To print the following instructions, please click HERE for a Word document.
Accounts Payable cutoff procedures for fiscal year ending June 30, 2012
All legacy interface transactions (BRS/SIS; DRA; PHS) fed over to AP on or before the morning of June 28, 2012 will be posted to AP with a June-12 invoice date and will therefore be included in the FY12 general ledger (GL). All supplier invoices received prior to June 28 will be matched to purchase orders ( PO ) up to 1:00pm on Thursday, June 28. Invoice approvals must be completed online before noon. A second check run will be processed for this day so payment dates reflect June, 2011 in AP and GL. Upon completion of the accounting processes and checks being printed, the fiscal offices will be notified when to begin final closing purchase orders for Funds 1, 2 and 9. All fiscal year 12 unapproved or unpaid invoices or invoices with holds will be cancelled. An example of this would be if on-line receiving has not been completed; the invoice will be canceled. If goods have been received but not entered into CFS, the college will approve the invoice, including the date received, and the invoice will be reentered as a "standard pay."
All online receiving for the 2011 fiscal year must be completed by noon on June 28, 2011.
Any items received after noon on June 28 and through June 30 should be itemized and the list emailed to Krys Hammers by
July 2.
On July 2, 2012, Accounts Payable will begin processing supplier invoices pertaining to procurements in fiscal year 12 as “standard pays”. A list of these invoices will be sent to each college contact for appropriate approvals. Each invoice record must have the date of receipt of goods/services, the account code and be approved by the Fiscal Agent or designee. Accounts Payable will be accepting and processing these invoices through the close of business on Tuesday, July 10, 2012. From July 1 through July 12 th supplier invoices will be entered with a June 30th invoice date and will be posted as a FY12 expense in the general ledger. Payments made in July for June invoice dates will indicate a July payment date in AP and will be posted to July in the general ledger.
Accounts Payable will begin processing accruals for procurements prior to June 28, 2012 in which invoices have not been paid. An accrual journal must be prepared and sent to Krys Hammers for posting. The documentation for the journal must indicate date of receipt of goods/services, amount, account number and Fiscal Agent signature. All accrual journals must be received in Accounts Payable by Thursday, July 12, close of business.
Accounts Payable will close for fiscal year 2012 on July 12, 2012.
Invoices for goods/services dated on or before June 30 and received by Accounts Payable after July 12 will be processed as a prior year commitment unless they have been accrued.
A list of Key dates for Accounts Payable Year end is available here.
Future Year Prepayments
Invoices presented for payment in the current year where the majority of the activity takes place in the following year will be processed as Future Year Prepayments. A PO will need to be created and approved that authorizes the prepayment. The invoice (the PO or payment document) will be entered against a Future Year Accrual object code. The PO will then be closed. The expense will be recognized in the future year, and not in the current year. When equal amounts of activity occur in both years, it will be the choice of the purchaser (requisitioner) as to the year in which the expense will be recognized.
