Fiscal Year End

Year End Training Presentation

Calendar of Important Dates - Fiscal 2015

Printable Version

 

May 1 ◊ Purchase forms due for furniture for FY15 (to be received by June 30, 2015).
◊ 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 submit purchase forms for all items requiring a purchase order / Purchasing to place (Items MUST be received by June 30, 2015)
June 9 ◊ Last day to submit payroll redistributions for pay periods prior to May 1st.
June 19 ◊ Last day for online P-card purchases. Item must be received and charged prior to June 30th.
◊ Recommended last day to submit journal vouchers for July 2014 – May 2015 activity/corrections.
June 24 ◊ Last day for in-store PCard purchases. No further PCard use until July 1, 2015.
June 26 ◊ 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 2015 funds.
July 1 ◊ PCard can be used to charge against Fiscal Year 16 funds.
◊ Central Stores open for deliveries.
◊ Banner Finance system down, general ledger roll, open FY16
July 2 ◊ Banner Finance system available.
July 6 ◊ Approved June journal vouchers due to Accounting Services.
◊ June uploads due to Accounting Services.
◊ PCard reconciliations must be completed by 3:00 PM.
◊ Final PCard download.
◊ Inventory counts completed.
July 7 ◊ Last day to submit bills/invoices to General Accounts Receivable for 2015 fiscal year
amounts owed to WWU.*
◊ June closes and accrual period opens.
July 9 ◊ Last day to submit May & June payroll redistribution requests to Accounting Services.
◊ Last day to submit fiscal 2015 invoices and travel documents.*
◊ Year-end inventory counts due to Accounting Services.
July 10 ◊ Last day to submit Fiscal Year 15 Journal Vouchers.
July 17 ◊ Revenue deferrals must be complete.
◊ Last day to submit approved accrual period journal vouchers to Accounting Services.
July 17 ◊ Encumbrance roll.*
July 22 ◊ Final interagency receivable/payable entries to Accounting Services.
July 28 ◊ Last day to submit uploads to Accounting Services.
July 30 ◊ Accrual period closes.
No additional entries will be keyed unless approved by Accounting Services Manager.

* Dates subject to change

Accounting Services

JV’s and Uploads
June 19th Journal vouchers for July 2014-May 2015 activity are due
July 6th Final June adjustment vouchers and uploads are due
July 7th June closes and accrual period opens
July 10th Last day to submit FY15 Journal Vouchers
July 17th Revenue deferral entries due to accounting
July 17th Recommended last day to submit accrual period journal vouchers to accounting
July 28th Approved period 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 2015.

During the closing/accrual period, both FY15 and FY16 will be open simultaneously. It is important that Departments date Journal Vouchers and uploads 30-Jun-2015 to post to the accrual period of FY15. Using a July date on a JV will post it to FY16.

Contact Mike at x3675 or Diane at x4002 with any questions.

 

Redistributions
June 9th Last day to submit July 2014-May 2015 payroll redistribution requests
July 9th Last day to submit May-June 2015 payroll redistribution requests

No redistributions to payroll will be accepted after July 9th.

Contact Sheryl at x3040 or Diane at x4002 with any questions.

 

Inventory
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 in Financial Reporting at x3675.

Business Services

Purchases
May 1st Purchase forms due for furniture for FY 15 (to be received by June 30, 2015).
May 1st 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 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, 2015).

 


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 2015 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 2015 funds should indicate “Old Year” or “FY 2015” in the Comments section of the Purchase Form.

If the order should be charged to FY 2016, 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 2015 in accordance with generally accepted accounting principles.

Please contact Barbara Lewis x3068 or Linda Swanson x2553 in Purchasing if you have questions about a purchase your department is planning.

PCard Purchases

June 19th Last day for online PCard purchases. Items must be received and charged prior to June 30.

 

June 26th Last day for in-store PCard purchases. No further PCard use until July 1, 2015.
July 1st PCard available for use with FY16 funds.
July 6th PCard reconciliations for June activity must be complete.
July 6th Final FY 2015 PCard download
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, 2015, 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.

 

Invoices/Payments

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 2015 purchases

Invoices and direct payments will continue be recorded as expenditures in Fiscal Year 2015 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.

 

Travel

July 10th Last day to submit fiscal 2015 travel expense reports

Travel that has been completed prior to July 1 must be charged to Fiscal Year 2015.
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 2016. If you have any questions on this procedure, please contact Samantha Zimmerman at the Travel Desk, x3341.

 

Encumbrances

July 17th Open encumbrances will be rolled over to FY16.

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.

 

Central Stores

June 26th 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

Cashier
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, 2015 are advance payments for activities occurring after June 30, and the Cashier will record the revenue in Fiscal Year 2016.

Receivables
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 2015.

 

Treasury Services

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.

 

Budget Office

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. FY15 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 2016 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 FY16.

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.

Page Updated 06.25.2015