Fiscal Year 16-17 is now officially closed. In general, the close for 16-17 was much smoother than in the previous year. We appreciate all the assistance and hard work from the departments and campuses in the fiscal year end close. The following are some reminders to assist all of us as we continue into Fiscal Year 17-18:
Purchasing Department Reminders
When possible, requisitions for the future fiscal year should be entered after the beginning of the fiscal year-end process. For example, on June 23rd, users began entering Fiscal Year 17-18 requisitions.
Blanket Purchase Orders
All blanket orders with a due date of June 30th are closed at the end of each fiscal year, including those with open balances.
Purchasing’s three-week year-end close process began in late June and continued through early July ending with the open balances of more than 5,000 purchase order lines successfully rolled into Fiscal Year 17-18. It is important to remember, purchase orders with open balances roll from the previous fiscal year to the new fiscal year; however, any requisition associated to the rolled purchase order is closed. Also, any purchase orders that have been fully paid, but with remaining open balances will be reviewed by Purchasing throughout the year and closed. Requests to close Purchase Orders should be sent to: firstname.lastname@example.org.
Controller’s Office Reminders
Reminder to send all invoices along with PO number to the Accounts Payable Department in the Controller’s Office in a timely manner. If you do not receive a timely invoice from a vendor, please contact them to request the invoice as soon as possible.
Ensure you are following up on all Match Exceptions and working with AP staff to clear exceptions in a timely manner.
Journal Entries/Journal Vouchers
Reminder to submit your journal entries and journal vouchers timely to General Accounting and ensure that all documentation and justification is attached to support the transaction. It is important to review your monthly ledgers and make any needed journal entries in a timely manner.