2014-2015 Fiscal Year End
Date: April 15, 2015
To: Vice Presidents, Deans, and Budget Managers
Fr: Gerald Hector
Re: Fiscal Year 2014-2015 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, 2015, 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.
All requisitions for ordered goods and services chargeable to the 2014-2015 fiscal year must be submitted and approved through iProcurement in Parnassus by May 1, 2015. 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, 2015 are expenses for the 2015-2016 fiscal year. That should be noted, and tracked accordingly.
- By May 31, 2015, all goods must be in possession of the College or any services completed, and they must be received by the department in Parnassus (iProcurement receiving). 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 2014-2015.
- If departments have last-minute receipts they are unable to receive in Parnassus by May 31, 2015 they should contact Karen Cleveland.
Purchase Order Invoices
- All invoices must be dated on or before May 31, 2015.
- By noon on June 9, 2015, invoices referencing purchase orders must be received by the Accounts Payable office.
- EZPay invoices and Personal Vehicle Mileage Reimbursement Requests must be entered in Parnassus by May 31, 2015.
- EZPay invoices and Personal Vehicle Mileage Reimbursement Requests must be dated on or before May 31, 2015 and the goods or services must be in possession of the College by that date.
- After May 31, 2015 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, 2015, and the goods physically received or services rendered by that date..
- Items acquired using the purchasing card should be purchased by May 15, 2015, as any transactions not submitted to the bank by the vendor by May 31 will be charged to 2015-2016.
- On Thursday, June 4, 2015 the last 2014-2015 purchasing card transactions will be loaded into Parnassus and available for department’s approval on Friday, June 5, 2015.
- All purchasing card transactions must be updated in Parnassus by June 9 at noon.
Travel Reimbursement and Travel Card
- Travel reimbursement requests to be charged to 2014-2015 must be received in the Travel Services office by June 9, 2015, at noon. Travel that overlaps the May 31, 2015 date should be charged to the fiscal year in which the majority of the trip occurred.
- On Thursday, June 4, 2015 the last 2014-2015 travel card transactions will be loaded into Parnassus and available for department’s approval on Friday, June 5, 2015.
- All travel card transactions must be updated in Parnassus by June 9, 2015 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, 2015, 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.
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 or 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