Year End Closeout FY2007 Accounts Payable

1
Year End Closeout FY2007Accounts Payable

• Date 06/21/07

2
Accounts Payable Requirements for Year End

• Invoice/voucher due dates
• On-line documents set up for Encumbrances and
  Payables
• How to clean up Encumbrances on your accounts
• Procurement card purchases / reallocations

3
Invoice/Voucher Due Date

• All invoices/travel documents along with any
  corrections are due in Accounts Payable by 5 pm
  on August 20th.
• All work received by this date is guaranteed to
  be worked by year end.
• AP will continue to process legitimate Rushes.
• For exceptions contact Clint Merritt
  c-merritt_at_tamu.edu.

4
On-Line Documents-Encumbrances

• Encumbrances are items or services that have been
  ordered as of Aug 31st, but have not been
  received.
• To record an encumbrance set up a document in
  FAMIS.
• Exempt purchases will be set up on screen 235-237
• Delegated purchases that are not exempt will be
  set up on screen 240-242
• Requisitions entered or requisitions converted to
  a PO are already encumbered
• This encumbrance will carry forward to the next
  fiscal year.

5
On-Line Documents- Payables

• Payables are obligations for goods or services
  that have been received as of August 31st, but
  not paid.
• To create a payable do receiving on the document
  (encumbrance) already created in FAMIS
• Receiving to be done on screens 321-326
• FAMIS will run the program YER217 on August 31st
  to convert these encumbrances into payables.
• FAMIS will post this as an expense on the SL and
  a payable on the GL in FY07 and then reverse in
  FY08 to set the encumbrance in FY08.

6
Cleaning up Your Account

• We want to make sure that youre reporting
  accurate information.
• Go to screen 21 in FAMIS to check your Open
  Commitments.
• Check to see if receiving has been done on each
  document. If so, this will create a Payable.
  (YER217).
• Research each Open Commitment to see if you still
  need those funds encumbered.

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FAMIS Screen 21
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Cleaning Up Your Account

• For those documents that are set up in FAMIS and
  no longer need to be encumbered
• Go to screen 243 for Limited or to screen 238 for
  Exempt
• Then complete the Purchase Order. This will
  release those remaining funds back into the
  original account.
• If related to a P document then contact the
  appropriate buyer in Purchasing at 5-4570.
• Any discrepancies that can not be cleared should
  be reported to Clint Merritt c-merritt_at_tamu.edu

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FAMIS Screen 243
10
Purchasing Card Purchases

• Transactions between August 7th - August 31st
  will be a recorded on your account in August as
  an AFR entry.
• All purchases will default to 6250, but
  reallocations should be made by 5 pm Sept 3,
  2007.
• Since these are AFR entries they will reverse in
  September and you will be able to reallocate by
  the September deadline as normal.
• For questions call Geoff Spahr at 862-1341 or via
  email gspahr_at_tamu.edu.

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Accounts PayableYear End Summary

• Use the on-line purchasing system (FAMIS) to
  encumber funds and record payables.
• Check your Open Commitments and clean up the
  encumbrances on your accounts.
• Reallocate Purchasing Card Transactions by 5 pm
  September 3rd.
• Invoices are due in AP by 5 pm on August 20th.
• Contact Clint for exceptions regarding this
  deadline.