Avoiding Fiscal Year-End Problems
Generally accepted accounting principles require expenses to be recorded in the fiscal year they were incurred, regardless of the funding source. Choosing in which fiscal year to post an expense is based on the year the expense was incurred, not in which fiscal year you want the expense recorded for budgetary considerations. Items not recorded in the correct fiscal year can lead to audit findings for the University of Illinois System.
Process Transactions Quickly
While it is always important to submit invoices and reimbursement requests as soon as possible, it is critical at year end so these transactions can be processed in the fiscal year in which the expense occurred:
- Provide correct PO number to vendors
- Immediately forward PO invoices received in your unit to University Payables (UPAY). Confirm the PO number is correct. Incorrect PO numbers can cause payment to be applied to the wrong purchase order. UPAY cannot process invoices without a valid purchase number.
- Reconcile T-Card transactions that have a purchase date (swipe date) of June 30th or earlier.
- Process travel reimbursement requests for travel ending June 30 or before, within 10 calendar days of the completion of the travel in order to comply with the OBFS year-end processing schedule. If travel dates span two fiscal years, contact UPAY if you need assistance in processing reimbursements.
- Resolve all pending transactions by:
- Checking all Banner, iBuy, and P-Card approval queues.
- Reconciling P-Card transactions that have a purchase date (swipe date) of June 30th or earlier.
- Completing and matching Receiving Reports for the current fiscal year purchase order invoices.
- Tracking and resolving any vendor issues promptly to ensure payment will be posted in the correct fiscal year.
- Make sure all forms and invoices are complete with any required signatures and that all the information is correct.
Contact UPAY Customer Service with questions by submitting a Service Desk Request Form.
Fiscal-Year-End Closing and Opening Procedures
Last Updated: March 19, 2013 | Approved: Senior Associate Vice President for Business and Finance | Effective: September 2012