Important financial procedures for a smooth year-end
The fiscal year-end for 2012/2013 is March 31, 2013. In preparation for auditors please review procedures that must be followed by the Finance Department to ensure efficient and effective year-end closing.
The college will pay, under the current fiscal year, for goods and services which have been received and rendered by March 31, 2013. Requisitions for goods and services for which payments are made from current fiscal year funds should have been received by the Purchasing Department by March 8, 2013. Requisitions arriving after March 8, 2013, may result in orders being requested to arrive after March 31, 2013, and charged against the new fiscal year budget.
A reminder to those with expiring standing orders – please submit your purchase requisitions with some lead time (mid-March would be best) to allow for new purchase orders to be in place with vendors when you need them.
Accounts Payable will be running current year cheque runs up to and including April 17, 2013. Payment will be made on cheque runs scheduled for April 3 and 10, 2013, for goods and services received on or before March 28, 2013. Please ensure that packing slips and invoices received are returned to Accounts Payable with approval as soon as possible. Approved invoices received after April 10, 2013 will be charged against the next year budget.
The last 2012/2013 US cheque run has been scheduled for April 19, 2013. US invoices are due to Accounts Payable by April 9, 2012.
The first cheque run for the 2013/2014 fiscal year will be April 3, 2013. Additionally, if there are items you have ordered in 2013 fiscal year, but have not been received or invoiced by the April 9th deadline, please let the Finance Department know so that the proper accruals may be made through a journal entry.
All cashiers must ring off at the end of the day, March 28, 2013. This includes closing SLED batches, debit machines, and taking deposits to the bank. Please ensure that your revenue reports up to and including March 28, 2013, are forwarded to the Finance Department as soon as possible after completing.
All petty cash cheque requisitions must be completed on March 28, 2013. This may seem a bother if the amounts are small, but it is the only way we can ensure expenses are posted to the correct fiscal year. Please remind employees to turn in all petty cash slips as soon as possible. Petty cash requisitions received after April 9, 2013, will be charged to the next fiscal year budget.
Prepaid Expenses & Unearned/Deferred Revenue
Make note of all expenses and revenues for the next fiscal year and send this information to the Finance Department. We will make necessary adjustments by journal entry at year end.
All travel claims must be cleared to the end of March 29, 2013. Travel claims must be cleared by April 9, 2013. Travel occurring in April 2013, will be charged to the new fiscal year budget. Don’t forget to submit your mileage claims that belong to this fiscal year.
All of your MasterCard reconciliations need to be received prior to April 19, 2013. MasterCard reconciliations for the 2012/2013 fiscal year that are received after
April 19, 2013, will NOT be keyed into the FRS system in either this fiscal year or the new year. Charges made against your default codes will remain as is. Note: this leaves very little time for you to do the April 2013 reconciliations after you receive the March statements.
Invoice billing requests for the fiscal year 2012/2013 are due to the Accounts Receivable office by April 5, 2013. Forward billing requests to the attention of Donna Mackie.