Fiscal Year End
Calendar of Important Dates - Fiscal 2016
|May 2||◊ Purchase forms due for furniture for FY16 (to be received by June 30, 2016).
◊ Purchase forms due for all computer orders for guaranteed delivery prior to June 30.
◊ Due date for items under $50,000 that need to be bid or quoted by Purchasing (to be received by June 30th).
|June 5||◊ Last day to non-ESM purchase forms for all items requiring a purchase order / Purchasing to place (Items MUST be received by June 30, 2016)|
|June 10||◊ Last day to submit payroll redistributions for pay periods prior to May 1st.|
|June 24||◊ Recommended last day for online P-card purchases. Item must be received and charged prior to June 30th.
◊ Recommended last day for in-store P-card purchases. No further P-card use until
July 1, 2016.
◊ Recommended last day to submit journal vouchers for July 2015 – June 2016 activity/corrections.
|June 27||◊ Last date to submit orders to Central Stores for delivery by June 30th.|
|June 29||◊ Final Fiscal Year 2016 A/P check run.|
|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 2016 funds.
|July 1||◊ PCard can be used to charge against Fiscal Year 2017 funds.
◊ Central Stores open for deliveries.
◊ Banner Finance system down, general ledger roll, open FY17.
|July 5||◊ Banner Finance system available.|
|July 6|| ◊ All Fiscal Year 2016 unapproved journal vouchers will be disapproved by Accounting Services.
◊ June uploads due to Accounting Services.
◊ PCard reconciliations must be completed by 3:00 PM.
◊ Final PCard download at 3:00pm.
◊ Inventory counts completed.
◊ All previously submitted Fiscal Year 2016 travel reports must be fully approved or they will be returned.
|July 7||◊ Last day to submit bills/invoices to General Accounts Receivable for 2016 fiscal year
amounts owed to WWU.*
◊ June closes and accrual period opens.
|July 8||◊ Last day to submit May & June payroll redistribution requests to Accounting Services.
◊ Last day to submit Fiscal Year 2016 invoices.*
◊ Year-end inventory counts due to Accounting Services.
◊ Last day to submit Fiscal Year 2016 encumbrance liquidations.
|July 15||◊ Revenue deferrals must be complete.
◊ Last day to submit Fiscal Year 2016 travel expense vouchers.
◊ Last day to submit accrual period journal vouchers to Accounting Services.
|July 18||◊ Encumbrance roll.*|
|July 22||◊ Final inter-agency receivable/payable entries to Accounting Services.|
|July 27||◊ Last day to submit uploads to Accounting Services.
◊ Last day to approve Fiscal Year 2016 travel expense vouchers.
|July 28||◊ Accrual period closes.
No additional entries will be keyed unless approved by Accounting Services Manager.
* Dates subject to change
JV’s and Uploads
June 24th Journal vouchers for July 2015-May 2016 activity are due.
July 6th All FY 2016 unapproved journal vouchers will be disapproved by Accounting Services.
July 6th June uploads due to Accounting.
July 7th June closes and accrual period opens.
July 8th Disapproved FY 2016 journal vouchers can be resubmitted as 30-JUN-2016.
July 15th Revenue deferral entries due to accounting.
July 15th Recommended last day to submit accrual period journal vouchers to accounting.
July 27th Approved period uploads due to accounting.
July 28th 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 6th or by July 27th for accrual period entry. Work performed in June must be billed to Fiscal Year 2016.
During the closing/accrual period, both Fiscal Year 2016 and Fiscal Year 2017 will be open simultaneously. It is important that Departments date Journal Vouchers and uploads 30-Jun-2016 to post to the accrual period of Fiscal Year 2016. Using a July date on a JV will post it to Fiscal Year 2017.
June 10th Last day to submit July 2015-Apr 2016 payroll redistribution requests.
July 8th Last day to submit May-June 2016 payroll redistribution requests.
No redistributions to payroll will be accepted after July 8th.
Contact Diane at x4002 with any questions.
July 6th Inventory counts must be completed
July 9th Summary of inventory counts due to Accounting Services
Departments having merchandise or consumable inventories with a value greater than $50,000 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 at x3675.
June 29th Final Fiscal Year 2016 Bookstore check run.
