June 2016 Procurement News

2015-16 Purchase Order Close Out

Procurement-News-grove

A message from Rhonda Ulmer, Managing Director, Procurement

The cut-off date for the issuance of new purchase orders in preparation of the year-end close out was Wednesday, June 8, 2016. As stated in the recent communications from Loren Bender, vice president, business operations and finance, all outstanding items on purchase orders must be received and invoiced by Thursday, June 30, 2016.

Procurement will be reviewing purchase orders after June 30 to close out these orders to facilitate year-end closing.

Please follow the guidelines for year-end close out of purchase orders:

Monthly Encumbrance Report: It is important that budget managers review the Monthly Encumbrance Fast Report, which is provided electronically, for their department(s). Budget managers should review each purchase order that is outstanding in order to determine if the vendor should be contacted, the purchase order should be closed or if the purchase order may need to be rolled over to next year.

Vendor Communications: If you had not received the outstanding item(s) on a purchase order as of Wednesday, June 15, 2016, it is advisable to remind the supplier/vendor of the delivery and invoice deadlines. Some suppliers will advise that they need to revise the promise date.

Closing Purchase Orders: The report will show all outstanding encumbrances along with the purchase order number. Departments can request that Procurement close any outstanding purchase orders now by simply sending an email to Valenciaprocurement@valenciacollege.edu. Please include the vendor name, purchase order and amount in the request.

Roll-Over Purchase Orders: During the budget manager’s review of the open encumbrance report, they may locate a purchase order for a capital project or capital equipment that will not be completed, received and invoiced by Thursday, June 30, 2016. To request a capital purchase order roll over into the next fiscal year, please send an email to the Budget team to request that the purchase order is rolled over. Please include the vendor name, purchase order and amount in the request for a rollover of the purchase order.

Remember, all purchase orders rolled over to next year will be paid from next fiscal year’s funds.

If you have any questions, please send an email to Valenciaprocurement@valenciacollege.edu, or contact me at rulmer@valenciacollege.edu or extension 3861.

Leave a Reply

Your email address will not be published.

Related Posts

    Banner 9: Budget Training Is Now Available on the...

    Monday, November 29, 2021 Banner 9: Budget training is now available on the Valencia EDGE. Completion of this course is required for access to Banner and its respective accounts. The course can be taken by new hires who require access to Banner Finance as well as current users who may need a refresher. Banner 9: Budget  Self-paced […]

    2020-2021 Year-end Closing Guidelines

    Tuesday, April 27, 2021 A Message from Loren Bender, Vice President, Business Operations and Finance As we approach the end of fiscal year 2020-21, Financial Services would like to assist you in best utilizing your remaining funds. Click the button below to read important guidelines regarding the accurate reporting of financial transactions per Valencia College’s policies […]