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Fiscal Year End Reminders

FY17 Fiscal Year-End Reminders

 

Just a reminder that fiscal year end is quickly approaching, which means departments need to expedite and facilitate fiscal year 2017 business for payment and receipt transactions.    The following issues need to be addressed by all departments.

Payments:

If departments have invoices that pertain to items or services received in fiscal year 2017 these invoices need to be received in the Accounting Office by June 23.  Remember, all invoices for payment should be sent directly to accounts payable. 

Accounting Standards mandate that materials and services actually received in fiscal year 2017 be expensed in this fiscal year.  To expedite the payment process, forward invoices you have received from external vendors to accounts payable as soon as possible.  If you have received items or services in the department that you purchased through a purchase order do not forget to complete a receiving report and fax it to Purchasing (ext. 4722).  Banner requires the three way match between purchase order, invoice, and receiving report to pay the vendor.

Important Note:  Invoices for purchases initiated through the Requisition/PO process must always be paid by check.  Do Not complete a direct pay form or make the payment on a P-card for these types of purchases.

For capital items that meet the inventory threshold ($2,000 or greater) and are delivered directly to the department (i.e. do not go through ISU Receiving), it is the department’s responsibility to keep track of the delivery date and complete a receiving report.   The receiving report should contain the actual date the items were delivered to the department and what items were received. 

Prepayment for goods and services to liquidate this fiscal year’s budget is not allowed.  These invoices will be held until the start of the new fiscal year.

Departments that receive goods or services on or before June 16 need to submit invoices to Accounts Payable no later than June 30. For goods or services provided after June 16, but prior to July 1, please submit these ASAP, but no later than July 28.

Interdepartmental Sales:

For goods and services between ISU departments please complete an Interdepartmental Invoice Form and send it with a copy of the Invoice to Accounting.  To facilitate the preparation of the University Financial Statements we need to have all Interdepartmental Invoice Forms, and supporting invoices and document attachments, into Accounting by July 21, 2017. We ask that you submit them as soon as possible throughout June and July so that we have time to process them before July 21, 2017.

In July please keep the FY17 and FY18 invoices separate and submit them on separate Interdepartmental Invoice forms.

 

Once the University Financial Statements are in the final draft stage, which occurs in the first part of August, billing departments need to be aware that Interdepartmental Invoices for goods and services received in FY17 cannot be processed. This will cause a loss of income to the ISU Billing Department. If your department currently has past due outstanding interdepartmental invoices, please first contact the department billed and then Accounting if the department will not process them.

 

Purchase Card Purchases:

All P-card purchases with a “Bank Posting Date” of June 30 or before needs to be reconciled and through all required approvals by 5:00 pm on July 14, 2017.

 

The Bank of America P-card system allows some flexibility for end of fiscal year processing. We will be able to separate the P-card purchases by fiscal year the first few “downloads” of July until July 14. Based on the official Bank Posting Date, not the Merchant Transaction Date, the transactions will be posted to the appropriate fiscal year when processing these downloads. However; in order for this to be accomplished it is important that all transactions are reconciled and approved as soon as possible each week, especially for the reminder of June and first part of July.

 

Please remember, ISU cannot control or influence the timing of when a merchant transaction posts to the banking system and therefore cannot guarantee that purchases in the last few days of the fiscal year will be processed in June by the banking system. The Bank of America system does not post P-card purchases from merchants into its system on the weekends. This year June 30th falls on a Friday, therefore items purchased on Saturday June 24 thru Friday June 30 may not be in the banking system by Friday June 30th.

 

 Most merchants do not enter the transactions into the banking system when they are ordered; instead they process the charge to a card when the item is shipped. This method more closely matches the general accounting standard described above that the item is charged to a budget based on when it is received. If you need items purchased on the P-card to be charged to FY17 it is recommended that you order them by 5:00 on Friday June 16, 2017.

