In order for Finance to process the June 30 year end accurately, please be reminded of the following:

  • INVOICES:
    • Please approve invoices for FY21and forward them to the Financial Services office by Friday, July 16th (scan and email is acceptable!)
      • Any invoice received after July 16th , will be entered into FY22.  If you are expecting an invoice that needs to be posted to FY21, but have not received it by the deadline of July 16, please contact Financial Services to work out a solution.
      • For invoices being processed near June 30, please clearly identify which fiscal year the invoice relates to as FY21 or FY22. 
        • Generally, invoices should be recorded in the fiscal year for which the delivery of the product or service relates. For example, if an invoice is dated June 25th, 2021 but is for services that will be provided after July 1st, the invoice should be posted to FY22. Conversely, if the invoice has a date of July 5th, 2021 but was for services provided prior to June 30th, that invoice should be posted to FY21. 
        • If there has been a consistent alternate posting method for a routine vendor invoice, please make note of this on the invoice.
  • LU CHASE PURCHASING CARD:
    • All FY21 expense reports should be created, reviewed and approved NO LATER than July 16.
      • If you are contacted by Financial Services regarding late reports, PLEASE comply with their requests to complete your outstanding CERTIFY reports for compliance with our annual outside audit. 
    • If any down payments for product or services were made on an LU credit card, please contact Financial Services for proper coding.
    • CAUTION:  In CERTIFY, please review credit card purchases made near June 30 and only include purchases that should be entered into FY21 on your final June 15-June 30 expense report.  There may be transactions that were purchased prior to June 30; however, they may be posted with a July 2021 date in CERTIFY due to the banking industry processes.  If there is a July posted transaction that should be in FY21, you may include that transaction on your final June CERTIFY report.  You will have to modify your report date range to June 15- July 1 or as applicable. 
  • Please contact Brandie Jewett X6542, Kay Guilette (credit cards) X7205 or Amy Price X7164 with any questions.