Appendix 2 - Detailed procedures

1. Cut-off date for receiving merchandise (referencing PO's) April 21, 2017

In order for an expense to be booked in the current fiscal year (2016-17), goods must be received at shipping/receiving by 3:00 p.m. April 21, 2017. This deadline also applies to purchase requisitions and release requisitions.

In cases where goods or services are received by April 21, 2017, but not the corresponding invoices, the amounts will still be accounted for and will be charged to the current fiscal year (2016-17) based on the purchase order and proof of delivery as per Distribution Services.

2. Pre-closing - Account verification and correction

Please inform Financial Services in writing by April 3, 2017 of errors and omissions appearing in the first ten months ending February 28, 2017. Corrections will then appear in the April 2017 ledger.

Errors and omissions appearing in the March 2017 ledger should be reported to Financial Services by April 24, 2017.

3. Closing – Account verification and correction

By May 2, 2017 1:00 pm fund administrators will regain access to Banner, Millennium FAST Finance Classic Reporting, Purchasing Card, Web Requisitioning and Banner web reports. To ensure proper reporting it is every administrator's responsibility to ensure, to the best of their knowledge, that their reports include all operating expenses and revenues, if any.  

Errors and omissions appearing in the April 2017 ledgers in excess of $1,500 only must be reported to Financial Services by 5:00pm May 11, 2017 at the latest.

4.  Accrual period for expense reports and direct invoice payment (not referencing P.O.'s)

All expense reports and direct invoice payments requests received in Accounts Payable by April 10, 2017 will be charged to the fiscal year 2016-17.  Expense reports and direct invoices related to the 2016-2017 fiscal year and received between April 11 and May 11, 2017 will be charged to 2016-17 through accruals based on the following criteria: