As we approach the end of fiscal year 2012/13 on June 30, financial services would like to provide you with important dates and guidelines that will assist you in planning appropriately. Although financial processes cannot stop because of fiscal year end, the required cut-off dates are necessary to accurately record financial transactions in the proper fiscal year in accordance with generally accepted accounting principles and audit guidelines. In order to have a smooth transition closing out fiscal year 2012/13, it is important that we strictly adhere to the following timeline.
Remember, if financial transactions are not fully completed by the cut-off dates, the expense or obligation will carry over to fiscal year 2013/14 without additional funding. Funds that are not expended by fiscal year end are considered part of “fund balance.”
Purchase Orders (POs)
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, POs, and travel) showing an encumbered amount. Instructions on how to process this Banner report and a FGROPNE sample report can be found in Atlas under the Finance or Budget tab within the “Other” section on the right side of the web page. 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 firstname.lastname@example.org or at extension 3303.
Contact the Procurement Office at Valenciaprocurement@valenciacollege.edu or at extension 5532, should you need an encumbrance canceled, or have any general 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 email@example.com or at extension 3311.
In order to ensure that goods and services are received by June 30, 2013, POs for Fund 1 will not be issued after June 21. Please note that you may use your procurement card (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 below in the Procurement Cards section. Purchase orders will be issued on an exception-only basis after June 21. Contact the procurement office for additional details.
Open POs will be rolled forward to fiscal year 2013/14 on July 10. In general, your 2013/14 budget will not be increased to include prior year POs.
Procurement Cards (P-Cards)
The P-Card transactions downloaded on July 3 (posted to PaymentNet between June 24 and June 28) and July 10 (posted to PaymentNet between July 1 and July 5) with a June transaction date will be charged to fiscal year 2012/13. P-Card transactions included in the July 10 download with a July transaction date will be posted to fiscal year 2013/14. Transactions posted to PaymentNet after the July 10 download will be charged to fiscal year 2013/14 regardless of the transaction date.
Electronic Time Sheets
Web Time Entry time sheets for part-time, hourly and student employees for hours worked the weeks of June 2 through June 15 must be submitted online by June 19 and approved by June 21 to pay on July 5. Web Time Entry sheets for the weeks of June 16 through June 29 must be submitted online by July 3 and approved by July 5 for the July 19 payroll. Any late paper timesheets for any of these dates (received after July 5) will be charged to the 2013/14 fiscal year budgets.
Requests for travel reimbursement must be received in accounts payable (mail code DTC-3) by Friday, June 14 to ensure these payments are recorded in fiscal year 2012/13. Travel occurring June 15 through June 30 will be handled on an exception-only basis.
An invoice signed by the budget manager or designee, indicating that goods or services were received on or before June 30 and an authorizing payment must be submitted to accounts payable by July 8 for the expenditure to be charged to fiscal year 2012/13. 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, remember to 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.
All money received that should be credited to fiscal year 2012/13 must be turned into one of the college’s Business Office locations by the end of business day (12:00 p.m./Noon) on Friday, June 28.
To record a transaction in fiscal year 2012/13, the last day to request reimbursement from the Business Office is Friday, June 28, 2013 by noon. Please do not accumulate numerous petty cash receipts, since reimbursements are limited to $75. Petty cash processing for fiscal year 2013/14 will resume on Monday, July 1, 2013.
After June 30, budget amendments for fiscal year 2012/13 must be sent from the budget manager to Vilma Miller-Flores, budget specialist or April Shelton, budget specialist for processing. You may begin entering electronic budget transfers for fiscal year 2013/14 on Monday, July 1, 2013.
You may begin entering requisitions for fiscal year 2013/14 on Monday, July 1.
For your convenience, this memorandum is also available in Atlas under the Finance tab. If you have any questions regarding the fiscal year end closing process or timeline, please contact Jackie Lasch, assist vice president of financial services, at firstname.lastname@example.org or at extension 3302.