MyLU Insider

Invoices and Credit Card **Year-End Reminders**

FISCAL YEAR ENDED JUNE 30, 2022 (FY22): please be reminded of the following :

  • INVOICES:
    • Please approve invoices for FY22and have them to the Financial Services office by Friday, July 15th
      • Any invoice received in our office after July 15th , will be entered into FY23.  If you are expecting an invoice that needs to be posted to FY22, but have not received it by the deadline of July 15, 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 FY22 or FY23. 
        • 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, 2022 but is for services that will be provided after July 1st, the invoice should be posted to FY23. Conversely, if the invoice has a date of July 5th, 2022 but was for services provided prior to June 30th, that invoice should be posted to FY22. 
        • 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 FY22 expense reports should be created, reviewed and approved NO LATER than July 15.
      • 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 FY22 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 2022 date in CERTIFY due to the banking industry processes.  If there is a July posted transaction that should be in FY22, 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 GuiletteX7205 or Amy Price X7164 with any questions.