Fiscal Year-End Procedures

04/13/05

TO: All Budget Managers
FROM: Carl Sgrecci, Vice President, Finance and Administration
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, 2005, so you can plan accordingly.

Please review the following instructions carefully.

1. All purchase requisitions for ordered goods and services chargeable to the 2004/05 fiscal year need to be entered and approved in Parnassus by May 2, 2005.

2. In order for items purchased with purchase orders and charged to non-salary operating accounts to be chargeable against the 2004/05 fiscal year,

• the goods must be in possession of the College or any services completed by May 31, 2005;
• the goods/services must be received and completed by the department in Parnassus (iProcurement -- receiving) by May 31, 2005 and invoices referencing those orders received in the accounts payable office by noon June 10, 2005. 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 5;
• the invoice must be dated on or before May 31, 2005.

3. The rules in #2 above, also apply to project and grant accounts (account numbers that begin with 02, 03, or 06) for goods and services purchased in 2004/05.

4. Travel reimbursement requests for 2004/05 must be in the accounts payable office no later than June 10, 2005 at noon.

5. Items acquired during 2004/05 using E-Z Pay need to be entered in Parnassus by May 31, 2005. After May 31 please contact the accounts payable office concerning invoice payments that would normally be processed through the E-Z Pay system. These invoices must be dated on or before May 31, 2005 and the goods must be in possession of the College.

6. Items acquired using the procurement card should be purchased by the suggested date of May 15. Please note, however, any transactions not submitted to the bank by the vendor by May 31 will be charged to 2005/06. The last 2004/05 procard transactions will be loaded into Parnassus on June 7 and must be updated no later than June 10.

7. If any of the above conditions is not met, the expenditure will be charged to the new fiscal year (2005/06).

If there is an extreme emergency that requires entering a non-project or grant account requisition for the new fiscal year prior to June 1, 2005, please call the purchasing department for special assistance.

Please contact purchasing (Bob, 274-1611, Karen, 274-7341 or Gail, 274-1482), accounts payable (274-3808), or financial services (274-3309) if you have any questions.

Please remember that you must check funds availability on your accounts (in Parnassus) before creating requisitions, procard transactions and E-Z Pay invoices. If there are not enough funds in your account, the transactions will fail. For help in checking funds availability, refer to the following documents (or contact the budget office):

Overview of summary accounts
Inquiring on available funds

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