase paperwork before noon. Understand the accrual accounting principles and proper submission process for travel and meal requests. Stay organized to avoid missing important financial deadlines.

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Year-End Finance Procedures and Deadlines Guide

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  1. FINANCE TRAINING YEAR END PROCEDURES

  2. DEADLINES!!!!! • July 31 – IT request for computers • August 7 – PO’s for computers • September 15 – last day for regular PO’s • September 18 – last day for print shop, postage, telephone • September 30 – everything else

  3. SEPTEMBER 30TH • Last day to make budget changes • Cash receipts in by 2:00 pm • Purchase paperwork by Noon • Completed travel by Noon • PO’s ≥ $25.01 will roll to FY 2010

  4. September 30th • Bye-bye PO’s ≤ $25.00! • Bye-bye encumbrances! • Bye-bye unprocessed req’s! • Bye-bye Self Service!

  5. The Matching Principle • Accounting rule! • Expense is recorded in the year goods are received • Accruals = expense before cash • Prepays = cash before expense

  6. FY 2009 BUDGET 72 010-Accrual $100 _________________ Total FY 2009 $100 FY 2010 BUDGET 72010-Reverse (100) 72010-Payment 100 _________________ Total FY 2010 $0 “ACCRUAL”???

  7. Items Received – Not Invoiced ACCRUAL • Send signed receiving copy to AP • “FY09 Accrual” in transaction history • Reversed in October • Paid when invoice is received • Only effect on FY10 budget is if invoice > PO

  8. FY 2009 Budget 71010 - DV/PO $100 71010 - Prepay (100) _________________ FY 2009 Total $0 FY 2010 Budget 71010 – Prepay $100 _________________ FY 2010 Total $100 Prepays

  9. Item not received – Paid for • Conference registrations • Prepaid hotel reservations • Other travel

  10. Current FY2009 Purchases • Through Sept. 15th – normal • After Sept. 15th – only “Non-Routine” purchases • Must be approved by Mr. Carlson

  11. FY 2010 Purchases • Through Sept. 15th – enter req in Banner and change transaction date to Oct. 1, 2009 • After Sept. 15th– • Complete paper req form • Budget manager must sign • Forward to Purchasing

  12. Paper Requisition Form • Show FY10 Purchase on top • Must be completely filled out: • Ship to – know what yours is • Vendor # - use FTMVEND • Complete FOAP • Supporting documents

  13. Other Issues • Meal Requests – need to be in Purchasing 1 week prior to event • Approvals – approval queues should be empty • Traveling on Sept. 30th? – email dbonds@jsu.edu with estimated expenditures for ACCRUAL! • Encumbrance Queries – DO IT! • Budget transfer secret -

  14. Payrolls • Monthly – run Sept. 29th, posted in FY 2009 • Biweekly – run Oct. 2nd, September hours posted in FY 2009 • Student – run Oct. 13th, September hours posted in FY 2009

  15. ???QUESTIONS???

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