Year End Processing

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Offices and Services

Our fiscal year runs from July 1 through June 30. At the end of each fiscal year, we must pay close attention to amounts being paid so that these payments are reflected in the proper fiscal year. 

For financial statement purposes, the date that goods or services are received is the factor that determines which fiscal year to charge. The date the item is ordered and the date the invoice is received are not relevant in determining the fiscal year to be charged. Nor is having excess budget available at the end of the fiscal year.  As a budget manager or requestor, you should plan ahead by using the following guidelines regarding the purchase of goods and services as we transition from one fiscal year to the next.

Payment will be charged to the current fiscal year budget if:

  • Supplies/products are received on or before June 30
  • Services were performed on or before June 30
  • Subscriptions end on or before June 30
  • Travel occurred on or before June 30

Payment will be charged to the new fiscal year budget if:

  • Supplies/products are received on or after July 1
  • Services are performed on or after July 1, even if payment must be made prior to June 30
  • Subscriptions begin on or after July 1, even if payment must be made prior to June 30
  • A trip, conference or travel occurs on or after July 1, even if payment must be made prior to June 30

Services/subscriptions/travel that cross over both fiscal years will be allocated to the fiscal years based on the days related to each year.

Deadline

So that we may prepare the financial statements and be confident that numbers will not change, we will observe the following deadlines:

  • Purchase Requisitions and Expense Reports submitted and approved by July 15 - goods received, services performed, or travel taking place in the prior year may be charged to the prior year.
  • Purchase Requisitions and Expense Reports submitted and approved between July 16 and July 31 will be charged to the new fiscal year, unless the transaction is in excess of $5,000.  Goods received, services performed, or travel taking place in the prior year that exceed $5,000 will be reviewed for proper fiscal year allocation.  
  • Purchase Requisitions and Expense Reports submitted and approved between Aug 1 and 31 will be charged to the new fiscal year, unless the transaction exceeds $25,000.  Goods received, services performed, or travel taking place in the prior year that exceed $25,000 will be reviewed for proper fiscal year allocation.