Important Fiscal Year-End Accounting Information

The Financial Accounting Services Department will be closing the fiscal year on Wednesday, July 13, 2005. The following items must be received in the Financial Accounting Services Department on or before that date:

• All Order for Check Forms (OFC’s) and Purchase Order (PO) approvals for vendor invoices for goods or services received ON or BEFORE June 30, 2005



• All Personal Expense Vouchers (PEV’s) for travel and expenses incurred ON or BEFORE June 30, 2005



• All Interdepartmental Transfer Forms (IDT’s) related to fiscal year 2005

Please note that Financial Accounting Services is mandated by accounting rules regarding which fiscal year to charge for OFC/PO/PEV/IDT activity. The preference of the requester will have no bearing as to which fiscal year is charged. These are general rules that Accounting follows:

• If the item is received PRIOR to July 1, 2005 then fiscal year 2005 will be charged and the invoice must be submitted to Accounts Payable prior to Wednesday, July 13, 2005. DO NOT hold any invoices in an attempt to improperly charge fiscal year 2006, as this will result in investigation by Internal Audit, the Budget Office, and Financial Accounting Services.



• For PEV’s, if the out of pocket expenses were incurred PRIOR to July 1, 2005, then fiscal year 2005 will be charged and the PEV must be submitted to Accounts Payable prior to Wednesday, July 13, 2005. DO NOT hold any PEV forms in an attempt to improperly charge fiscal year 2006, as this will result in investigation by Internal Audit, the Budget Office, and Financial Accounting Services.



• Any items received or services rendered AFTER June 30, 2005 will be charged to fiscal year 2006 regardless of fiscal year 2005 budget availability.



• Between June 1, 2005 and July 13, 2005, Financial Accounting Services will be processing information for both fiscal year 2005 and fiscal year 2006. Please forward all transactions for both years to Financial Accounting Services during this time.



• Standard operating procedure is that Accounts Payable does not pay invoices until a notification of approval has been received. For goods/services received related to a PO, please indicate payment approval by either:
  
  - Emailing the electronic copy of the related PO to acctspay@hartford.edu, or
  
  - Mailing (through Intercampus Mail) a print-out of the related PO to Accounts Payable noting the following information:
  
  A. Ok to Pay
  B. The date the items were received
  C. Whether it is a partial or complete order
  D. Specify any quantities or prices that may differ from the original PO.



• On July 18, 2005, Financial Accounting Services will be closing all PO’s created in fiscal year 2005 unless notified by the originator that the PO should remain open and rolled forward to fiscal year 2006.



• Depending on the dates covered by annual subscriptions/memberships/service contracts, payments will be allocated proportionately to both fiscal year 2005 and 2006.



• American Express statements/billings covering the period through June 30, 2005 may not be received until the middle of July based on the American Express billing cycle. This may present a conflict with the Accounts Payable closing process, which ends July 13, 2005. Therefore, please perform the following steps to ensure expenses are assigned to the proper fiscal year:
  
  A. In early July, please go on-line and print a copy of your American Express charges through JUNE 30, 2005.
  
  B. Code those charges to the proper fund/org and sub-account and obtain the appropriate authorizations.
  
  C. Fill out an IDT for the charges as follows:
  
  - Department to be Charged is the fund/org and sub-account(s) identified through your review
  
  - Department to be Credited is fund 101000 sub-account 21010 for the total of those expenses.
  
  D. Forward the IDT with the on-line statement to Financial Accounting Services.
  
  E. When the original American Express statement/billing is received through the mail:
  
  - Identify and code all of the charges on the statement
  
  - Complete an OFC form and attach a note indicating that an IDT was processed related to items on this statement/billing
  
  - Forward the OFC and statement/billing to Financial Accounting Services
  
  F. Please contact Pam Lamson at lamson@hartford.edu with any questions on the American Express process.



• Please be sure that any grants you have with an end date of June 30, 2005 or earlier have all expenses, purchase orders, IDT’s, and cash advances settled ON or BEFORE July 13, 2005. If you have any questions about your grants, please contact Cynthia Steneri at steneri@hartford.edu.



• Please pay attention to BANNER Finance to track your expenses for both fiscal year 2005 and 2006 throughout June and July. Errors or questions must be brought to Financial Accounting Services's attention on or before July 13, 2005 in order to avoid involvement of Internal Audit, the Budget Manager, and Financial Accounting Services.