Year End Closeout FY2007
Accounts Payable
Date 06/21/07
Accounts Payable
Requirements for Year End:
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Invoice/voucher due dates
On-line documents set up for
Encumbrances and Payables
How to clean up Encumbrances on your
accounts
Procurement card purchases /
reallocations
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Invoice/Voucher Due Date
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All invoices/travel documents along with any
corrections are due in Accounts Payable by 5 pm
on August 20th.
All work received by this date is guaranteed to be
worked by year end.
AP will continue to process legitimate Rushes.
For exceptions contact Clint Merritt c-merritt@tamu.edu.
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On-Line DocumentsEncumbrances
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Encumbrances are items or services that have been
ordered as of Aug 31st, but have not been received.
To record an encumbrance set up a document in FAMIS.
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Exempt purchases will be set up on screen 235-237
Delegated purchases that are not exempt will be set up on
screen 240-242
Requisitions entered or requisitions converted to a PO are
already encumbered
This encumbrance will carry forward to the next fiscal
year.
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On-Line DocumentsPayables
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Payables are obligations for goods or services that have
been received as of August 31st, but not paid.
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To create a payable do receiving on the document
(encumbrance) already created in FAMIS
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Receiving to be done on screens 321-326
FAMIS will run the program YER217 on August 31st to
convert these encumbrances into payables.
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FAMIS will post this as an expense on the SL and a payable on
the GL in FY07 and then reverse in FY08 to set the encumbrance
in FY08.
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Cleaning up Your Account
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We want to make sure that you’re reporting accurate
information.
Go to screen 21 in FAMIS to check your Open
Commitments.
Check to see if receiving has been done on each
document. If so, this will create a Payable. (YER217).
Research each Open Commitment to see if you still need
those funds encumbered.
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FAMIS Screen 21
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Cleaning Up Your Account
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For those documents that are set up in FAMIS and no
longer need to be encumbered:
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Go to screen 243 for Limited or to screen 238 for Exempt
Then complete the Purchase Order. This will release those
remaining funds back into the original account.
If related to a P document then contact the appropriate buyer in
Purchasing at 5-4570.
Any discrepancies that can not be cleared should be
reported to Clint Merritt c-merritt@tamu.edu
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FAMIS Screen 243
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Purchasing Card Purchases
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Transactions between August 7th - August 31st will be a
recorded on your account in August as an AFR entry.
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All purchases will default to 6250, but reallocations
should be made by 5 pm Sept 3, 2007.
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Since these are AFR entries they will reverse in
September and you will be able to reallocate by the
September deadline as normal.
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For questions call Geoff Spahr at 862-1341 or via email
gspahr@tamu.edu.
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Accounts Payable
Year End Summary
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Use the on-line purchasing system (FAMIS) to
encumber funds and record payables.
Check your Open Commitments and clean up
the encumbrances on your accounts.
Reallocate Purchasing Card Transactions by 5
pm September 3rd.
Invoices are due in AP by 5 pm on August 20th.
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Contact Clint for exceptions regarding this deadline.
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