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Accounts Payable 2021-22 Yearend – Final Reminder!

Posted on: Mar 29, 2022
Just a reminder to everyone that our fiscal yearend is just 3 days away!
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 March 31, 2022.  Please note the following:
At yearend, the first priority of the Accounts Payable Department is to pay the current fiscal year invoices.  Invoices to be charged against the 2022-23 budget year may be held for processing in the next fiscal year.
Accounts Payable system will be closed for the period of April 1-4, 2022 for 2021-22 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 2021-22 fiscal year it was extremely important that purchasing was finalized well before yearend so that invoices are received by Accounts Payable by March 31st. Any late submissions could result in the expense being paid from your 2022-23 budget.
All invoices should be emailed by the vendor directly to accountspayable@concordia.ab.ca.  These invoices will be entered into Chrome River by Accounts Payable and will route for approvals.  Any invoices received by the department should be emailed to accountspayable@concordia.ab.ca, please include the GL that Accounts Payable is to code to. 
Prepaids – in accordance with generally accepted accounting practices, amounts paid for services or goods to be received in a future fiscal year will be recorded as a prepaid expense.  Software, subscriptions, licenses and service agreements are some of the purchases that are impacted by this procedure.  The recording of the expense is split between the current fiscal year and the next or subsequent fiscal years based on the start and end dates and when the prepaid threshold of $2000.00 is met.   Any deposit or registration required to be paid in the current fiscal year where the event is in the next fiscal year will be recorded as a prepaid.  
The Submission Deadline for Accounts Payable to receive approved payables is March 31st, 2022.  Approvers should monitor Chrome River and approve all payables (invoices and expense claims) when received remembering that they may not be the final step in the approval routing process.  Approved Expense Claims and Mastercard MEF claims must be received in the Accounts Payable Inbox by March 31st, 2022.  Expense Claims and MEFs received after this date will be considered 2022-23 expenses and paid from your 2022-23 budget. 
If you have any questions regarding these procedures please do not hesitate to contact Accounts Payable at accountspayable@concordia.ab.ca.