With our FISCAL YEAR END JUNE 30, 2019, now in the rear-view mirror, please be reminded of the following :
- In order to allow the Financial Services office to prepare for Lawrence University’s annual audit, we ask that you approve invoices for the fiscal year ending 06/30/19and have them to the Financial Services office by Friday, July 12th. Any invoice received in our office after July 12th will be entered into the 2019-20 fiscal year regardless of the date on the invoice or the date of the delivery of the product or service. If you are expecting an invoice that needs to be posted to the 2018-19 fiscal year, but have not received it by the deadline, please contact Financial Services to work out a solution.
- Unless there has been a
consistent alternate posting method for a routine vendor invoice that Financial
Services is aware of, invoices will be
entered in the fiscal period for which the delivery of the product or service
relates. For example, if an invoices is dated June 25th, 2019 but is
for a services that will be provided after July 1st, the invoice
will go to the next fiscal year. Conversely, if the invoice has a date of July
5th, 2019 but was for services provided prior to June 30th,
that invoice will be posted back to the 2018-19 fiscal year. Purchases or
services that are to be reflected as June 30, 2019 expenses need to be
purchased and received by June 30, 2019.
- Purchases WILL be considered made/paid by June 30, 2019 if they are purchased on an LU purchasing credit card, regardless of whether the item/service has been received by June 30
- Down payments will not be
considered an expense as of June 30, 2019.
- LU has to be in receipt of the item purchased by June 30, 2019 to be considered a valid expense to hit the books as of June 30, 2019.
- It is NOT necessary that the invoice be in hand by June 30, 2019; however, Financial Services needs to be made aware that the expense is to be dated for fiscal year June 30, 2019 if it will not be clear on the invoice when the invoice is received after fiscal year end.
- If you have a specific invoice for which you would like to make an exception, please contact Brandie Jewett X6542 or Amy Price X7164 with any questions.