KEY DATES TO CLOSE OUT FISCAL YEAR
- Tuesday June 30 – last day of our fiscal year, and last day to get purchase orders issued for June
- Tuesday July 7 by 2pm – last day to enter requests for payment and get invoices to Accounts Payable
- Upcoming scheduled check runs: June 30, July 10, July 17
Please remember that payments for goods and services received by June 30th will be expensed to the current fiscal year (7/1/19 - 6/30/20, FY 2020) even if the payment is made in July. If the item or service is not received until after June 30th, the expense must be recorded in the new fiscal year that begins July 1 (FY 2021). In order for the Business Office to account for expenses in the appropriate year and close the books for the year ended June 30th in a timely manner, we ask that departments process all invoices for items received by June 30th no later than Tuesday, July 7th at 2 PM. The invoices will be paid in July, but charged to the fiscal year ending 6/30/20.
***At present, all COVID-19 processing procedures remain in effect. Please review to the Business Office website for details. Invoice backup should be e-mailed to Accounts Payable and not physically sent to the Business Office.***
Payment Process through June 30th:
Payment for goods and services received by June 30th will be expensed to the current fiscal year (2020). In accordance with standard procedure, payments to be charged to FY 2020 should be entered to the SLU Portal through June 30th with the supporting voucher confirmation/documentation sent to Accounts Payable, or requisition documentation sent to Purchasing for creation of a purchase order. If a purchase order is issued, please remember to accept the PO in the SLU Portal upon receipt of goods or completion of services. Please try to process any FY 2020 invoices as soon as possible.
Payments to be charged to FY 2021 (goods to be received or services to be performed after June 30th) that need to be paid before June 30th should also be processed in accordance with standard procedure, but with a note in the comments section of the voucher or requisition that the expense is for FY 2021, and “FY 2021” noted in the e-mail that is sent to Accounts Payable. The Business Office will manually code the payment to a prepaid account, and charge the appropriate budget code in July.
Payment Process after June 30th – Please note:
Users will be able to enter requests for payment in the SLU Portal for FY 2020 purchases through Tuesday, July 7th. In order for the expense to hit the appropriate fiscal year, the requester MUST change the request date to “6/30/20.” If the expense is for FY 2021, then the requested date should NOT be changed. After submission, the supporting documentation can be forwarded to Accounts Payable in accordance with current procedure. If an invoice for FY 2020 is received after the July 7th deadline, please contact Janet Rowe in Accounts Payable.
For purchases, greater than $5,000 that would normally require a requisition and purchase order, the last day to have a PO issued for FY 2020 is Tuesday, June 30th. Purchase orders should be issued before we receive a good or service, so please do not wait until the last minute. Please contact Donna Martell if you have a purchase for FY 2020 after June 30th that would normally require a PO for special processing instructions.
Payments to be charged to FY 2021 can be processed in accordance with standard purchasing procedures. If you have any questions, please contact Janet Rowe at extension 5575. Thank you for your assistance in helping us close the fiscal year accurately and timely.