Fiscal Year End
Calendar of Important Dates - Fiscal 2014
|April 30||◊ Purchase forms due for furniture for FY14 (to be received by June 30, 2014)
◊ Due date for items under $50,000 that need to be bid or quoted by Purchasing
|May 1||◊ Purchase forms due for all computer orders for guaranteed delivery prior to June 30.|
|June 6||◊ Last day to submit purchase forms for all items requiring a purchase order / Purchasing to place (includes large dollar amount purchases if items are under contract and are received by June 30, 2014).|
|June 9||◊ Last day to submit payroll redistributions for pay periods prior to May 1st.|
|June 20||◊ Recommended last day to submit journal vouchers for July 2013 – May 2014 activity/corrections.
◊ Last day for online PCard purchases. Item must be received and charged prior to
|June 24||◊ Last day for in-store PCard purchases. No further PCard use until July 1, 2014.|
|June 27||◊ Last date to submit orders to Central Stores for delivery by June 30th.|
|June 30||◊ Last day for Petty Cash reimbursements, Check Requests, and Services Reimbursements.
◊ All cash/checks received must be deposited by 4 p.m.
◊ All petty cash and change funds must be verified.
◊ Final opportunity to process emergency checks.
◊ Central Stores closed for inventory.
◊ All goods/services must be received to be paid with fiscal 2014 funds.
|July 1||◊ PCard can be used to charge against Fiscal Year 15 funds.
◊ Central Stores open for deliveries.
◊ Banner Finance system down, general ledger roll, open FY15.
|July 2||◊ Banner Finance system available|
|July 3||◊ Inventory counts completed.
◊ PCard reconciliations must be completed by 3:00 PM.
◊ Final PCard download.
◊ Approved June journal vouchers due to Accounting Services.
◊ June uploads due to Accounting Services.
|July 7||◊ June closes, accrual period opens.
◊ Last day to submit bills/invoices to General Accounts Receivable for 2014 fiscal year
amounts owed to WWU.*
|July 9||◊ Last day to submit May & June payroll redistribution requests to Accounting Services.
◊ Last day to submit fiscal 2014 invoices and travel documents.*
◊ Year-end inventory counts due to Accounting Services.
|July 17||◊ Revenue deferrals must be complete.|
|July 18||◊ Encumbrance roll.*|
|July 22||◊ Final interagency receivable/payable entries to Accounting Services.|
|July 28||◊ Last day to submit approved accrual period journal vouchers to Accounting Services.|
|July 30|| ◊ Accrual period closes.
No additional entries will be keyed unless approved by Accounting Services Manager.
JV’s and Uploads
June 20th Journal vouchers for July 2013-May2014 activity are due
July 3rd Final June adjustment vouchers and uploads are due
July 7th June closes and accrual period opens
July 17th Revenue deferral entries due to accounting
July 28th Approved accrual period journal vouchers and uploads due to accounting
July 30th Accrual period closes
After July 30th, no further adjustments to the accrual period will be entered unless needed for accurate financial reporting to the auditors and approved by the Accounting Services Manger.
Begin reviewing your monthly accounting reports now and initiate any necessary corrections as soon as possible. Please note that you don’t need to wait for Accounting Services to distribute June reports. Instead, you can run your own reports as soon as June closes, or view your data through FAST Finance or Web4U Finance self-service. This will allow more time to generate the correcting journal vouchers before the closing period deadline.
A department charging for services such as Telecommunications, Motor Pool, Copy Services, Copier Support, Facilities, and Central Stores must submit uploads for June activity by July 3rd or by July 29th for accrual period entry. Work performed in June must be billed to fiscal 2014.
During the closing/accrual period, both FY14 and FY15 will be open simultaneously. It is important that Departments date Journal Vouchers and uploads 30-Jun-2014 to post to the accrual period of FY14. Using a July date on a JV will post it to FY15.
Contact Mike at x3675 or Diane at x4002 with any questions.
June 9th Last day to submit July 2013-May 2014 payroll redistribution requests
July 9th Last day to submit May-June 2014 payroll redistribution requests
No redistributions to payroll will be accepted after July 9th.
Contact Sheryl at x3040 or Diane at x4002 with any questions.
July 3rd Inventory counts must be completed
July 9th Summary of inventory counts due to Maureen Marshall
Departments having merchandise or consumable inventories with a value greater than $25,000 must take an annual physical count. Inventories at Central Stores, Print Plant, Health Services, Copy Services, Lock Shop, Mail Services, Physical Plant, Associated Students, Bookstore, Student Recreation Center, Chemistry and Telecommunications must be counted as of June 30.
If you have questions about whether or not you need to do an inventory count or if you need help with inventory count procedures, contact Mike Ulrich in Financial Reporting at x3675.
April 30th Purchase forms due for furniture for FY 14 (to be received by June 30, 2014).
April 30th Due date for items under $50,000 that need to be bid or quoted by Purchasing.
May 1st Purchase forms due for all computer orders for guaranteed delivery by June 30.
June 6th Last day to submit purchase forms for all items requiring a purchase order / Purchasing to place (includes large dollar amount purchases if items are under contract and are received by June 30, 2014).
