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Year-End Procedures

Posted by: Jennifer Stevens | May 25, 2012 | No Comment |

As the fiscal year winds down, there are a number of procedures that should be followed by faculty and staff members at the College. Below are a few procedures pertaining to the Office of Procurement, the Controller’s Office, and the Budget Office.


For all purchasing cardholders, there are several dates and actions that you should be aware of.

Actual fiscal year-end is June 30. The cut-off date for using your College-issued PCard for purchases is June 27. The cut-off date will ensure that purchases can be received and paid from current year funds. Any charges posted to the June 27, 2012 card statement will be paid from FY2011-12 funds, although you will not receive a statement until approximately July. Keep in mind that the fiscal year “received,” not the fiscal year “ordered,” determines the fund year for payment.

Please be sure to check your June statement upon receipt. If purchases are made and received during June and do not get posted to the June statement, you will have to make a written request to the Controller’s Office to accrue (or accumulate) those charges plus any applicable tax to be recorded as expenditures in the current FY 2011-12.

The accrual request should include your name, total amount to be accrued, the index number to which charges should be accrued, and receipts dated prior to July 1 as back up to your request.

Requests should be sent to Phyllis Singleton in the Controller’s Office. Any requests to accrue must be submitted no later than July 11.

Payments for purchases not received on or prior to June 30will be made from next year’s budget. Any charges made in June that require change of accounting information should be sent to Procurement by July 5. Please note that this is only for change of FOAP. For those departmental liaisons reallocating via WORKS, please have your reallocations completed by July 6.

Controller’s Office

As the College’s fiscal year-end is approaching, now is a good time to review transactions that have been processed against your budget and submit any remaining transactions that need to be processed. Errors in amounts or indexes identified after fiscal year closing cannot be corrected. If there are transactions that need to be submitted, please do so as soon as possible to avoid extended processing time at year end. All outstanding purchase orders, invoices, travel authorizations, and reimbursements must be finalized by June 30. In general, the State Comptroller Generals Office requires that State agencies/institutions pay for goods or services from the fiscal year funds in which the goods and services were received.


If goods and services ordered on a purchase order have been received, please remember to acknowledge receipt. If the order was placed via eProcure, you may record the receipt of goods and/or services online.  If you have questions about eProcure processes, please contact Procurement at 953-5510 or by email to stevensonpj1@cofc.edu.  In the event a purchase order was entered directly in Banner and was not entered in eProcure, please be sure to sign the receiving report, if applicable, and fax to Central Receiving @308-6502 or send an email to Central Receiving indicating receipt. If you have received an invoice directly from the vendor, please email it to AccountsPayable@cofc.edu or fax it to the Controller’s Office/Accounts Payable @ 953-5996.


Please submit all travel reimbursements for the current fiscal year no later than June 26.  All open travel commitments for the period July 1, 2011 through June 30, 2012 for which no reimbursement request has been received will be unencumbered in the system by July 3, 2012.    Encumbrances for travel authorizations related to next fiscal year will be entered beginning July 1.


To ensure the processing of all Intradepartmental Transfers (IDT’s) in the proper fiscal year, the Controller’s Office must receive all transactions no later than Friday, July 6.  IDT’s received after July 6 will not be processed.  State law prohibits paying for goods and services performed in one fiscal year from another fiscal year’s budget.  Please be sure to complete all necessary information accurately.


Although the State requires that goods and services be paid from the period in which the benefits are received, there are instances where goods or services – normally items such as rent, insurance and subscriptions – are paid in full but not fully consumed within the fiscal year in which they were paid.  Generally accepted accounting principles require recording any unused portion remaining at year end as an asset, namely prepaid expenses.

In response to the State and accounting requirements noted above, expenditure authorizations for subscriptions, memberships, and conference registrations received in the Controller’s Office will be expensed to/paid from the departmental budget account according to the period in which the benefit is received.  The same is true for goods and services placed by purchase order.

Budget Office

Avoid last minute adjustments and start looking over your budgets now. Pay attention to any encumbrances in self-service Banner (SSB) and travel authorizations. If you have specific questions or your department is experiencing an overage, please talk to your supervisor who might have to consult with others in the organization hierarchy. The Budget Office only looks at budgets at the division level, not the departmental level.

The sooner offices and departments can look over their budgets, the better. The Budget Office usually gets busier at the end of June and the first half of July. Currently, the Budget Office is preparing for year-end by cleaning up processed and pending documents. They are also looking at indexes and funds, ensuring there are no major issues.

Once the budget for FY2012-13 is approved by the Board of Trustees, the office adjusts budget increases or decreases from the previous year.

If you have questions about next year’s budget, please contact Amanda Smith with the Budget Office, 953.4888 or smithaw2@cofc.edu.

under: Business Affairs
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