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Accounts Payable Reminders

PCard

All FY23 pcard transactions (transactions on or prior to 6/30) must be substantiated and submitted for approval in Concur by Wednesday, July 19^th. Financial approvers must approve the reports by Monday, July 24^th.

At fiscal year-end it is important to hit these key dates to ensure that transactions are posted to the correct fiscal year. For transactions at the end of June, the cardholder and approver may have fewer than the standard 28 days for submission and 9 days for approval. Any FY23 transactions that are not submitted by the dates above will result in a cardholder violation and be subject to card suspension until resolved. Any reports not approved by the date above will result in an approver violation.

Concur Expense Reports

All FY23 travel and expense reports (for expenses occurring through 6/30) must be submitted for approval in Concur by Wednesday, July 19^th. Financial approvers must approve the reports by Monday, July 24^th.

Invoices, Payment Requests, and DPs

All FY23 Invoices, Payment Requests, and direct payments (‘DPs’) are due to Accounts Payable in the appropriate system (email or BCB) by Friday, July 21^st.

Many POs require a department approval in BCB when an invoice 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. Instructions on setting up a substitute invoice approver can be found here.

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Grants- Deadlines and Reminders

Completed award packages are due for all funds received by Grants Accounting no later than 6/20/2023.  This allows the funds received to be posted against the award prior to June 30 deadline.

Completed award packages are due for all awards to Grants Accounting for FY23 processing no later than 7/20/2023.  This allows the awards to be set up and the department to process charges prior to the final fiscal year end processing dates.

Final Payroll Accounting Corrections (all PTA accounts) are due 7/26/23.

Final JET entries for Grants Module are due 7/27/23.

Important Reminder Overspent Awards:  Sponsored awards, Internal awards and Cost Share awards are maintained in the Grants Accounting module and are not permitted to have overspent balances at year end. Reviewing these accounts at least monthly will help to prevent overspending from occurring.  Any necessary corrections must meet all fiscal year-end processing dates.  Departments can run a query, by using the Grants Funds Available Dashboard in OBI to identify overspent accounts and end dates. If a department receives a notice of overspending by Grants Accounting, it should be addressed quickly. 

Important Reminder Award End Date:  It is crucial to be aware of when an award is ending.  Sponsored awards (awards starting with a 1 or 2) may have different end dates and timelines for invoicing and financial reporting.  The ends dates for these awards and timelines for invoicing and financial reporting must be reviewed closely by departmental staff responsible for charging to these awards to ensure expenditures through the end date have posted to the account and can be included in the sponsor final invoice or financial report (e.g., an award that ends 6/30 may have a final invoice due date of 7/30.  All expenditures must be charged to that account by 7/20 to allow a week for the final invoice to be completed and received by the sponsor.

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Petty Cash Fund and Change Fund Reconciliations

By the end of each fiscal year end, Finance must have the correct balance of departments’ petty cash or change funds. Finance needs this information to finalize the fiscal year end balances for financial statement purposes.

In mid-June of each year, Annette Niese will send an email to all custodians who maintain a petty cash or change fund.  Information, instructions, and the reconciliation form will be included in the email.  Each fund must be reconciled on Friday, June 30. The deadline to return the forms is Monday, July 3 by 5:00 pm. Completed reconciliation forms should be submitted to finance@ohio.edu. For more information, review the Petty Cash and Change Fund Policy.

Questions? Contact Annette Niese in General Accounting and Financial Reporting at niese@ohio.edu

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External Billing

External billings are necessary when a university department has provided goods or services to an external party and needs to bill for those goods or services. University departments are not permitted to send their own invoices. An external billing authorization form is to be completed and emailed to the Office of the Bursar for invoicing. An invoice will be produced and sent to the external party for payment. The university department will see a credit to their account at the time the invoice is created (not when payment is made). The Office of the Bursar will manage the collection activity for the invoice.

External billing customers can pay by mailing a check to the Office of the Bursar (remittance address is listed on the invoice), by contacting the Bursar for electronic payment information (ACH and/or wire), or online with an electronic check or credit card (the payment URL is listed on the invoice). If a department receives payment for something that has been invoiced, the payment needs to be sent to the Office of the Bursar to apply to the invoice. Please do not deposit that payment into your general ledger account. Doing so will result in duplicate credit to your account and the Bursar pursuing collections on an invoice that is marked as outstanding.

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Cash Handling and Deposits

In accordance with the µÛÍõ»áËù Revised Code and µÛÍõ»áËù Policy #51.001 Deposits of Funds, all funds must be deposited with the Office of the Bursar or with the regional campus business office within one business day of receipt unless the amount is less than $1,000 and the funds can be safeguarded. In that case, the deposit can be delayed until the third business day, or when the amount reaches $1,000 or more, whichever comes first.

The Office of the Bursar is the University’s primary cash handling agent. Ideally, from a control perspective, the collection and controlling of funds (cash, checks, credit cards) should be centralized with the Bursar when possible. It is strongly recommended that departments contact the Office of the Bursar to discuss the centralization of collections (cashier@ohio.edu).

All departments accepting cash, checks, or credit cards must ensure proper controls are in place to safeguard collections until deposit. All departments collecting funds are subject to periodic, unannounced audits by Internal Audit. All staff and students handling any form of currency are required to complete the Cash Handling & Credit Card Security Awareness training annually. Refer to the Bursar website for more information.