2015-2016 Fiscal Year End

 

MEMORANDUM

Date:               April 5, 2016

To:                  Vice Presidents, Deans, and Budget Managers

Fr:                   Janet Williams, Controller

Re:                  Fiscal Year 2015-2016 Close Out Memo

I want to take this opportunity to remind everyone of College policy regarding expenditures for the balance of the fiscal year, which ends on May 31, 2016, so you can plan accordingly.  At the end of each fiscal year, the college has to ensure that both revenues and expenses are captured in the correct fiscal year. The instructions noted below provides for you some context of what we need to pay close attention to as we get closer to the end of the fiscal year.

Please review the following instructions carefully.  If any of the conditions below are not met, it creates challenges with the timeliness of our annual financial audit, creates unnecessary points of friction as expenses are being researched after the fact, and more severely, the expenditure will be charged to the new fiscal year which is not optimal.
 

IC Marketplace and Parnassus iProcurement

Purchase Requisitions/Orders

All requisitions for ordered goods and services chargeable to the 2015-2016 fiscal year must be submitted and approved through IC Marketplace or iProcurement in Parnassus by May 1, 2016.  No new orders should be entered through IC Marketplace or iProcurement in Parnassus from May 1 through May 31, 2016, for Fiscal Year 2015-2016 unless coordinated with the Procurement Office by contacting Karen Cleveland (274-7341).

This is very important so that the Financial Services staff can make sure that the expenditures are classified to the appropriate fiscal year. For example, payments in the form of deposits for events (i.e. conferences, travel, etc.) that will occur after May 31, 2016 are expenses for the 2016-2017 fiscal year. That should be noted, and tracked accordingly.

Receiving Process for Purchase Orders

  1. By May 31, 2016, all goods must be in possession of the College or any services completed, and they must be received by the department in IC Marketplace or Parnassus iProcurement.  This also applies to project and grant accounts (account numbers that begin with 02, 03, or 06) for goods physically received and services rendered in 2015-2016.
  2. If departments have last-minute receipts they are unable to receive in Parnassus by May 31, 2016 they should contact Karen Cleveland.

Purchase Order Invoices

  1. All invoices must be dated on or before May 31, 2016.
  2. By noon on June 9, 2016, invoices referencing purchase orders must be received by the Accounts Payable office.

Retrofit Orders in IC Marketplace

      Retrofit Orders to pay an invoice (not originally ordered through IC Marketplace) dated on or before May 31, 2016 must be entered and approved in IC Marketplace. After June 1, 2016, prior year invoices can be entered through IC Marketplace until June 9, 2016 at noon.  Please refer to Retrofit Orders to Pay Invoices after June 1 documentation.

EZPay

  1. EZPay invoices and Personal Vehicle Mileage Reimbursement Requests must be entered in Parnassus by May 31, 2016.
  2. EZPay invoices and Personal Vehicle Mileage Reimbursement Requests must be dated on or before May 31, 2016 and the goods or services must be in possession of the College by that date.
  3. After May 31, 2016 contact the Accounts Payable office concerning invoice payments and requests for mileage reimbursement that would normally be processed through the EZPay system.  These invoices must be dated on or before May 31, 2016, and the goods physically received or services rendered by that date.

Purchasing Card

  1. Items acquired using the purchasing card should be purchased by May 15, 2016, as any transactions not submitted to the bank by the vendor by May 31 will be charged to 2016-2017.
  2. On Monday, June 6, 2016 the last 2015-2016 purchasing card transactions will be loaded into Parnassus and available for department’s approval on Monday, June 6, 2016, after 12:00 PM (noon).
  3. All purchasing card transactions must be updated in Parnassus by June 9, 2016 at noon.

Travel Reimbursement and Travel Card

  1. Travel reimbursement requests to be charged to 2015-2016 must be received in the Travel Services office by June 9, 2016, at noon.  Travel that overlaps the May 31, 2016 date should be charged to the fiscal year in which the majority of the trip occurred.
  2. On Monday, June 6, 2016 the last 2015-2016 travel card transactions will be loaded into Parnassus and available for department’s approval on Monday, June 6, 2016 at Noon.
  3. All travel card transactions must be updated in Parnassus by June 9, 2016 at noon.

If there is an extreme emergency that requires entering an operating account (01 Fund) requisition for the new fiscal year prior to June 1, 2016, call Karen Cleveland for special assistance.  It is not necessary to call her for new fiscal year requisitions charged to restricted (02), grant (03), or plant (06) accounts.  New year requisitions for these accounts may be entered normally.

We are targeting Friday, June 10, 2016, as the final closing date for fiscal year 2015-2016.

Please contact Procurement (274-7341), Accounts Payable (274-3808), Financial Services (274-3683), or Travel Services (274-1480) if you have any questions.

Be sure to check funds availability on your accounts (in Parnassus) before creating requisitions in IC Marketplace or iProcurement as well as EZPay payments and before approving credit card transactions in Parnassus.  If there are not enough funds in your account, the transactions will fail.  For help in checking funds availability, refer to the following documents (or contact the Budget Office at 274-3385).

Inquiring on Funds Available User Guide

Reports User Guide