Accounts Payable 2016-17 YearendPosted on: Mar 14, 2017
Just a reminder to everyone that our March 31, 2017 fiscal yearend is fast approaching.
To ensure that Concordia’s financial statements are accurate, we strive to have all transactions relating to the 2016-17 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, goods received or travel completed by March 31, 2017.
For an accurate and quick cut-off please be aware of the following:
- 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 2017-18 budget may be held for processing in the new year.
- Accounts Payable system will be closed for the period of April 3 -5, 2017 for yearend processing. We will not be able to print any cheques during this time.
- All services, purchases and travel after March 31, 2017 are 2017-18 expenses and will be processed in the new year.
- In order to have your current year expenses posted to the 2016-17 fiscal year it is extremely important that purchasing is finalized well before yearend so that paperwork can be received by Accounts Payable, S208, by the deadlines noted below. Any late submissions could result in the expense being paid from your 2017-18 budget.
Payment Type Submission Deadline Requirements
|SUPPLIER INVOICES||March 31, 2017||Finalize all orders in early March to ensure that goods and invoices are received by March 31, 2017. Allow extra time as directed by your vendor.|
|PURCHASE ORDERS||March 31, 2017||Submit all Purchase Orders where goods or services have been received. Clearly indicate if any items on the PO were not received by March 31, 2017.|
|ORDER CONFIRMATIONS AND PACKING SLIPS||March 31, 2017||For any items purchased without the use of a PO please submit order confirmation and packing slip to support items being received by March 31, 2017.|
|CHEQUE REQUISITION||March 31, 2017||Submit Cheque Requisition form and supporting paperwork for 2016-17 payments.|
|SERVICE PROVIDER/CONTRACTOR INVOICES||March 31, 2017||Remind contractors engaged by your department, if allowed by contract, to invoice for work completed up to March 31, 2017.|
|EXPENSE CLAIMS||March 31, 2017||Submit form and 2016-17 receipts by deadline noted. Expenses must be submitted on the new Employee Expense Claim and the Direct Deposit information must be included or on file with Accounts Payable. All out of pocket spending should be cutoff by Friday, March 24, 2017 to allow for claims to be prepared, approved and received by due date.|
If you have any questions regarding these procedures please do not hesitate to contact Darlene at extension #209 or email firstname.lastname@example.org.