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Appendix 2 - Detailed procedures

February 15, 2019

1.         Cut-off date for receiving merchandise (referencing PO's) April 18, 2019

In order for an expense to be booked in the current fiscal year (2018-2019), goods must be received at shipping/receiving by 3:00 p.m. April 18, 2019.  This deadline also applies to purchase requisitions and release requisitions.

In cases where goods or services are received by April 18, 2019, but not the corresponding invoices, the amounts will still be accounted for and will be charged to the current fiscal year (2018-2019) based on the purchase order and proof of delivery as per Distribution Services.

2.         Pre-closing - Account verification and correction

Please inform Financial Services in writing by April 1, 2019 of errors and omissions appearing in the first ten months ending February 28, 2019.  Corrections will then appear in the April 2019 ledger.

Errors and omissions appearing in the March 2019 ledger should be reported to Financial Services by April 22, 2019.

3.         Closing – Account verification and correction

By May 2, 2019, 1:00 pm, fund administrators will regain access to Banner, Millennium FAST Finance Classic Reporting, Purchasing Card, Web Requisitioning and Banner Web Reports.  To ensure proper reporting it is every administrator’s responsibility to ensure, to the best of their knowledge, that their reports include all operating expenses and revenues, if any. 

Errors and omissions appearing in the April 2019 ledgers in excess of $1,500 only must be reported to Financial Services by 5:00pm May 10, 2019 at the latest. 

4.  Accrual period for expense reports and direct invoice payment (not referencing P.O.’s)

All expense reports and direct invoice payments requests received in Accounts Payable by April 8, 2019 will be charged to the fiscal year 2018-2019.  Expense reports and direct invoices related to the 2018-2019 fiscal year and received between April 9 and May 10, 2019 will be charged to 2018-2019 through accruals based on the following criteria:

Period during which Financial Services receives documentation

Minimum amount, sales taxes included, required to accrue an expense in the 2018-2019 fiscal year

April 9 to May 3, 2019 inclusive

$ 500 or greater

May 6 to May 10, 2019 inclusive

$ 1,500 or greater

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