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Year-End Cutoff Dates For Purchasing and Accounts Payable


Year-End Cutoff Dates For Purchasing and Accounts Payable

As our fiscal year end is approaching, please review the dates below so we can properly prepare for the finalization of fiscal year 2020 expenditures.


Purchase Requisitions:

All new purchase requisitions for equipment & regular orders to be charged against 2020 budgets must be initiated and approved by managers by Tuesday, June 16, 2020. 

Only purchases for goods and services physically received prior to the close of business on June 30, 2020 can be charged to the current fiscal year.  Items received on or after July 1, 2020 will be charged to next year’s budget.

As part of the year end processing, all open purchase orders with a remaining balance of less than $500.00 will be closed by the Purchasing Department on June 30th.

Year End Accrual:

For items received by the end of June, we will accrue the expense to your Org for 2020 even if the invoice is received in July.  Only receipts for items greater than $500.00 in value will be accrued.

Purchasing Card Transactions:

All P-Card charges must be verified and fully approved by close of business Thursday, June 25th in order to be charged to the current fiscal year.  Any charges verified and approved after that date will get charged to FY21.

Expense Reports & Check Requests:

All Requests for Checks and Expense Reports to be charged to the current fiscal year must be submitted in Workday by Friday, June 19, 2020 and approved by Tuesday, June 30, 2020.


 


If you have any questions please contact me, or for any department specific issues contact:


Accounts Payable: Bob Messert (Ext 2161), Purchasing: Peter Perez (PPerez1@Fairfield.edu), Accounting: Kristine Warhola (KWarhola@Fairfield.edu).


 


For more information, contact Ray Ledan (rledan@fairfield.edu)




For more information, contact Ray Ledan / 203-482-1990 / rledan@fairfield.edu