Accounts Payable 2021-22 Yearend
Posted on: Mar 9, 2022|
Just a reminder to everyone that our fiscal yearend is just 22 days away! |
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To ensure that Concordia’s financial statements are accurate, we strive to have all transactions relating to the 2021-22 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. |
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In order to have your current year expenses posted to the 2021-22 fiscal year it is extremely important that purchasing is finalized well before yearend so that invoices can be received by Accounts Payable by the deadlines noted below. Any late submissions could result in the expense being paid from your 2022-23 budget. |
| Payment Type | Submission Deadline | Requirements |
| EXPENSE CLAIMS | 31-Mar-22 | Expense Claims must be submitted and approved via Chrome River. The approved claims must be received in the Accounts Payable Approval Box by Thursday, March 31, 2022. Employees should allow sufficient time for approval routing and follow up with approvers to ensure the Submission Deadline is met. Reminder: in order to submit a reimbursement claim the goods must be received or travel completed by your claim date. Ensure that your claim is properly supported by receipts showing the details of what was purchased, proof of payment and packing slips to support the date goods were received if not evident on the receipt. Expense Claims that are incomplete will be returned to the Claimant. Any claims received after March 31, 2022, including returned claims that miss this deadline, will be paid from your 2022-23 budget. |
| MASTERCARD EXPENSES – (CORPORATE MASTERCARD CARDHOLDERS ONLY) | 31-Mar-22 | Approved March 27/22 MC statement MEF claims must be received via Chrome River by Thursday, March 31, 2022. Just as with Expense Claims the expense can only be posted to the current fiscal year if the goods were received, services rendered or travel completed by March 31, 2022. Cardholders must clearly identify those expenses on their Mar 27/22 MEF claim that meet the conditions above by adding their attestation in Comments for each line item – “2021-22 Expense”. Expenses that do not include this attestation will be processed as 2022-23 expenses. MEF Claims received after the Submission Deadline date may be considered 2022-23 expenses and paid from your 2022-23 budget. |
| SERVICE PROVIDER/CONTRACTOR INVOICES | 31-Mar-22 | Remind contractors engaged by your department, if allowed by their contract, to invoice for work completed up to March 31, 2022. Service Providers cannot invoice for future work. Invoices must be dated no later than March 31, 2022 and must clearly indicate the service period or the date work was completed. |
| SUPPLIER INVOICES | 31-Mar-22 | All orders should have been finalized by the end of February to ensure that goods and invoices are received by March 31, 2022. Invoices can only be posted to the current fiscal year if the goods were received or the services rendered by March 31, 2022. Departments will be contacted to provide their attestation that good were received by March 31, 2022 if the invoice is unclear. Back orders and delays in shipping due to Supply Chain issues could result in the expense being paid from your 2022-23 budget. |
| PAYMENT/PROTOCOL REQUEST FORMS | 31-Mar-22 | Email approved forms for payments relating to work completed by March 31, 2022 to accountspayable@concordia.ab.ca by March 31, 2022. The form must clearly indicate when work was completed. Any requests relating to next fiscal year, 2022-23, 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 Accounts Payable at accountspayable@concordia.ab.ca. | ||