Controller s Office General Accounting Fiscal Year End Deadlines and Guidance. June 9, 2016

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1 Controller s Office General Accounting Fiscal Year End Deadlines and Guidance June 9, 2016

2 Discussion Topics Fiscal Year End Reminders Accounts Payable Deadlines Travel Deadlines Journal Entry Deadlines Cash/Travel Advances and Settlements Payment Request Matrix Recurring Payments/Leases General Topics

3 Fiscal Year End Begin now Send invoices in as soon as you get them Start clearing POs and begin planning what you will need next FY Review your ledgers to determine if journals need to be made for corrections

4 Fiscal Year End Invoices and Match 400+ invoices on Match Exceptions most no receipt Check to be sure you have received goods/services and respond within two (2) days if you receive an

5 Purchasing Deadlines Requisitions May 31, Deadline to submit for FY Process all invoices after May 31 st using Payment Request in PS or use an existing Purchase Order Purchasing Card and Team Travel Card Follow deadlines established by Procurement for P-Card reconciliations Allocation to in Works by June 28 th at 4:30pm Purchasing Allocation/Payment to AP by June 29 th at 3:30pm

6 TRVs TAs Travel Deadlines June 16, Deadline to submit for FY TRVs Closeout all FY TAs unless there is travel to filed in July.

7 Accounts Payable June Deadlines Invoices for month end June June 27, Deadline to submit for June Payment Requests** June 27, Last day for Payment Request to submit for June and for FY **AP will continue to process as much as possible in PR through June 30th but we will guarantee if submitted and in the AP Approval que before June 27 th then it will be FY

8 Accounts Payable Year End Match Exceptions Deadlines June 30, 2016 All Match Exceptions must be cleared for payment by 3:30pm Ensure you are following up on all Match Exceptions and working with AP staff to clear those Budget Exceptions June 30, 2016 All Budget Exceptions must be cleared for payment by 3:30pm Ensure you are following up on all Budget Exceptions and working with AP staff to clear those

9 RQs General Accounting Deadlines June 27, Deadline to submit RQs for FY Cash/Travel Advance Settlements June 27, 2016 Submit all Cash/Travel Advance Settlements even partial settlements for FY Cash Advance Settlement Procedure can be found and must be submitted to cashadvance@sc.edu

10 General Accounting Journal Vouchers Deadlines July 13, Deadline to submit Journal Vouchers for FY Ensure you note in the comment field JV is for FY Journal Entries July 13, Deadline to submit Journal Entries for FY Ensure you note in the comment field JE is for FY Submit JE in PeopleSoft and staff will ensure the JEs are posted back to FY

11 Journal Entry & Voucher Status 200+ JEs in first five(5) business days 100+ JVs in first five (5) business days Tremendously high volume Be patient!!

12 Payment Request Resources Controller s Website General Accounting Forms, Matrix, General Information Tremendously high volume Be patient!!

13 Recurring Lease Payments Office Space Set up as a Recurring Voucher Payment according to lease No Purchase Order needed No Invoices needed New leases must be reported to the Controller s Office immediately We will be establishing a procedure for recurring leases in coordination with Facilities

14 Other Recurring Payments Recurring payments over a period of 6 months or longer that are the same amount Set up as a Recurring Voucher Payment No Purchase Order needed No Invoices needed Review payments to determine if you have any recurring payments that might qualify Notify the Controller s Office by end of May for any recurring payments that need to be established for next fiscal year

15 General Accounting Resources Controller s Website General Accounting: Procedures and Forms for many processes with more being added by the beginning of the Fiscal Year.

16 General Accounting Resources Contact Us: General Accounting Contact General Accounting for questions regarding: * Journal Entries * RQs * Banking Transfers * Assets * Capital Projects * Tax * Journal Vouchers * Endowments * Team Travel * International Suppliers and Sales Use Tax Returns. Accounts Payable and Travel Contact Accounts Payable for questions regarding: * Vendor Payments * Payment request * AP Uploads * Refunds * Travel Supplier Maintenance Contact Supplier Maintenance for questions regarding: * W-9 * New Suppliers * W-8 * Changes to Supplier Address: generalaccounting@sc.edu Address: accountspayable@sc.edu Address: apsupplr@mailbox.sc.edu Additional Contact Us s for Tax will be established.

17 QUESTIONS

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