Submitted on behalf of Carl Sgrecci, vice president, finance and administration.
TO: All Budget Managers
I want to take this opportunity to remind everyone of College policy regarding expenditures for the balance of the fiscal year, which ends on May 31, 2008, so you can plan accordingly. The last business day of this fiscal year is Friday, May 30.
Please review the following instructions carefully. If any of the conditions below are not met, the expenditure will be charged to the new fiscal year (2008-09).
Purchase Requisitions
All requisitions for ordered goods and services chargeable to the 2007-08 fiscal year must be submitted and approved through iProcurement in Parnassus by May 1, 2008.
Purchase Orders
• By May 31, 2008, all goods/services must be in possession of the College or any services completed, and they must be received and completed by the department in Parnassus (iProcurement receiving). This also applies to project and grant accounts (account numbers that begin with 02, 03, or 06) for goods and services purchased in 2007-08.
• If departments have last-minute receipts they are unable to receive in Parnassus by May 31, they should contact the purchasing department immediately.
Purchase Order Invoices
• All invoices must be dated on or before May 31, 2008.
• By noon on June 10, 2008, invoices referencing purchase orders must be sent to the accounts payable office.
EZPay
• EZPay invoices must be entered in Parnassus by May 30, 2008.
• EZPay invoices must be dated on or before May 31, 2008, and the goods or services must be in possession of the College by that date.
• After May 30, contact the accounts payable office concerning invoice payments that would normally be processed through the EZPay system. These invoices must be dated on or before May 31, 2008, and the goods must be in possession of the College by that date.
Procard
• Items acquired using the procurement card should be purchased by May 15 because any transactions not submitted to the bank by the vendor by May 31 will be charged to 2008-09.
• On June 3, the last 2007-08 procurement card transactions will be loaded into Parnassus and available for approval June 4.
• All Procard transactions must be updated by June 10 at the close of the business day.
Travel Reimbursement and Travel Card
• Travel must be completed by May 31.
• Travel reimbursement requests for 2007-08 must be in the travel services office by June 10, 2008, at noon.
• If a trip overlaps the May 31 date, in order for it to be accounted in the current fiscal year, a greater portion of the trip needs to have occurred in the current fiscal year.
• On June 3, the last 2007-08 travel card transactions will be loaded into Parnassus and available for approval June 4.
• All travel card transactions must be updated by June 10 at the close of the business day.
If there is an extreme emergency that requires entering an operating account (01 Fund) requisition for the new fiscal year prior to June 1, 2008, call the purchasing department for special assistance. It is not necessary to call the purchasing department for new fiscal year requisitions charged to restricted (02), grant (03), or plant (06) accounts. New year requisitions for these accounts may be entered normally.
Please contact Purchasing (Bob at 274-1611, Karen at 274-7341, or Gail at 274-1482), Accounts Payable (274-3808), or Financial Services (274-3309), Travel Services (274-1480) if you have any questions.
Be sure to check funds availability on your accounts (in Parnassus) before creating requisitions or EZPay payments and before approving credit card transactions in Parnassus. 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 at 274-3385):
Overview
of Summary Accounts
Inquiring
on Available Funds
https://www.ithaca.edu/intercom/article.php/20080331104328299