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Accounts Payable 2020-21 Yearend

Posted on: Mar 5, 2021

To ensure that Concordia’s financial statements are accurate, we strive to have all transactions relating to the 2020-21 fiscal year reported in the correct year.  In order for an expense to be posted to the current fiscal year the services must be rendered or goods received by the Submission Deadlines noted below.

At yearend, the first priority of the Accounts Payable Department is to pay invoices dated prior to March 31st.  Invoices to be charged against the 2021-22 budget year may be held for processing in the new year.

Accounts Payable system will be closed for the period of April 1-5, 2021 for 2020-21 yearend processing. We will not be able to print any cheques during this time.

In order to have your current year expenses posted to the 2020-21 fiscal year it is extremely important that purchasing is finalized well before yearend so that paperwork can be received by Accounts Payable by the deadlines noted below. Any late submissions could result in the expense being paid from your 2021-22 budget.

For an accurate and efficient cut-off please be aware of the following Submission Deadlines and Requirements:

 

Payment Type                               

Submission Deadline                   

Requirements

EXPENSE CLAIMS

31-Mar-21

Approved Expense Claims must be received via Chrome River by Wednesday, March 31, 2021.  Expense Claims received after this date will be paid from your 2021-22 budget. 

MASTERCARD EXPENSES – (CORPORATE MASTERCARD CARDHOLDERS ONLY)

31-Mar-21

Approved March 27/21 MC statement expense claims must be received via Chrome River by Wednesday, March 31, 2021.  Expense Claims received after this date may be considered 2021-22 expenses and paid from your 2021-22 budget.

SERVICE PROVIDER/CONTRACTOR INVOICES

31-Mar-21

Remind contractors engaged by your department, if allowed by contract, to invoice for work completed up to March 31, 2021.  

SUPPLIER INVOICES

31-Mar-21

Finalize all orders in early March to ensure that goods and invoices are received by March 31, 2021.  Allow extra time as directed by your vendor.  Back orders and delays in shipping could result in the expense being paid from your 2021-22 budget. 

PURCHASE ORDERS

31-Mar-21

We hope to have the Chrome River Purchase Order module implemented prior to March 31st.   Instructions for yearend closure will be sent at that time.

PAYMENT/PROTOCOL REQUEST FORMS

31-Mar-21

Email forms for payments relating to work done in 2020-21 to accountspayable@concordia.ab.ca by March 31, 2021. Any requests relating to fiscal year 2021-22 will be held and entered in April.  These forms can only be used when all conditions are met.

     

If you have any questions regarding these procedures please do not hesitate to contact Darlene at extension #209 or email accountspayable@concordia.ab.ca.