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Accounts Payable 2019-20 Yearend

Posted on: Mar 10, 2020

Just a reminder to everyone that our fiscal yearend is fast approaching.

To ensure that Concordia’s financial statements are accurate, we strive to have all transactions relating to the 2019-20 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 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 2020-21 budget year may be held for processing in the new year.

Accounts Payable system will be closed for the period of April 1-3, 2020 for 2019-20 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 2019-20 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 2020-21 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 13-Mar-20 Submit 2019-20 reimbursement claims.  Expense Claims received after March 13th and out of pocket expenses incurred from March 14 – 31st will be 2020-21 expense. 
SUPPLIER INVOICES 31-Mar-20 Finalize all orders in early March to ensure that goods and invoices are received by March 31, 2020.  Allow extra time as directed by your vendor.
PURCHASE ORDERS 31-Mar-20 Submit all Purchase Orders where goods or services have been received by March 31, 2020. Clearly indicate on the PO those items not received or on BackOrder.  PO must be signed off by department acknowledging receipt of goods.  
ORDER CONFIRMATIONS AND PACKING SLIPS 31-Mar-20 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, 2020. 
CHEQUE REQUISITION 31-Mar-20 Submit Cheque Requisition form and supporting paperwork for 2019-20 payments.
SERVICE PROVIDER/CONTRACTOR INVOICES 01-Apr-20 Remind contractors engaged by your department, if allowed by contract, to invoice for work completed up to March 31, 2020.
TRAVEL EXPENSE CLAIMS 01-Apr-20 Submit Travel Expense Claims for travel completed by March 31, 2020.   If travel is not completed by March 31st then this will be 2020-21 expense.
MASTERCARD EXPENSE FORM (MEF)* 01-Apr-20 Corporate MC cardholders must have their March 27, 2020 MEF emailed to accountspayable@concordia.ab.ca.
MASTERCARD HARDCOPY MEF AND RECEIPTS* 03-Apr-20 Submit printed and approved MEF, along with receipts and printed pdf statement.
MASTERCARD RECEIPTS NOT ON YOUR STATEMENT* 03-Apr-20 Any receipt for 2019-20 that is not on your March 27, 2020 statement must be emailed to accountspayable@concordia.ab.ca.  Receipt must be approved, coded and expense purpose must be included in the email.  Cardholder to retain original receipt. 
*Concordia Corporate Mastercard cardholders will receive an email with detailed yearend instructions. 
If you have any questions regarding these procedures please do not hesitate to contact Darlene at extension #209 or email accountspayable@concordia.ab.ca.