In light of fiscal year end processing and the upcoming Independence Day weekend, please ensure all funds received by June 30th are deposited and received in the Bursar’s office by the end of the workday Friday, July 1st if not sooner. The Bursar’s office staff will be available until closing Friday, July 1st to accommodate these deposits. The University and Financial Institutions will be closed Monday, July 4th. We will attempt to process any “last minute” or emergency deposits by 9:00 a.m. Tuesday, July 5th . All deposits must be dated no later than June 30th for this fiscal year. It is crucial that deposits are credited and processed in the correct fiscal year. Please also remember that the posting date for ZAP entries must be changed to June 30, 2022 to be included in this fiscal year activity. The below reminder is included for reference.
Campus Colleagues –
It is that time of year again. Accounting Services, Budget & Finance, Bursar and Procurement & Contract Services are working diligently to process the many diverse documents each of us receive from the campus. The information below is a listing of important dates, reminders and procedures pertaining to the Fiscal Year-End close process.
Items which are to be included in the current year’s activity, including travel, petty cash, transfer vouchers and invoices must be received for processing by the close of business, July 6, 2022. Please make sure any FY 21-22 documents submitted for e-processing through ZAP_ENTRY between July 1 and July 6 have a POSTING DATE of June 30, 2022 when entered. The signature approval date should also be June 30 or before. Items entered on or after July 1, 2022 will be charged to the new fiscal year if the posting date is not changed to June 30, 2022. Invoices scanned and sent via email should have FY 21-22 written on the top right hand corner and include FY 21-22 in the subject line. All invoices that are requested to be processed in FY 21-22 must have an invoice date of June 30, 2022 or earlier, there are no exceptions. Travel ending July 1, 2022 or later will be charged to the new fiscal year, FY 22-23.
Department deposits dated by June 30, 2022 and received in the Bursar’s Office by noon July 1, 2022 (Due to the Independence Day Closing) will be processed in the current fiscal year. Funds received by June 30, 2022 must be receipted as of June 30, 2022. The IRIS document and deposit slip must clearly indicate it is a FY 21-22 deposit. Funds received and deposited July 1, 2022 or later will be credited to the new fiscal year 22-23.
Petty cash funds should be reconciled to ensure the cash on hand and expenditure receipts equal the amount of the petty cash fund. Please document your reconciliation.
Please remember that our objective is to record all revenues, disbursements and encumbrances in the proper fiscal year. In view of our volume and the diversity of transactions, we urge you to arrange for frequent submission of items to reduce the volume of transactions on the final submission date.
All departments must register any accounts receivables with the Budget & Finance Office. Write off requests must first be approved by the department head and then forwarded to Audit Management for review. All write off requests must be received in the Budget & Finance Office or Controller’s office for year-end processing by July 8, 2022.
The June cutoff date for purchases made by departmental procurement cards will be June 24, 2022. The final date to distribute charges for June purchases will be July 12, 2022, or the default account will be charged. Procurement card purchases made after the billing cycle ends willbe charged to the new fiscal year.
If you need additional information to plan year-end activities, please contact the appropriate office.
Thank you.
Vanasia
Vanasia C. Parks
Sr. Associate Vice Chancellor for Business Services
423-425-4343