Fiscal Year End Procedures

04/18/03

TO: All Budget Managers
FROM: Carl Sgrecci, Vice President and Treasurer
RE: Fiscal Year-End Procedures

I want to take this opportunity to remind everyone about College policy regarding expenditures for the balance of the fiscal year, which ends on May 31, 2003, so you can plan accordingly. Please review carefully as the time line is especially critical this year.

1. All purchase requisitions for ordered goods and services chargeable to 2002/03 fiscal year need to be entered and approved in Parnassus by May 5, 2003.
2. In order for items purchased with purchase orders to be chargeable against the 2002/03 fiscal year,

• the goods must be in possession of the College or any services completed by May 31, 2003;
• the goods must be received by the department in Parnassus (iProcurement -- receiving) by May 31, 2003 and invoices referencing those orders received in the accounts payable office by noon, June 10, 2003. If departments have last minute receipts that they are unable to receive in Parnassus by May 31, they should contact the purchasing department no later than June 3;
• the invoice must be dated on or before May 31, 2003.

1. Travel reimbursement requests for 2002/03 must be in the accounts payable office no later than June 10, 2003 at noon.
2. Items acquired during 2002/03 using manual checks need to be entered in Parnassus by May 31, 2003. For those departments that have requested that accounts payable enter their manual checks, the checks need to be to the accounts payable office no later than noon on May 31, 2003.
3. Items acquired using the procurement card should be purchased by May 15. The last 2002/03 procard transactions will be loaded into Parnassus on June 6. Any May transactions that are not in the June 6 batch will be charged to 2003/04.

If any of the above conditions are not met, the expenditure will be charged to the new fiscal year (2003/04).

The first fiscal year operating in Parnassus will close on May 31, 2003. Do not enter requisitions for the new fiscal year 2003/04 prior to May 31, 2003 without first contacting the purchasing department (names/numbers below). Receipt of these goods or services must not occur prior to June 1, 2003 and any invoices must be dated after that date.

Please contact purchasing (Bob, 4-1611; Karen, 4-7341; or Gail, 4-1482), accounts payable (4-3808), or financial services (4-3309) if you have any questions.

Contributed by Vanessa Brown

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