Fiscal Year End | St. Lawrence University Business Office

Fiscal Year End

New years provide new opportunities, and we look forward to starting fresh with a new fiscal year in just a few short weeks.  June 30, 2020 will be the last day for fiscal year 2020, and fiscal year 2021 begins on July 1st.  As we approach this all-important divide, there are a couple of special procedures to keep in mind for purchasing and accounts payable.

***As of June 2nd, all COVID-19 implemented procedures remain in effect.  For a summary, please refer to the Business Office website.***

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 the Business Office, 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 sent to Accounts Payable.  The Business Office will manually code the payment to a prepaid account, and charge the appropriate budget code in July.

Purchasing & Travel Card Transactions:

Any purchases in May or June made with a department purchasing card or individual travel card for goods and services that will not be received or completed until after June 30th should be coded to account 1-00-00-00000-15500 in CentreSuite.  A copy of the receipt or invoice should be e-mailed to Janet Rowe, along with the budget code the transaction will be expensed to in FY 2021.  The Business Office will adjust these purchases to the appropriate budget code in July.

A Note on Travel:

In accordance with generally accepted accounting principles, travel expenses will be charged to the fiscal year (7/1 – 6/30) in which the travel is actually occurring.  Prepayments or deposits for travel taking place in a future fiscal year (including conference registration fees) are allowed, but will be coded to a prepaid account by the Business Office and moved to the appropriate expense account(s) at the beginning of the next fiscal year.  It is important to note which fiscal year the travel will be expensed in for budgetary planning.  Travel that spans across fiscal years will generally be expensed in the year that most of the travel occurs in.

Payment Process after June 30th:

Another e-mail will be sent out in a few weeks to detail these procedures.  Please confirm within your own department any departmental changes to payment procedures over the summer as may be necessitated by staff vacation.  If possible, please wait to process and pay any FY 2021 invoices until after 6/30/20.  We have found that most vendors are willing to accommodate a small delay in payment if necessary to assist us in our year-end close process.  If needed, purchase orders may be issued for FY 2021 before June 30th as long as payment occurs after June 30th.  Contact Donna Martell to initiate the process of opening up FY 2021 budget codes for purchase order creation.

Thank you for helping us accomplish a smooth transition between fiscal years.  Please contact Janet Rowe at extension 5575 if you have any questions.

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 30thPlease 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.

Payment Process before June 30th - Please note:

The Business Office staff recommends that all employees with responsibilities for University accounts review activity posted to such accounts prior to the close of the fiscal year, June 30.  This may be done by logging onto the SLU portal and selecting “Financial Information”, then “Budget Summary”.   Questions pertaining to requisitions and encumbrances should be directed the Purchasing Department and questions pertaining to actual accounting transactions (reported in the column labeled Actual) may be directed to Scarlett Cameron.

Credit Card Purchases and CentreSuite

In order to close FY20 in a timely manner, we are asking to please code all purchasing and travel card transactions in CentreSuite by July 9th.  This is earlier than the usual 20th deadline.  Please note that transactions are generally available to review in CentreSuite within a day or two of occurrence.  Expenses for travel occurring or items received before June 30th will be charged to the appropriate budget for the year ending 6/30/20.  Expenses for travel that will occur or items received after June 30th should be charged to the prepaid expense account 1-00-00-00000-15500.  Please let Janet Rowe know which account these expenses will then be charged to in the new fiscal year beginning July 1.

***The Business Office will be closed on Friday, July 3, for the Independence Day holiday.***

Important Dates

6/30 – last day to enter requisitions ($5k and above) for FY20

7/1 – First day of FY 2021 – remember both fiscal years will be open in the Portal until FY20 is officially closed

7/3 – Business Office Closed

7/7 – All FY 2020 invoices to Accounts Payable to be processed for payment

7/9 – All credit card transactions to be coded in CentreSuite

Please reach out to accountspayable@stlawu.edu with any questions.