Year End Processing
Our fiscal year runs from July 1 through June 30. At the end of each fiscal year, we must pay close attention to amounts being paid so that these payments are reflected in the proper fiscal year.
For financial statement purposes, the date that goods or services are received is used as the factor in determining which fiscal year to charge. The date the item is ordered and the date the invoice is received are not relevant in determining the fiscal year to be charged. As a budget managers or requestor, you should plan ahead by using the following guidelines regarding the purchase of goods and services as we transition from one fiscal year to the next.
Payment will be charged to the current fiscal year budget if:
- Supplies/products are received on or before June 30
- Services were performed on or before June 30
- Travel occurred on or before June 30
Payment will be charged to the new fiscal year budget if:
- Supplies/products are received on or after July 1
- Services are performed on or after July 1, even if the check must be cut prior to June 30
- A trip, conference or travel occurs on or after July 1, even if the check must be cut prior to June 30
Services/Travel that cross over both fiscal years will be allocated to the fiscal years based on the days related to each year.
So that we may prepare the financial statements and be confident that numbers will not change, we also set a cut-off date. Checks/direct deposits processed after this annually determined date (in general, the last Friday of July) must be charged to the new fiscal year, even if the charges relate to the prior fiscal year. An exception will be made for invoices in excess of $25,000. For those invoices, please contact our Controller's Office at 704-894-2208 as soon as you become aware of them.