Yearend accounting deadlines are used to record transactions in a specific accounting period, such as the fiscal year ending June 30th, and to prevent transactions that occurred after June 30th from being recorded in the 鈥渙ld year.鈥 Essentially, this means that if an event took place during a certain accounting period, the financial impact must
Ready or not, the fiscal year-end is approaching! That means we must accurately account for the university鈥檚 financial transactions before closing out the fiscal year on June 30, 2024.
Two new expense object codes have been created and are available for use in the finance systems (BCB, CONCUR, EBiz) to enhance the identification of equipment fabricated through approved Sponsored Projects at the University. If applicable, you must begin using these codes effective immediately.
As we approach year-end, campus users are reminded to plan ahead for the purchase of goods/services. Specific scenarios to consider include:
The pre-entry of FY25 requisitions can now be submitted using the Accounting Date field in BobcatBuy. To create a FY25 req, use 7/1/2024 as the Accounting Date, and the PO will be sent to suppliers on July 1.
Many PO invoices require a department approval in BCB after it is submitted by Accounts Payable. If you are a PO owner and plan to be on vacation during this critical time, please make sure that you set up a substitute invoice approver in your absence.
PCard/Travel Card Concur Reports
All FY24 pcard transactions (transactions on or prior to 6/30) must be substantiated and submitted for approval in Concur by Friday, July 19th. Financial approvers must approve the reports no later than Wednesday, July 24th.
NOTE: This change only impacts toll charges!
When you incur toll charges, you are no longer required to have a receipt for your pcard/travel card transaction or your personal expense reimbursement report for toll charges under $75 or less.
As you begin to make plans for FY25, you may incur expenses prior to June 30, 2024 that must be recorded in FY25. Therefore, we are going to review prepaid expenses and how you must handle accounting for these.
By the end of each fiscal year end, Finance must have the correct balance of departments鈥 petty cash or change funds. Finance needs this information to finalize the fiscal year end balances for financial statement purposes.