Fiscal YearEnd Close

1
Fiscal Year-End Close

• Getting your invoices, changes, and accruals to
  us.
• Preparing for the new year.
• What to expect if the worse comes

2
Fiscal Affairs Web Site

• This presentation and additional information
  about Accounting policies and procedures can be
  access through the Internet by going to our web
  page
• http//fiscaff.sfsu.edu

3
Agenda

• Fiscal Year-end Deadlines
• Policy Reminders
• Travel
• Petty Cash
• Staff lists - Whom to call for answers
• Blanket order management
• Open commitment accuracy
• Accruals
• Invoices
• Hospitality
• What the future has in store

4
Fiscal Year-End Deadlines

• May 2nd Requisition for order exceeding
  20.000.
• May 23rd Procurement Card charges (Purchases
  made after this date will be charged to FY
  03/04).
• May 30th Last day to submit requisitions for
  all items. No commitment for any amount will be
  allowed for FY 02/03.
• End of May All reprographics will charges for
  May will appear for FY 02/03. June meter
  readings will be applied to FY 03/04.
• June 16th Final day to place orders with
  Corporate Express, both eWay and Special Orders.
  Orders after this date will be for FY 03/04.
• June 16th Final day to submit request for
  travel or other travel and training funds to be
  encumbered.
• June 27th Final day to submit Petty Cash
  Vouchers to Bursars Office.
• June 27th All uncommitted balances will be
  pooled and allocated centrally.

5
Policy Reminders

• Requisitions
• Paper, must be received in ADM 361 by 5 pm.
• On-line, approved by 5 pm.
• Account number changes can only be made to open
  commitments.
• Procurement Card statements must be submitted to
  Song Park by May 30, 2003.
• Corporate Express orders must be placed and
  approved by 5 pm June 16, 2003.

6
Travel 2002-2003

• If travel is completed by May 31 2003, submit
  travel claim by June 16, 2003.
• If traveling during the month of June, you must
  submit a travel advance request with the
  estimated total dollars to be spent (even if you
  are not requesting money in advance).
• See attached example.

7
Travel 2003-2004

• If your travel commences July 1, 2003, you must
  use new fiscal year funds.
• The Accounting Office is not authorized to
  process any Travel Advance requests until a
  Budget has been signed by the Governor.
• Trust and Special Project accounts are exempt
  from the requirement.

8
Petty Cash

• All petty cash requests must be submitted to the
  Bursars office by 2 pm June 27, 2003.
• Receipts dated more than three months prior to
  the submission of petty cash request will not be
  accepted.
• Individual purchases must not exceed 50.00
  (exclusive of sales tax). The total per form
  must not exceed 200.00 per department per week.
• Petty cash purchases after June 16 are limited to
  emergencies only.

9
Accounts Payable Staff
10
Purchasing Staff
11
Blanket Order Management

• Review open commitments to verify valid
  encumbrances.
• Anticipate your expenditures for the month of
  June.
• No invoices with expenditures/services dated
  after June 30 will be paid on a prior year
  blanket.

12
Open Commitments

• Take form with your accounts,complete it, and
  return it back to us.
• 1st Pass - Payment and Receiving - Return to A/P
  within 1 week.
• 2nd Pass - Only Open Commitments
• For not fully completed orders.
• Review existing open commitments.
• Use the attached worksheet to request
  corrections/changes to existing commitments.
  Forms are due by June 20.
• Further assistance can be requested by e-mailing,
  a specific time and any date in May. Hours
  available between hours of 1-4PM.

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PO Change Request Form
14
Accruals

• At the end of June, Accounts Payable has to
  accrue our obligations. An obligation is any
  amount the University owes. In Accounts Payable,
  we base the obligation amount on three things
• Amount of unpaid invoice.
• Amount of items received, but not yet paid.
• Amount reported by colleges or departments.

15
Accruals Continued

• Accounts Payable relies on the end users to
  report those obligations which are unknown to the
  technicians.
• Invoices which have been received by the end user
  and have not been forwarded to A/P.
• Items which have not been logged in by Receiving
  Department and for which we have not been sent an
  invoice.

16
Accruals Continued

• Portions of service orders, agreements, and
  contracts where service has been completed and
  for which we have not been sent and invoice.
• Any obligation for which there is currently no
  encumbrance (excluding procurement card, internal
  charges, and Corporate Express).

17
Accruals Continued

• We will give you an open commitment list. You
  will let us know the amount which needs to be
  obligated. In some cases, we need to create an
  encumbrance.
• At this point, we anticipate our last day to make
  payment prior to Year-End close will be June
  20th. Every commitment of the Universitys funds
  not paid by that date will need to be accrued.
  All accrual worksheets must be submitted by June
  26th. You will be notified if the dates are
  changed.

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Invoices

• When you receive a copy of an invoice for
  approval, please respond within 7 days.
• The standard payment terms for the State of
  California is net 30 days.
• Please approve invoices as quickly as possible
  and submit to Accounts Payable.
• Monthly invoices for same dollar, recurring
  charges such as leases, maintenance agreements,
  pager rental, etc., a letter of approval will be
  use in-lieu of.

19
Hospitality

• If an event is on campus and the vendor does not
  require a purchase order
• Arrange to have the invoice sent directly to your
  attention. Once you received the invoice,
  complete Request for Payment/Reimbursement of
  Hospitality Expense.
• If an event is on campus and the vendor does
  required a purchase order
• Complete a requisition and a Hospitality Purchase
  Order Request. After the event, complete Request
  for Payment/Reimbursement of Hospitality
  Expenses.

20
Hospitality Continued

• If an event is off campus, we always want to give
  the vendor a purchase order.
• Complete a requisition and Hospitality Purchase
  Order Request. After the event, complete Request
  for Payment/Reimbursement of Hospitality Expense.
  
• The State of California discourages prepayments
  of any kind. We are aware that many hospitality
  vendors insist on a deposit prior to the event.
  Our policy is to prepay up to 50 of the cost as
  required by the vendor. If a prepayment is
  needed, indicate the amount on the Hospitality
  Purchase Order Request.

21
The Future Short term

• Budget signing We already anticipate that the
  FY 03/04 budget will not be signed by July 1,
  2003.
• Suspended services We will inform all colleges
  and departments that some our services will be
  suspended until the budget has been signed.
• Prepare for the worst - Use most of your
  available funds this year to cover the beginning
  of the new FY.

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The Future Long Term

• The university will begin to transition into a
  new accounting system next year.
• Work Groups to improve existing service or
  formation for PeopleSoft.