MyLU Insider

Fiscal Year End Reminders

With fiscal year end June 30, 2020 approaching, please be reminded of the following:

  • INVOICES:
    • 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 06/30/20and have them to the Financial Services office by Friday, July 17th
  • 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, 2020 but is for services that will be provided after July 1st, the invoice will be posted to next fiscal year. Conversely, if the invoice has a date of July 5th, 2020 but was for services provided prior to June 30th, that invoice will be posted back to the 2019-20 fiscal year. 
  • It is NOT necessary that the invoice be in hand by June 30, 2020; however, Financial Services needs to be made aware that the expense is to be dated for fiscal year June 30, 2020 if it will not be clear on the invoice when the invoice is received after fiscal year end.  Any invoice received in our office after July 17th ,unless a material $ as determined by Financial Services, will be entered into the 2020-21 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 2019-20 fiscal year, but have not received it by the deadline of July 17, please contact Financial Services to work out a solution.
  • LU PURCHASING CARD:
    • Purchases WILL be considered made/paid by June 30, 2020 if they are purchased on an LU purchasing credit card, regardless of whether the item/service has been received by June 30. Material  down payments, as determined by Financial Services, even if made with an LU purchasing card, will not be considered an expense as of June 30, 2020. 
  • PLEASE NOTE:  Purchases that are made with an LU purchasing card that are posted to the card in early July will be posted in the next fiscal year.  PLEASE be sure to make your year-end credit card purchases AT LEAST 3 BUSINESS days in advance of June 30 to allow for your transactions to post by June 30.
  • Please have any outstanding credit card reports and your June 1 – June 15, 2020 Comdata transaction reports to Financial Services by June 30,2020.
  • If you have a specific invoice or credit card transaction for which you would like to make an exception to the above guidelines, please contact Brandie Jewett X6542 or Amy Price X7164 with any questions.