FISCAL YEAR-END CLOSING SCHEDULE

2007-2008 (FY08)

 

The FY08 year-end closing dates for disbursement of funds are listed below.  Documents received after the dates listed will be processed in the 2008-2009 (FY09) fiscal year.

 

 

Thurs., May 1          The July 2008 accounting period will be opened in Banner to allow departments to enter HokieMart purchase orders in the new fiscal year if the goods and services will not be received prior to July 1, 2008.  Departments do this by entering July 1, 2008 accounting date on their HokieMart purchase requisition.  FY08 invoices can not be paid against FY09 purchase orders.

 

Fri., May 9               Approximate last day for GE/Mastercard procurement card transactions to be charged to FY08 funds.  Some vendors send charges to GE/Mastercard faster than others.  To help you determine if a charge will be posted in FY08, look at your previous month’s GE/Mastercard bills to determine the number of days it takes your suppliers’ charges to be posted to GE/Mastercard records.  Transactions billed on the May 15th GE/Mastercard bill will be charged in FY08.  Transactions billed on the June 15th bill will be charged to FY09 funds.

 

Fri., May 9               Approximate last day to purchase airline tickets to be charged on FY08 funds.  Tickets charged on the May 15th billing will be posted to departmental accounts in FY08.  Tickets charged on the June 15th billing will be charged to FY09 funds.

 

Fri., May 30             Last day to submit requisitions on FY08 funds.  Exceptions must be approved by Tom Kaloupek (231-6221) or Jim Dunlap (231-8543) for all goods and services except computers.  Computers and computer related equipment must be approved by John Krallman (231-9471) or Nancy Sterling (231-9517).

 

Fri., May 30             Salary payroll retroactive funding changes (P-10s) for FY08 must be received in Payroll (Controller's Office) by 5:00 PM.  All changes received after this date will be recorded in FY09, as the July 1st salary payroll is recorded in FY09.  Retroactive funding changes which date back 90 days or more and involve a sponsored fund should be submitted prior to May 1st to ensure processing in FY08.  All funding changes completed on this schedule will be reflected in the Spring PARS issued on July 1.

 

Wed., June 4            Final charges for CNS telephone, Printing and Copy Center (recurring monthly charges only), postage, and Video Broadcast services to be posted to departmental funds for FY08 for services provided through May 30th.  Monthly recurring charges for printing (copiers) will be posted at this time.

 

Fri., June 6              Last day for Fleet Services vehicles to be returned and charged on FY08 funds.  (Must be turned in by 5:00 PM).  Charges will be posted to department funds approximately June 13.

 

Fri., June 6              Last day to purchase items from the University Bookstore on FY08 funds.

 

Fri., June 6              Last day for service units to submit ISR charges (paper forms) to the Controller's Office for the current year.  Service units include Food Stores, Instructional Services, Dining Halls, The Inn, Extension Warehouse and any other department providing interdepartmental services.  (Service units will require an earlier cutoff in order to meet this date).

 

Tues., June 10         Final salary payroll posted for FY08-Pay #11 for the period May 25th-June 9th.

 

Fri., June 13            Last day for Physical Plant, Software Sales, Fleet Services and Extension Warehouse to submit automated ISR batch files to the Controller's Office for FY08.

 

Fri., June 20            Last day to submit disbursement documents including invoices, travel vouchers, and revenue refunds which are to be charged to FY08 funds.

 

Fri., June 20            Last day to submit departmental journal entry transfers to the Controller's Office.

 

Fri., June 20            Last day to process HokieMart ISR charges by service centers to charge FY08 funds.  Examples include the Glass Shop, University Leadership Development, Printing, Copy Centers, etc.

 

Fri., June 20            Final FY08 wage payroll (for checks paid July 1, 2008), posted to Banner.  The Banner Finance screens will reflect wage expenditures on June 21, 2008.  Please plan on wage expenditures when submitting final disbursement documents.

 

Fri., June 27            Last day to make deposits at Bursar’s Office for FY08.  Deposits must be made prior to 3:00 PM.

 

 

NOTES:

 

Departments using HokieMart need to remember that the invoice must be received in the Controller's Office by 5:00 PM on Friday, June 20th in order to be paid against FY08 funds.  Departments may need to work with vendors to ensure receipt of the invoice in the Controller's Office by this deadline.

 

Please make certain that invoices, travel vouchers and other charges are submitted to the Controller's Office using Banner funds with sufficient budget balances available.  Invoices received from vendors must be paid within 30 days on funds having available balances.  Expenses are not affected by payment due dates.  Invoices submitted for payment by June 20th with July due dates will be charged to departmental funds in June.

 

To avoid delays in processing and recording disbursements on your funds, please send vouchers and invoices to the Controller's Office DAILY.  The closing schedule provides the maximum times available to departments to process invoices arriving late in the fiscal year.  However, the departmental processing deadline creates a massive workload for the accounts payable staff during May and June.

 

Your assistance in observing the schedule and in closing the current fiscal year is appreciated.  If you have questions regarding the closing procedures, please call Julie Zurfluh (231-2544) or Amy Morris (231-8554).