Fiscal Year End

June 30, 2021 will be the last day for fiscal year 2021, and fiscal year 2022 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 May 25th, 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 (2021).  In accordance with standard procedure, payments to be charged to FY 2021 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 2021 invoices as soon as possible.

Payments to be charged to FY 2022 (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 2022, and “FY 2022” 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 good 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 Accounts Payable, along with the budget code the transaction will be expensed to in FY 2022.  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 next month 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 2022 invoices until after 6/30/21.  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 2022 before June 30th as long as payment occurs after June 30th.  Contact Donna Martell to initiate the process of opening up FY 2022 budget codes for purchase order creation.

Thank you for helping us accomplish a smooth transition between fiscal years.  Please contact Carol Palmer at extension 5570 if you have any questions.