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Fiscal Year End Information

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Accounts Payable | PCard

ACCOUNTS PAYABLE INFORMATION:

As we approach FY10 Year end, please review the following general procedures that need to be followed.  If you have any questions specific to your department, please contact the Purchasing Department and we will endeavor to assist you.

Purchasing:

General Accepted Accounting Practices stipulate, goods and services received in one fiscal year must be paid in that fiscal year. 

Requisitions/Receipts: 

  • Requisitions must be created for goods and services received in FY10 no later than 6/30/2010
  • If goods or services are received in FY10 and the receipt is entered in PeopleSoft after 6/30/2010, please change the receipt date (Located in the header details) to 6/30/2010

Encumbrances:

Encumbrances on expense accounts are commitments to pay current year funds.  They generally indicate a commitment with an outside vendor to purchase goods or services during the current fiscal year.  Encumbrances affect your overall position and keep you from spending available funds. 

  • Encumbrances should be liquidated if all payments have been made to the vendor
  • Encumbrances may be removed by sending a request to your buyer via email.
  • If the encumbrance is not removed, the purchase order and encumbrance will move forward to FY11. Please note, when an encumbrance moves forward, it does not also move funds forward. Funds to pay the amount encumbered will come from the amounts you have in the FY11 budget.

Accounts Payable:

Submit invoices and check requests to Accounts Payable as soon as possible but no later than Wednesday, July 14, 2010.  All invoices processed AFTER June 30th for items received in FY10 will be charged to FY10 during the first two weeks of July. 

If possible, please defer entering purchase requisitions for FY11 until after July 1st, so that FY11 order are not needlessly encumbered in FY10.

If you have any questions please feel free to contact:   

June Baldacci,   Mike Noblet,   Rick Guthrie, or   Kelly Bannen

 

PCard INFORMATION: