Fiscal Year (FY) 2013 ends at midnight on June 30, 2013. All FY 2013 business must be correctly recorded in the PeopleSoft Finance System by month-end close for June (in mid-July). FY 2013 expenses that have not been posted should be accrued to (expensed in) FY 2013 since they are part of FY 2013 business.
Follow the deadlines in this document to ensure that paper forms/invoices, Marketplace Payment Vouchers, and Purchase Orders are accrued, if appropriate, to FY 2013 even though they are being processed in FY 2014.
Note: Deadlines are for the automated accrual processes run by the Office of University Controller and Procurement Service Center. For information about the manual accrual process conducted by campus departments, contact your campus finance office.
Any documents entered by the PSC by July 3 will be assumed to be FY 2013 expenses. Therefore, do not submit documents for FY 2014 business - or perform receiving on FY 2014 Purchase Orders - until after July 4!
Complete form and attach required documentation . Signed, completed form and documentation must be at the PSC by the deadline. To submit to the PSC: email APInvoice@cu.edu , or fax 303.764.3434, or campus mail to Box 005 UCA.
Be sure PO# is on invoice. Invoice must be at the PSC by the deadline . To submit to the PSC: email APInvoice@cu.edu , or fax 303.764.3434, or campus mail to Box 005 UCA.
Create PV in the Marketplace and attach required documentation with required signatures (e.g., SOW with HR signature). PV must be submitted and fully approved by all department fiscal approvers/specialized approvers and must be ready for processing by the PSC by the deadline. (This means the PV will be in the AP Form Review workflow step in the Marketplace.)
For goods/services received by June 30 but the PO has not been fully invoiced: do receiving in the Marketplace. Online receiving must be completed by the deadline. POs that show net receiving greater than net invoicing will be accrued. (Exception: Standing Purchase Orders are not part of the automated accrual process.)
Accrual journals are created to account for expenses related to FY 2013 that will be posted in FY 2014. All automated accrual journals are dated 6/30/13 but are run in July.
Accrual journals are reversed to offset when an expense related to FY 2013 gets posted in FY 2014 - so that it is not expensed again. All automated accruals are automatically reversed. All reversal journals are dated 7/1/13 but are run later in July.
Reverse accrual for Accounts Payable
Reverse accrual for Accounts Payable Marketplace
Reverse accrual for PO Receiving
Other Automated Accruals - For travel/employee reimbursement and Procurement Card, follow the deadlines in the FYE 2013 InfoPacket guide, Ensuring Accrual to Fiscal Year 2013: Travel Reconciliation and Procurement Card.
Payment - There are earlier processing timeframes to ensure that FY 2013 expenses are posted within FY 2013. Follow the deadlines in the FYE 2013 InfoPacket guide, Ensuring Posting and Payment in Fiscal Year 2013.
Financial Reports - What might you see on your FYE reports? Refer to the FYE 2013 InfoPacket guides on Accruals and m-Fin reports.