While a majority of students are away from campus, enjoying their summer break, the work for staff members, particularly in the Division of Business Affairs, doesn’t cease. As most of you are aware, fiscal year end occurs on June 30. A series of emails have been distributed over the last several weeks to remind the College of cutoff dates for purchases and reimbursements. All outstanding purchase orders, invoices, travel authorizations, and reimbursements must be finalized by June 30. For specific cutoff dates, please refer to the summaries below.
PURCHASES FOR GOODS AND SERVICES THAT HAVE BEEN RECEIVED PRIOR TO JULY 1ST
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 at 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 at 953-5996.
PCARD PURCHASES RECEIVED PRIOR TO JUNE 30TH
Please be reminded that the cut-off date for using your PCard for purchases was June 21, 2013. The cut-off date was established to ensure that your purchases can be received and paid from current year funds.
Any charges posted to the June 27, 2013 Visa card statement will be paid from FY2013 funds, although you will not receive your statement until approximately July 8.
If purchases are made and received during June and do not get posted to the June statement (it is important that you check your statement immediately upon receipt), 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 FY2013. The accrual requested 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. Requests to accrue must be made by 5PM on July 9. Payments for purchases not received on or prior to June 30 will be made from next year’s budget. Please keep in mind that the fiscal year “received”, not the fiscal year “ordered”, determines the fund year for payment.
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. As noted above, requests for accrual should be sent to Phyllis Singleton in the Controller’s Office. For those departmental liaisons reallocating via WORKS, please have your reallocations completed by July 5.
REIMBURSEMENT FOR TRAVEL EXPENSES
If you traveled between July 1, 2012 and June 8, 2013, and have not filed your reimbursement, please submit your reimbursement requests immediately. Please submit all travel reimbursements for the current fiscal year no later than June 25. All open travel commitments for the period July 1, 2012 through June 30, 2013 for which no reimbursement request has been received will be unencumbered in the system by July 3. Encumbrances for travel authorizations related to next fiscal year will be entered beginning July 1.
INTRADEPARTMENTAL TRANSFERS
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 5. IDT’s received after July 5 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 and have all corresponding support for the transaction.
PREPAID ITEMS (GOODS AND SERVICES PURCHASED BUT NOT CONSUMED BY JUNE 30TH)
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.
Thank you to the Controller’s Office and the Office of Procurement for developing the summaries listed above. Thank you to everyone in the Division for your cooperation and effort in making the fiscal year end as smooth as possible.