2011-12 Fiscal Year Closing Guidelines

As we approach the end of fiscal year 2011-12 on June 30, the financial services department would like to provide you with important dates and guidelines that will assist you in planning appropriately. Although financial processes cannot stop because of the end of the fiscal year, the required cut-off dates are necessary to accurately record financial transactions in accordance with generally accepted accounting principles and audit guidelines.

In order to have a smooth transition in closing out fiscal year 2011-12, it is important that we strictly adhere to the following timeline.

Budget Amendments
After June 30, budget amendments for fiscal year 2011-12 must be processed from the budget manager to Nicoleta Brandolini, director of budget/analysis, Vilma Miller-Flores, budget specialist, or April Shelton, budget specialist.

You may begin entering electronic budget transfers for fiscal year 2012-13 on Monday, July 2. Please address budget amendment questions to Nicoleta at extension 3309, Vilma at extension 3340, or April at extension 3324.

Cash Receipts
All money received that should be credited to fiscal year 2011-12 must be turned into one of the college’s business office locations by the close of business (COB), Friday, June 29. Please note: COB is at noon on Friday due to the summer work schedule.

Electronic Time Sheets
Web time entry timesheets for part-time hourly and student employees for the weeks of June 3 through June 16 must be submitted online by Wednesday, June 20 and approved by Friday, June 22 for the Friday, July 6 payroll.

Timesheets for the weeks of June 17 through June 30 must be submitted online by Tuesday, July 3 and approved by Friday, July 6 for the Friday, July 20 payroll.

Petty Cash
To record a transaction in fiscal year 2011-12, the last day to request reimbursement from the business office is Friday, June 29 by noon. Please do not accumulate numerous petty cash receipts, since reimbursements are limited to $75. Petty cash processing for fiscal year 2012-13 will resume on Monday, July 2.

Procurement Cards (P-Cards)
P-Card transactions downloaded on Thursday, July 5 (posted to PaymentNet between June 25 and June 29) and Wednesday, July 11 (posted to PaymentNet between July 2 and July 6) with a June transaction date will be charged to fiscal year 2011-12.

P-Card transactions included in the July 11 download with a July transaction date will be posted to fiscal year 2012-13. Transactions posted to PaymentNet after the July 11 download will be charged to fiscal year 2012-13 regardless of the transaction date.

The last day for on-line ordering from Office Depot will be COB on Monday, June 25. Any orders after this date will be canceled. Office Depot on-line ordering for fiscal year 2012-13 will resume on Monday, July 2.

Purchase Orders
Procurement highly recommends that you run the Banner report FGROPNE Open Encumbrance Report for your organization(s) to determine the status of all encumbrances (requisitions, purchase orders, and travel encumbrances) showing an encumbered amount.

Instructions on how to process this Banner report and a FGROPNE sample report can be found in Atlas on the Finance or Budget tab under the “Other” section on the right side of the webpage.  These documents are named “Instructions for Running Banner Open Encumbrances Report” and “FGROPNE Report Sample.” If you need additional help, please contact Brian Bastin, functional IS support specialist, at bbastin@valenciacollege.edu or at extension 3303.

Contact the procurement office at Valenciaprocurement@valenciacollege.edu or at extension 5532 should you need to cancel an encumbrance, or have any questions in reference to General Operating (Fund 1) encumbrances. For grant-related (Fund 2) encumbrances, please contact Judy Jackson, director of restricted fund accounts, at jjackson90@valenciacollege.edu or at extension 3311.

To ensure that goods and services are received by June 30, purchase orders for General Operations (Fund 1) will not be issued after Friday, June 22. Please note that you may use your P-Card until the last day of the fiscal year (June 30), but transactions will be posted to the budget year in accordance with the procedures described above in the P-Card section. Purchase orders will be issued on an exception only basis after June 22. Contact the procurement office for additional details.

Open purchase orders will be rolled forward to fiscal year 2012-13 on Tuesday, July 10. As a standard, your 2012-13 budgets will not be increased to include prior year purchase orders.

You may begin entering requisitions for fiscal year 2012-13 on Monday, July 2.

Travel Reimbursement
Requests for travel reimbursement must be received in accounts payable (mail code DTC-3) by Friday, June 15 to ensure these payments are recorded in fiscal year 2011-12. Travel occurring between June 16 and June 30 will be handled on a case-by-case basis.

Vendor Invoices
An invoice signed by the budget manager or designee, indicating the goods or services were received on or before June 30 and authorizing payment, must be submitted to accounts payable by Monday, July 9 for the expenditure to be charged to fiscal year 2011-12. Payment will not be processed from “pro-forma” invoices. Please forward all invoices immediately to accounts payable (mail code DTC-3) for processing.

When ordering goods or services, please allow sufficient time for goods and services to be received and invoiced by June 30. This is especially critical for grants with a June 30 closing date.

A copy of the 2011-12 fiscal year closing guidelines may be found in Atlas under the Finance tab.

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