End of Fiscal Year 2016-17
May 11, 2017
The current budget year, 2016-2017, will end on May 31, 2017.
The last check run that will include charges to the 2016-2017 fiscal year will be on Friday, June 16, 2017.
All goods and services must be received by May 31st to be included in this year’s spending.
Please submit all invoices and check requests for the 2016-2017 fiscal year to Accounts Payable no later than 12:00 noon on Friday June 9th. All invoices dated on or before May 31, 2017 should be submitted.
Important notice for Purchasing Card Holders:
The last day to make purchases with a college credit card that will be charged to the 2016-17 budget period is May 31, 2017. Purchases made with a P Card after that date will be charged to next fiscal year. Please make your final year-end purchasing plans accordingly. You also must sign-off for your transactions in the Bank of America Works system on-line no later than June 9th, making sure your purchases are coded to the correct budget accounts.
Expenses for 2017-18 (starting June 1) -If the expenses are for items or services that will be charged in May but delivered June 1 or later, the GL object code allocation should be 1810 (xx x xxxx 1810) – IMPORTANT – The actual object (expense) code should be entered in the “Mark Receipt Status” comment box along with the business purpose. This will allow the Business Office to transfer the transaction to the correct account code in the next fiscal year.
Journal Entries and Other Transactions:
Please submit your travel advance expense reports,
requests for interdepartmental charges, corrections of charges and any other
requests for accounting entries for the 2016-17 fiscal year to the Business
Office on or before June 9th.
Examples of entries that should be submitted by the 9th of June are:
- Expense Reports clearing travel advances
- Van Use charges
- Printing charges
- Reclassification of charges or credits to different accounts
- Publication charges
- Strategic Initiative and other discretionary transfers
Director of Accounting Marietta Lawson