Fiscal Year End

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  3. Fiscal Year End

KEY DATES TO CLOSE OUT FISCAL YEAR

  • Sunday June 30 – last day of our fiscal year.
  • Friday, June 28 - last day to get purchase orders issued for June
  • Monday July 8 by 4pm – last day to get invoices to Accounts Payable for FY 24
  • Upcoming scheduled check runs:  June 21, June 28, July 12

Please remember that payments for goods and services received by June 30th will be expensed to the current fiscal year (7/1/23 - 6/30/24, FY 24) 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 2025).  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 Monday, July 8th at 4 PM.  The invoices will be paid in July but charged to the fiscal year ending 6/30/24.
Please contact accoutspayable@stlawu.edu if the due date for an invoice falls after June 30th but is to be expensed to FY24.

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 FY25, 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 4th & 5th.  ACH payments for that week will occur on Monday, July 8th.  The deadline remains Monday, July 1 at 4 PM.

Please remember – any goods RECEIVED after June 30th will be expensed to FY25, the ORDER date is irrelevant. The received date is the expense date.

Payment Process through June 30th:

Payment for goods and services received by June 30th will be expensed to the current fiscal year (2024).  In accordance with standard procedure, payments to be charged to FY 2024 should be entered 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 upon receipt of goods or completion of services.  Please try to process any FY 2024 invoices as soon as possible.

Payments to be charged to FY 2025 (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 using the prepaid account 1-00-00-00000-15500 and adding the account to be charged to the comments section of the voucher or requisition that the expense is for FY 2025, and “FY 2025” noted in the e-mail that is sent to Accounts Payable.  If you do not have access to this budget, AP will manually code the payment to a prepaid account, and charge the appropriate budget code in July.

Invoices received for FY24 after June 30th, please contact accountspayable@stlawu.edu
or procuremetn@stlawu.edu for further instructions.