Number: 
03-150-403
Type: 
Rule
Policy Steward: 
Sr Payment & Systems Manager
Format Updated: 
University Policy & Standards Converted: 
Status: 
Current
Revision Date: 
Thursday, December 9, 2010

* This information replaces FIS 801-03 Fiscal Year End Processing of Invoices

 

Each year, the Office of Business Affairs distributes Year End Closing instructions with specific dates and deadlines for that year.

For all Funds: For current fiscal year invoices that represent goods or services received on or before June 30th, process each invoice in the current fiscal year accounting records by using a June transaction date (current fiscal year, period 12).  See each year’s schedule for deadlines for all approvals.

For all funds:  For current year invoices received after the specified July date, maintain listings of all current fiscal year invoices processed in the new fiscal year accounting records that represent goods or services received on or before June 30.

For current fiscal year invoices received during the July time period specified in the current year’s schedule: 
Record each invoice on the Year-End Accrual Spreadsheet and process in period 01 of the new fiscal year accounting records by using a July transaction date.

For current fiscal year activity (goods and services received by June 30) for which invoices have not been received as of the date specified in the current year’s schedule: 
For each invoice yet to be received, enter an estimated amount on the Year-End Accrual Spreadsheet.  When the invoices are finally received, they should be processed in the new fiscal year accounting records by using the then current date as the transaction date.

Completion of Year-End Accrual Spreadsheet:
All Year-End Accrual Spreadsheets must be received in Business Affairs on the date specified in the current year’s schedule.

For invoices for the new fiscal year, process each invoice in the new fiscal year accounting records by using the current date as the transaction date.  For off-campus Extension locations, follow instructions issued annually by the University Administration Business Center (UABC) Finance Office.