2013 Fiscal Year-End Deadlines and Procedures
The University’s fiscal year will end on June 30, 2013, at which time the Financial Accounting Department will begin to
prepare for the University’s annual audit and financial statement completion. To ensure the proper recording of expenses
in compliance with Generally Accepted Accounting Principles (GAAP) and a timely closing process, the following yearend deadlines and procedures have been developed.
Important Year-End Deadlines:
Process:
Submit to:
Deadline:
Purchase Requisitions
Purchasing
Friday, May 24th
P-Card Charges – Goods & Services
Charged to card
Wednesday, June 19th
P-Card Charges – Grants Purchases
Charged to card
Wednesday, June 19th
P-Card Charges – Travel
Charged to card
Wednesday, June 26th
Travel & Expense Voucher (TEV)
Accounts Payable
Monday, July 8th
Order for Check (OFC)
Accounts Payable
Monday, July 8th
Interdepartmental Transfer (IDT)
Financial Accounting
Monday, July 8th
Cash Advance Reconciliation
Accounts Payable
Monday, July 8th
Wire Transfer Request
Accounts Payable
Monday, July 8th
Year-End Procedures:
Purchase Order Requisitions: The deadline for submitting a purchase order requisition is Friday, May 24th to ensure that
goods are received by June 30th. Requisitions should be initiated when a quote for goods or services is received from a
vendor, not held until an invoice is received. Please include a W-9 and Independent Contractor form for new vendors.
Reminder – a minimum of three quotes are required if your purchase is over $5,000. Please plan accordingly.
Open Purchase Orders: Please review all open purchase orders (POs) by going to the fund/org in FGIBDST and
selecting Options, Organizational Encumbrances from the menu at the top of the screen. If the list includes POs that
should be closed, please email a request to close the PO to acctspay@hartford.edu. If the list includes open POs for
invoices that should have been paid, please contact your A/P specialist to ensure invoice is in process.
End of Year Purchase Order Close: All open fiscal year 2013 (FY13) POs will be closed in July, unless notification is
received to roll the PO to fiscal year 2014 (FY14). If the PO goods/services will not be received until FY14, please email
acctspay@hartford.edu with a request to roll the PO. Please be aware that budget funds do not roll with the PO. A separate
request for budget roll can be submitted to the Budget Office for consideration.
Blanket Order Rollovers: Blanket orders will be rolled to on-line requisitions in early June. A listing of requisitions will
be forwarded at which time they may be edited as necessary. Blanket orders can be completed and approved once the
budget has been rolled for FY14; please ensure that any requisitions for the new year created before June 30th have a July
1st date, and include detailed explanation of the commodities being purchased (use of Blanket Order, Maintenance, or
Contracted Services as a description is not acceptable). In addition, please ensure the requester’s email is entered in
order to receive a copy.
For more details or clarification on purchasing related issues, call Purchasing at 768-4007/4009/5514
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Order for Checks (OFCs), Travel and Expense Vouchers (TEVs), Interdepartmental Transfers (IDTs), Cash
Advance Reconciliations, Wire Transfer Requests: The deadline for OFCs, TEVs, IDTs, Cash Advance
Reconciliations and Wire Transfer Requests related to FY13 is Monday, July 8th. Please be aware that payments for goods
and services cannot be submitted on an OFC and should be on a Purchase Order; if beyond the requisition deadline, please
contact Purchasing to determine proper process.
Receipt of Goods and Services: Per GAAP the fiscal year to which goods and services are charged is based on the date
of receipt of the goods or the date services were majorly completed.
P-Card Charges: The deadline for P-Card charges for goods and services is Wednesday, June 19th to ensure that goods
and services are received by June 30th. The deadline for P-Card charges for travel is Wednesday, June 26th to ensure the
charges are processed and included with the June 28th P-Card download from SDOL. Any charges posted to SDOL after
Friday, June 28th will be considered FY14 expenses, unless the charge is over $1,000 and is required to be accrued per the
University’s accrual process detailed below. Please be aware that the vendor’s credit card charge transmittal process can
impact when the charge actually posts to SDOL. For example, if a vendor only transmits credit card payments on
Wednesdays each week, and a department makes a charge payment with them on the last Thursday in June, the charge
will not post to SDOL until the first Wednesday in July, and will be considered an FY14 expense.
University’s Prepaid and Accrual Policy (What fiscal year expenses will be charged to): The University’s policy is to
review all transactions over $1,000 to determine if an expense should be accrued (charged to old fiscal year), or prepaid
(charged to new fiscal year). This policy applies to all types of University payments, including Purchase Order, Order for
Check, P-Card, and Wire Transfer payments.
Determination is based on the date of the expense being incurred, not the date the expense is paid. For example, if a
department pays $2,000 in May for a conference being held in August, the expense will be considered prepaid, and
charged to the department in the new fiscal year. For the accrual process, if a $2,000 invoice is received in July for goods
received or services provided in June, the department will be charged in the old fiscal year. Subscriptions or service
contracts that cross fiscal years will be prorated if the split will be more than $1,000 in each year. This practice is in
accordance with GAAP, and is reviewed during our annual audit; non-compliance could lead to audit findings.
P-Card Prepaid: Financial Accounting Services (FAS) applies the University’s prepaid policy to P-Card
transactions. However, for departments that wish to have transactions for less than $1,000 treated as prepaid
expenses, FAS will try to accommodate any charges that state “FY14” in the SDOL description.
Grants Exception: Due to the strict expense guidelines of grants, all grant expenses will be charged to the
appropriate fiscal year, regardless of dollar amount. For grants, P-Cards cannot be used after June 19th for any
FY13 expenses, as charges after that date will not post in time for grant reporting deadlines.
For additional information, please contact:
Contact:
Purchasing
Ext.:
Email:
x4007/4009/5514
Contact for:
Requisitions and Purchase Order deadlines,
Blanket Order Rollovers
Bonnie Pepper
x5107
pepper@hartford.edu
OFC, TEV, Cash Advance deadlines, PO
Closeout or Rollover – Vendors A-I
Gail Little
x4897
little@hartford.edu
OFC, TEV, Cash Advance deadlines, PO
Closeout or Rollover – Vendors J-Z
Carol Gasque
x4632
gasque@hartford.edu
Melissa McCaw
x4153
mccaw@hartford.edu
IDT, Wire Transfer and P-Card deadlines,
Prepaid and Accrual Policy
Budget Roll Request
Thank you for your assistance in ensuring an accurate and timely year-end closing process.
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