June 27th Departmental Orders / Check Requests under $1,000 due (If delivery can be made by June 30).
Requisitions that must be completed for Fiscal Year 2014 should be forwarded to Purchasing no later than the dates listed above. Requisitions will be processed on a first come, first served basis with consideration for lead times.
Any purchases for goods and services which are to be applied to the current budget year must be received on campus no later than June 30th. Purchases which must be paid against FY 2014 funds should indicate “Old Year” or “FY 2014” in the Comments section of the Purchase Form.
If the order should be charged to FY 2015, indicate “New Year” on the Purchase Form and schedule delivery of the goods after June 30th. If goods are received prior to June 30th, the expenditure will be charged to fiscal 2014 in accordance with generally accepted accounting principles.
Please contact Purchasing (Stacey Maxwell at x3340) if you have questions about a purchase your department is planning.
June 20th Last day for online PCard purchases. Items must be received and charged prior to June 30.
June 24th Last day for in-store PCard purchases. No further PCard use until July 1, 2014.
July 1st PCard available for use with FY15 funds.
July 3rd PCard reconciliations for June activity must be complete.
July 3rd Final 2014 PCard download to Accounting Services
July 28th Journal vouchers correcting PCard charges must be complete and submitted to Accounting Services.
The expenses for goods received on or prior to June 30th will be posted to your current year budget. On July 3, 2014, all FY14 PCard transactions, regardless of whether they are reviewed or approved will be posted to Banner.
Please contact Brenda Ancheta at x2080 if you have questions about PCard year-end procedures.
June 26th Final FY14 Accounts Payable check run.
June 27th Final FY14 check run for Bookstore, Associated Students, and Student Accounts
July 2nd First check runs for FY15
July 9th Last day to return approval letters/submit invoices for fiscal 2014 purchases
Invoices and direct payments will continue be recorded as expenditures in Fiscal Year 2014 if the goods and services have been received prior to July 1st. When sending approval letters to Accounts Payable, please be sure to specify the date received so we can record the invoice in the correct year.
Departments are not to hold onto invoices or misdate approval letters thereby charging them to the incorrect fiscal year. If your department closes during June, please have all invoices sent to Accounts Payable at MS 1420 and designate someone to serve as a Budget Authority to approve invoices for payment.
July 9th Last day to submit fiscal 2014 travel expense reports
Travel that has been completed prior to July 1 must be charged to Fiscal Year 2014.
Expenses for travel which commences on or before June 30 and ends after June 30 will be allocated between the two fiscal years based on the number of days traveled in each year.
Travel that commences on July 1 or later will be charged to Fiscal Year 2015. If you have any questions on this procedure, please contact Cole Whited at the Travel Desk, x3341.
July 18th Open encumbrances will be rolled over to FY15.
All goods and services commitments/encumbrances outstanding (field/purchase orders issued but goods not yet received) at June 30 will be transferred to the new fiscal year in accordance with State Policy.
Departments should begin reviewing commitments now and using the Encumbrance Liquidation/Closure Request form for commitments that will not be used.
June 27th Last day to submit orders for delivery prior to June 30th.
June 30th Central Stores closed for inventory
July 1st First day for deliveries after inventory
Student Business Office
June 30th All checks and cash received must be deposited by 4:00 PM
Please notify the University Cashier if the funds deposited on or before June 30, 2014 are advance payments for activities occurring after June 30, and the Cashier will record the revenue in Fiscal Year 2015.
July 7th Last day to submit invoices for services received by June 30th
All Accounts Receivable must be processed through the University’s general Accounts Receivable system located in Student Fiscal Services. All monies due the University which represent either revenue earned or reductions of expenditures incurred on or prior to June 30, must be recorded in Fiscal Year 2014.
June 30th All petty cash and change funds must be verified by Treasury Services
Treasury Services will be contacting you in late May/early June to schedule a time to verify your petty cash and/or change fund. Please contact Becky Kellow at x3720 with questions.
State Funded Budgets - Fund 10200 (State Operating)
Please take appropriate steps to eliminate deficit balances prior to the fiscal year close, working with your divisional budget officer as necessary. FY14 budgeted funds not spent by fiscal year end closing will be handled per the policy established by the divisional Vice President or the Provost.
The details for budgeting the use of these one-time funds in FY15 are still being finalized, and will be communicated to the divisional budget officers as soon as possible.
Self-Sustaining Budgets (All Other Funds)
For each self-sustaining fund, the ending balance (beginning carry forward balance plus actual revenue minus actual expenditures, plus or minus transfers) will be carried forward into fiscal year 2015 and displayed as the beginning fund balance in FBBS02. The carry forward at the FOAPAL level will be displayed in FAST Finance at the top of the fund balance report.
Requests to adjust the organization or program codes on the carry forward balances in FAST Finance can be made to Accounting Services. These adjustments will be loaded periodically during FY15.
Please direct your questions regarding these budget policies to Linda Teater at x4762.
Questions on fiscal procedure or concerns regarding this information should be directed to Diane Fuller at x4002. Please review your month end reports carefully to ensure your financial information is correct.