Accounting sets schedule for accounts payable, reports

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Accounting sets schedule for accounts payable, reports

Please note the following deadlines and information with regard to the FY 2004 closing. Please make sure this information is distributed to everyone in your area who processes items for payment.

Accounts Payable

Non-appropriated Funds including Foundations funds (all funds except 02) – If the goods and services are received and invoiced as of Wednesday, June 30, all paperwork and invoices must be in Accounting no later than 4:30 p.m. Thursday, July 15, to be processed against FY 2004.

Appropriated Funds (02) – as indicated in prior memos, the final cut-off in Accounting for acceptance of invoices and merchandise on appropriated funds will be Thursday, Aug. 5.

Interdepartmental Sales Journals

All FY04 interdepartmental sales journals for goods and services between university departments must be sent to the Accounting Office GroupWise Inbox no later than 4:30 p.m. Thursday, July 15, and clearly indicate FY04.

Items received after that date will be posted FY05.

Journal Vouchers

Journal voucher transactions submitted by departments which cross funds (involves more than one fund, for example 02 & 41), must be submitted by June 24 if they relate to transactions posted prior to June 1. Those transactions posted during June may be reclassified to another fund through July 15.

Year-End Dating Conventions

In order to include all final FY 2004 activity in a single Period 12 report for each cost center, our dating conventions will be as follows:

Activity Through-Date = Accounting Date

6/28/2004-6/30/2004 = 6/28/2004
7/01/2004-7/31/2004 = 6/29/2004
8/01/2004-8/31/2004 = 6/30/2004

Report Schedule for Period 12 of FY 2004

In order to provide departments with regularly updated information, Financial Summary Reports and all detail reports will be produced weekly during the months of July and August and loaded to the Web by Thursdays if possible. Report “as of” dates will reflect the year-end dating conventions listed above.

Tentative Report Schedule for Periods 1 and 2 of FY 2005

During July and August, Financial Summary and all detail reports will run weekly. They will usually be loaded to the web by Tuesdays. Following the above procedures will allow for an improved year-end closing.

5-17-04