2013-2014 Fiscal Year End

Year-End Memo

Date:   April 17, 2014

To:                  Vice Presidents, Deans, and Budget Managers

Fr:                   Gerald Hector

Re:                  Fiscal Year 2013-2014 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, 2014, 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.

Purchase Requisitions

All requisitions for ordered goods and services chargeable to the 2013-2014 fiscal year must be submitted and approved through iProcurement in Parnassus by May 1, 2014.  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, 2014 are expenses for the 2014-2015 fiscal year. That should be noted, and tracked accordingly. 

Purchase Orders

  1. By May 31, 2014, all goods/services must be in possession of the College or any services completed, and they must be received and completed 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 and services purchased in 2013-2014.
  2. If departments have last-minute receipts they are unable to receive in Parnassus by May 31, 2014 they should contact Karen Cleveland.

Purchase Order Invoices

  1. All invoices must be dated on or before May 31, 2014.
  2. By noon on June 10, 2014, invoices referencing purchase orders must be received by the Accounts Payable office.

EZPay

  1. EZPay invoices and Personal Vehicle Mileage Reimbursement Requests must be entered in Parnassus by May 31, 2014.
  2. EZPay invoices and Personal Vehicle Mileage Reimbursement Requests must be dated on or before May 31, 2014 and the goods or services must be in possession of the College by that date.
  3. After May 31, 2014 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, 2014, and the goods must be in possession of the College by that date.

Purchasing Card

  1. Items acquired using the purchasing card should be purchased by May 15, 2014 because any transactions not submitted to the bank by the vendor by May 31 will be charged to 2014-2015.
  2. On Thursday, June 5, 2014 the last 2013-2014 purchasing card transactions will be loaded into Parnassus and available for approval on Thursday, June 6, 2014.
  3. All purchasing card transactions must be updated by June 10 at noon.

Travel Reimbursement and Travel Card

  1. Travel must be completed by May 31, 2014 except in the case where a trip overlaps the May 31, 2014 date.  In that case if the majority of the trip occurs before June 1st, it should be charged to 2013-2014.
  2. Travel reimbursement requests for 2013-2014 must be in the Travel Services office by June 10, 2014, at noon.
  3. On Thursday, June 5, 2014 the last 2013-2014 travel card transactions will be loaded into Parnassus and available for approval on Thursday, June 6, 2014.
  4. All travel card transactions must be updated by June 10, 2014 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, 2014, 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 (274-3309), 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