What does the fiscal year-end at Selkirk College mean for me?
What is the fiscal year-end? Why is it important?
The fiscal year is the 12-month period from April 1 to March 31 that is used for accounting and budgeting purposes. The fiscal year ends on March 31 every year. The Finance Department needs to align financial statements and reporting with the fiscal year in order to meet Canadian Generally Accepted Accounting Standards and Public Sector Accounting Standards (PSAS). Meeting these reporting requirements is essential for ensuring accountability and transparency to taxpayers and government funders.
What does fiscal year-end mean for me?
All employees must submit all mileage, expense reimbursements, travel expenditures, and professional development from the current fiscal year to Finance according to a certain schedule so that they can be accounted for in the correct fiscal year. More details on these deadlines and submission requirements are in the attached documents.
Fiscal Year-End 2023 Procedures
For supervisors and budget officers, the fiscal year-end means you’ll need to review transactions in your account to ensure that all revenues and expenses are recorded in the correct fiscal year.
For folks on the Finance team – the fiscal year-end means working extra hard for six weeks to get all the previous year’s information into our ERP software and reconciled so that financial statements can be prepared.
I hear the auditors are coming! What do the auditors do when they come?
Financial auditors come to Selkirk College to test and review the work performed by the Selkirk College Finance Department. Once they complete their audit, they prepare an Independent Auditors Report to support college financial statements. This report provides assurance that the financial statements are free from material misstatement (error) and have been prepared in accordance with PSAS. In other words, their job is to confirm that our work was completed correctly.
What are the impacts of not meeting these deadlines?
Special project funding timelines are fixed, and costs submitted after the year-end deadline cannot be applied back into previous fiscal periods. The same restrictions apply to professional development funding and costs cannot be applied back into a prior fiscal period.
I’m stuck! Are there any how-tos?
Yes, here are the links: