Appendix 2 - Detailed procedures
1. Cut-off date for receiving merchandise (referencing PO's) April 27, 2021
In order for an expense to be booked in the current fiscal year (2020-2021), goods must be received at shipping/receiving by 12:00 p.m. April 27, 2021. This deadline also applies to purchase requisitions and release requisitions.
In cases where goods or services are received by April 27, 2021, but not the corresponding invoices, the amounts will still be accounted for and will be charged to the current fiscal year (2020-2021) 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, 2021 of errors and omissions appearing in the first ten months ending February 28, 2021. Corrections will then appear in the April 2021 ledger.
Errors and omissions appearing in the March 2021 ledger should be reported to Financial Services by April 23, 2021.
3. Closing – Account verification and correction
By May 4, 2021, 9:00 am, fund administrators will regain access to Banner, Millennium FAST Finance 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 2021 ledgers in excess of $1,500 only must be reported to Financial Services by 5:00pm May 7, 2021 at the latest.
4. Accrual period for expense reports and direct invoice payment (not referencing P.O.’s)
All expense reports and direct invoice payments requests received in Accounts Payable by April 2, 2021 will be charged to the fiscal year 2020-2021. Expense reports and direct invoices related to the 2020-2021 fiscal year and received between April 3 and May 7, 2021 will be charged to 2020-2021 through accruals based on the following criteria:
|Period during which Financial Services receives documentation||Minimum amount, sales taxes included, required to accrue an expense in the 2020-2021 fiscal year|
|April 3 to April 30, 2021 inclusive||$ 500 or greater|
|May 1 to May 7, 2021 inclusive||$ 1,500 or greater|