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Fiscal Year End Information for Year Ending June 30, 2013
Fiscal Year End Information for Year Ending June 30, 2013
Please refer to the sections below for instructions, deadlines and important information relating to fiscal year ending 2013.
Expenses are to be charged to the fiscal year in which the goods or services are received.
Revenues will be recorded in the fiscal year the services or goods were provided.
Check Disbursements - AP will cease printing checks on June 14, 2013 at 2:00 pm. Check printing will resume July 8, 2013. Please submit all payment requests, including all travel expense vouchers for travel completed through the early part of June, 2013 to AP no later than Monday, June 10, 2013 at 4:00 pm to allow sufficient processing time prior to disbursement cutoff.
Invoices - If you have received any invoices for services or goods provided/delivered prior to June 30, 2013, they must be submitted to Accounts Payable as soon as possible but no later than July 12, 2013.
All travel expense vouchers for travel taking place prior to and including June 30, 2013 must reach the Accounts Payable Office no later than the close of business on Friday, July 5, 2013. This will allow sufficient processing time for these expenses to be recorded in Fiscal Year 2013.
All travel starting on or after 7/1/13 must be encumbered in FY 2014. Funds Reservations for travel that will occur on or after July 1 should not be entered until FY 2014 (beginning July 1, 2013), or entered with a posting date of 7/1/13.
If you are submitting an Out-Service Training form to pay the conference fee for a trip on or after 7/1/13, do not encumber it. Send it with the travel approval form to the Budget Office and they will encumber the funds and forward the OS to Accounts Payable.
The cutoff for use of the Purchasing Card for Fiscal Year 2013 is Friday, June 14, 2013. Use of the card may resume Monday, July 1, 2013. Transactions beginning July 1 will be recorded in the new Fiscal Year 2014.
All chargebacks for FY 2013, including chargebacks for the month of June 2013, must be posted in SAP by Friday, July 12, 2013. If you process your chargebacks through Frances Donahoe (using a batch miscellaneous journal entry) or through Deb Newman (using GLSU), please have the information to them by Wednesday, July 10th so that your chargebacks can be posted before the cutoff date. If, after July 12th, you determine that a chargeback for FY 2013 should have been made, please contact Deb at x4574. Please remember that for FY 2013 chargebacks entered on or after July 1, 2013, you will need to make sure your FB50 screen is modified. Please refer to Chargeback Instructions for Fiscal Year End 2013 for instructions.
Delivery Date - Purchase Requisitions and Purchase Orders are encumbered in the fiscal year the delivery date falls. The delivery date needs to be the date you actually expect to receive the item or service. For any item/service that will not be received until after 6/30/13, a delivery date of 7/1/13 or later must be used. Funds must be encumbered in the fiscal year the expense will be posted against budget. Please do not use a 6/30/13 or prior date for the purpose of using up available FY 2013 budget.
The posting date on goods receipts and invoice receipts determines which fiscal year the expense is charged, and the invoice receipt (IR) entered by A/P MUST be in the same fiscal year as the goods receipt (GR).
Last day to post FY 2013 activity in MM/AP modules is July 19, 2013. This includes MIGO, MIRO and FB60 transactions. All items physically received on campus prior to 7/1/13 must be received in SAP by COB 7/19/13. Please see Fiscal Year End Instructions FY 2013 for complete details.
The last day to post FY 2013 journal entries is July 19, 2013. Please refer to FB50 Instructions for Fiscal Year End 2013 for important information regarding creating FY 2013 entries and modifying the FB50 screen to accommodate FY 2013 entries made after June 30, 2013.
Accrual Entries - please use the GLSU Accrual Template when creating reversing entries (accruals, prepaid, receivables, etc.). All accrual entries using the template need to have "05" (make sure zero is not dropped) as the reversal reason and 7/1/13 as the reversal date. The documents will be reversed out when the F.81 is run for FY 2013.
All miscellaneous deposits received for services or activities that occurred prior to July 1, 2013 must be received in the Finance and Business Services department prior to July 19, 2013 so they can be recorded as a FY 2013 revenue/receivable.
All open department funds reservations should be reviewed by the close of business Friday, June 14, 2013 to determine if they should be closed or submitted for payment. Please see Year-End Check Funds Reservations for instructions on how to view or cancel open reservations.
Funds Reservations for Services - FRs for services that are expected to be received on or after July 1 should not be entered until FY 2014 (beginning July 1, 2013) or entered with a posting date of 7/1/13.
Budget Deficits - transfers must be entered to cover any deficit at the summary level of Other Expenses, Utilities and Leases-Real Estate. In general it is not necessary to cover deficits that occur at the individual six-digit commitment item or in the personnel area. To identify deficits, please use SAP reports or the Business Intelligence (BI) Budget Report.
The last day to enter budget transfers (pre-posted documents) between funds centers that are in different funds (to cover overall operating budget deficits) is July 19, 2013. The last day to enter budget transfers (pre-posted documents) between funds centers that are in the same fund is July 23, 2013.
Commitment items - all open commitment items (Purchase Requisitions, Purchase Orders, Funds Reservations), along with related budget, will be carried forward July 27-28, 2013 to FY 2014 budget.
Residual budget balances (available amounts remaining in FY 2013 after all expenditures have been posted) - carryforward to new budget year FY 2014 will begin on August 3, 2013 for the following funds centers (this may take up to two weeks to complete): EandG General Fund (FC 1011), EandG Special Programs (FC 1012), EandG Self Supporting (FC 1013), Academic Enhancement (FC 1013) and Auxiliary (FC 102x). Please reference FY1314 New FY and FYE 1213 Budget Instructions for details on the carryforward process and information on where all funds centers carryforward.
Vartan Way will have all pay accruals posted by July 5, 2013. For FY 2013, the accrual is based on Pay 14 and will be for 26-Pay Faculty only. Due to the pay period end date for Pay 14 being the last Friday in June, there will be no split accrual for hourly employees. Therefore, timekeepers and payroll personnel will have the entire processing period through July 5th to enter time for hourly employees.
For FY 2013, Pay 14 is the payroll that has the liability that crosses fiscal years. Please see Pay 14 Correcting JE Instructions if you need to make corrections to the Pay 14 expense postings.
FY 2013 Audit
Preliminary audit - June 3 - June 7, 2013.
Final audit - August 8 - August 21, 2013.
First FinRpt submission is due Saturday, August 10, 2013.
Final FinRpt submission is due Saturday, August 31, 2013.