 

Please remember:

When reconciling and approving P-card transactions in the Bank of America Works system we ask that you do not perform these functions on Tuesday mornings between the hours of 9:00 and 10:30 am each week. This is the time period when we “download” all purchases from the week before into ISU’s Banner Finance system. We need to have a period of time when the Bank of America system is not being used to ensure all transactions can “feed” successfully between the two systems

Receipts:

All receipts collected up to and including June 30 need to be deposited in the ISU Cashiers office, or for satellite campuses with Key Bank, by 2:00 pm on June 30.  Please note that receipts include cash, checks, and credit card batches. All receipts collected after 2:00 pm on June 30 must be in the Cashiers office, or for satellite campus with Key Bank, by 3:00 pm on July 3, 2017.  Please keep June 30 activity separate from July activity by preparing separate deposit slips so that the funds can be easily identified to the correct fiscal year.

When making deposits after July 1 that pertain to amounts billed in fiscal year 2017, please prepare a separate deposit slip for each fiscal year and indicate which fiscal year the funds pertain to FY17 or FY18. This will allow accounting to make appropriate fiscal year determinations without having to contact each department individually. 

All departmental account receivable should be completed and returned to Mathew Farnes by July 7, 2017. In early to mid-June AR requests will be sent to departments that have AR. If a department has outstanding AR, but does not receive a request by June 23, please contact Mathew Farnes at ext. 3066.

JV CORRECTIONS:

All transactions, including payroll transactions and transactions on grant indexes, should be reviewed to ensure the charges are appropriate so that necessary corrections can be initiated and processed timely.  Corrections are posted into the Banner Finance system by submitting a Journal Voucher form with supporting documentation attached. In the past, we have continued to receive correction requests for the current fiscal year into September (and sometimes later), which does not allow us to produce accurate financial statements in a timely manner. 

ALL Accounting and Payroll System JV’s for revenue, expense and payroll corrections for FY17 should be to Accounting by July 21, 2017, including payroll accrued for pay dates 07/14, 07/28 and/or 08/11. We ask that you submit them as soon as possible throughout June and July so that we have time to process them before July 21, 2017. If you have questions please contact the Accounting Department. In July please keep the FY17 and FY18 JV’s separate and submit them on separate Journal Voucher forms.

 

Please Note: JV Corrections for Student Tuition and Scholarships are processed differently in the Banner System. The charges that originate in the Student system have to be corrected by JV in the Student system. The Banner Student system DOES NOT have the ability to backdate the transaction date. This is part of the programming of that system; ISU cannot change or control this function. This means that if you need a FY17 correction for payments (other than payroll or A/P payments) made to the students the JV have to be posted in the Student system by Friday June 30, 2017. To avoid delays in processing send the JV form directly to Jody Finnegan in Financial Aid, ISU stop 8077. The last day to submit Student JV’s for FY17 is June 21, 2017 to ensure there is time to process them.

Travel:

All blanket travel reimbursements for Fiscal 2017, must be submitted through T&E for processing by July 14.  Blanket travel authorizations for Fiscal 2017 will be closed as of August 1.  You will need to open new blanket travel authorizations for travel taking place in Fiscal 2018.

Travel Card transactions are downloaded daily from Bank of America.  All travel where the return date is June 30 or earlier should have a reimbursement filed and travel card transactions reconciled by July 14.  When completing the reimbursement make sure the report date is June 30 or earlier. 

 

Requisitions:

Fiscal year 2018 is now open for transactions.  Departments may begin creating requisitions for the new fiscal year.  Remember, when creating a requisition for the new fiscal year, you must use a transaction date greater than June 30, 2017 or the requisition will be created in 2017 and will need to be recreated.  If you are ordering items that will not be received until after June 30, you should use a transaction date greater than June 30, 2017 to create your requisition.

Petty Cash:

Departments that have Petty Cash Funds need to submit their petty cash reimbursement forms and receipts by June 23, 2017 for activity through June 16, 2017.  Subsequent reimbursements for activity for June 17-June 30, must be submitted no later than July 14, 2017 to have their expenses charged to the correct fiscal year. In July please do not intermingle these requests with FY18 requests. Use separate forms for each fiscal year.

Thank you so much for your help and cooperation in meeting these very important year-end goals.

IDAHO STATE UNIVERSITY

921 South 8th Avenue
Pocatello, Idaho, 83209

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