As we are approaching the end of the fiscal year, June 30, it is time to think about winding down your financial activities so that the Business Office may adequately prepare for the closing of the current budget period. Purchases should be kept to only those items or services absolutely necessary for the remainder of the fiscal year. Otherwise, you should wait until July 1 to place new orders.
It is imperative that you avoid special vendor arrangements whereby orders are placed now and invoices are mailed to Rosemont after July 1.
Please review, resolve, and approve all requests for payment (RFP) and travel reimbursement requests pertaining to fiscal year 2012-2013 (FY-2013). These documents should be delivered to Accounts Payable via the SciQuest portal within 2 business days of receipt of the invoice or the return date. Also, be sure to send the original invoice to Accounts Payable via interoffice mail.
In order to avoid processing delays, please make sure each RFP has the correct general ledger account numbers and amounts. The account numbers should be entered on the appropriate SciQuest form and are entered again (by design) during the checkout process.
All forms being processed after June 30 must be clearly marked with the appropriate fiscal year for which the disbursement pertains. Generally Accepted Accounting Principles (GAAP) require us to record transactions in the proper fiscal period. For the most part, orders for goods placed and/or services rendered on or before midnight, June 30, 2013 must be recorded as expense in FY-2013. You should indicate this on the Reason line of the RFP form by entering “2012-13” or “2013-14” for each line item being processed.
If you are requesting payment prior to June 30 for services that will be provided in the upcoming fiscal year 2013-2014 (FY-2014), the payment will be charged automatically to an appropriate prepaid expense account for the current budget year. Simply indicate on the RFP form that this is a 2013-2014 expense.
Prepayment of FY-2014 expenses will not affect the current fiscal year’s expense line items. We will charge the expense to your FY-2014 budget. This is particularly important for memberships, dues, subscriptions, trips, and events where the payment covers two or more budget periods or the event takes place after midnight June 30, 2013.
If you have any questions, please contact Ron Laher at extension 2593.