Fiscal Year End

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  2. Business Office
  3. Fiscal Year End

KEY DATES TO CLOSE OUT FISCAL YEAR

  • Friday June 30 – last day of our fiscal year, and last day to get purchase orders issued for June
  • Tuesday July 11 by 2pm – last day to enter requests for payment and get invoices to Accounts Payable for FY 23
  • Upcoming scheduled check runs:  June 23, June 30, July 7, and July 21

Please remember that payments for goods and services received by June 30th will be expensed to the current fiscal year (7/1/22 - 6/30/23, FY 2023) 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 2024).  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 11th at 2 PM.  The invoices will be paid in July, but charged to the fiscal year ending 6/30/23.

Please refer to the Business Office website for details on policies and procedures.  Invoice backup must be emailed to accountspayable@stlawu.edu and not physically sent to the Business Office.  For FY23, we will continue a schedule of processing manual checks on a bi-weekly basis while Direct Deposit and Supplier Pay payments will continue to be made weekly.  The Business Office will be closed July 3rd & 4th.  ACH payments for that week will occur on Friday, July 7th.  The deadline remains Tuesday at 2 PM.

Payment Process through June 30th:

Payment for goods and services received by June 30th will be expensed to the current fiscal year (2023).  In accordance with standard procedure, payments to be charged to FY 2023 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 2023 invoices as soon as possible.

Payments to be charged to FY 2024 (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 2024, and “FY 2024” 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 2023 purchases through Tuesday, July 11th.  In order for the expense to hit the appropriate fiscal year, the requester MUST change the request date to “6/30/23” (see below).  If the expense is for FY 2024, 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 2023 is received after the July 11th deadline, please contact Janet Rowe in Accounts Payable.