June 30th Final Fiscal Year 2016 check run for AP and Student Accounts.
July 5th First check runs for Fiscal Year 2017.
July 8th Last day to return approval letters / submit invoices for Fiscal Year 2016 purchases.
Invoices and direct payments will continue to be recorded as expenditures in Fiscal Year 2016 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. After the close of the accrual period on July 28th, invoices for Fiscal year 2016 expenditures will be tracked and recorded to Fiscal Year 2016 if the total amount is deemed to be material.
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.
Western Marketplace (ESM) Orders
Campus users may continue to use Western Marketplace (ESM) to order items throughout the entire month of June. There is no cut-off or stop date but please be aware of long lead items (computers and furniture). However, in order for items to be paid with current year funds, the item must be physically received on campus no later than June 30th. Items received after June 30th will be processed and paid as a new fiscal year transactions.
Receiving in the Marketplace
Items received on campus prior to June 30th must be received online in Western Marketplace by the end of day June 30th. In any event, if an item is physically on campus June 30th but online receiving was not done in the Marketplace, campus users must enter an internal note indicating that the item was received on campus on or before June 30th. The packing list or receiving documentation must be attached at the header level of the order to back up this receiving date.
If you have questions, please contact Susan Banton at X2430.
May 1st Purchase forms due for furniture for FY 2016 (to be received by June 30, 2016).
May 1st Due date for items over $100,000 that need to be bid or quoted by Purchasing.
May 13th Purchase forms (including ESM) due for all computer orders for guaranteed delivery by June 30.
June 5th 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, 2016).
June 26th Departmental Orders / Check Requests under $1,000 due (If delivery can be made by June 30).
Requisitions that must be completed for Fiscal Year 2016 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 Fiscal Year 2016 funds should indicate “Old Year” or “FY 2016” in the Comments section of the Purchase Form.
If the order should be charged to Fiscal Year 2017, 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 Year 2016 in accordance with generally accepted accounting principles.
Please contact Purchasing (Pete Heilgeist at x3127) if you have questions about a purchase your department is planning.
June 24th 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, 2016.
July 1st PCard available for use with Fiscal Year 2017 funds.
July 6th PCard reconciliations for June activity must be complete.
July 6th Final FY 2016 PCard download at 3:00 pm.
July 17th 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 6, 2016, all FY15 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 25th Final FY15 check run for Bookstore, Associated Students and Student Accounts.
June 26th Final FY15 check Accounts Payable check run.
July 2nd First check runs for FY16.
July 9th Last day to return approval letters/submit invoices for fiscal 2016 purchases.
The expenses for goods received on or prior to June 30th will be posted to your current year budget. On July 6, 2016, all Fiscal Year 2016 P-card transactions, regardless of whether they are reviewed or approved will be posted to Banner. However, these transactions will post to E399/E999 and will need to have a JV created and routed for approval to reflect the proper account code.
Please contact Brenda Ancheta at x3651 if you have questions about P-card year-end procedures.
July 6th All previously submitted Fiscal Year 2016 travel reports must be fully approved or they will be returned.
July 15th Last day to submit Fiscal Year 2016 travel expense vouchers.
July 27th Last day to approve Fiscal Year 2016 travel expense vouchers.
Travel that has been completed prior to July 1 must be charged to Fiscal Year 2016. 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 1st or later will be charged to Fiscal Year 2017. If you have any questions on this procedure, please contact Samantha Zimmerman at the Travel Desk, x3341.
For additional information, please click here for the Fiscal Year End travel announcement.
July 18th Open encumbrances will be rolled over to Fiscal Year 2017.
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 Central Stores open - 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, 2016 are advance payments for activities occurring after June 30, and the Cashier will record the revenue in Fiscal Year 2017.
July 7th Last day to submit invoices to be billed for services provided 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 2016.
June 30th All petty cash and change funds must be verified by Treasury Services.
Treasury Services will be conducting petty cash and change fund audits in the month of June. 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. FY16 budgeted funds not spent by fiscal year end closing will be handled per the policy established by the divisional Vice President or the Provost.
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 FY 17 and displayed as the beginning fund balance.
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, Debbi Baughn x3568, or Keith Lyon x2924. Please review your month end reports carefully to ensure your financial information is correct.