News

2016-17 Fiscal Year End Accounting Procedures and Deadlines

To:  All Vassar Departments

Subject: Fiscal Year End Accounting Procedures and Deadlines

In order to achieve compliance with accounting rules and an efficient and timely closing of the College's books at June 30, we ask you to take note of the procedures and deadlines stated below.  Please review all deadlines and procedures carefully, and please note that unspent budgets will not be rolled to fiscal year 2017/2018 to cover fiscal year 2016/2017 outstanding encumbrances.  Departments that have used all of their operating budgets may not overspend without prior approval by their Senior Officer and departments with remaining funds are urged to use restraint in spending.

Workday Finance is scheduled to go live on July 1, 2017 for all transactions related to fiscal year 2017/2018 and beyond so please pay particular attention to the updated procedures noted below.  Banner will remain open until July 14, 2017 for all fiscal year 2016/2017 transactions to ensure a seamless transition between the two systems.  Detailed training sessions on Workday will be offered in the near future.

Purchase Orders

Please review the current status of your departmental operating budgets and plan year end purchases carefully.  Consider the lead time between ordering and receiving goods when processing purchase orders for fiscal year 2016/2017 to ensure that the goods or services are received on or before June 30, 2017. Accounting rules require goods and services received by that date to be charged to fiscal year 2016/2017 even if the invoice is paid after June 30th.  Goods and services received after June 30, 2017 must be charged to fiscal year 2017/2018 and be processed in Workday.  Vassar’s auditors review invoices to verify that expenses are charged to the correct fiscal year.  

1.  In order to allow for sufficient time to process orders and to ensure that goods and services will be received by June 30th, purchase requisitions for items that you want charged to fiscal year 2016/2017 should be submitted to Purchasing as soon as possible but no later than Friday, May 19, 2017.  If the item is received after June 30, 2017 the transaction will be processed in Workday and charged to your fiscal year 2017/2018 budget.  

2. In order to ensure that vendors requiring 2017/2018 purchase orders before July 1, 2017 receive them in time to commit to your request, we will allow for these requisitions to be processed in Banner.  Purchase requisitions to renew existing blanket orders should be submitted through Banner Online as soon as possible but no later than Thursday, June 1, 2017.  Purchasing and Accounting will work together to transfer these blanket orders into Workday once the system goes live.  Any 2017/2018 requisition for new blanket orders or one time purchase orders that are not required by the vendor before July 1, 2017 MUST be submitted in Workday on or after July 1, 2017

Further details on the process for submitting purchase requisitions in Workday for 2017/2018 will be communicated during training.

Direct Payment (Long Form Requisitions)

Payment requests for goods and services received through June 30, 2017 should be submitted as soon as possible after goods or services are received.  All requests received by June 30, 2017 will be posted to fiscal year 2016/2017.  Requests submitted after June 30th for goods and services received prior to June 30th will be charged to fiscal year 2016/2017 if the Long Form is received by Friday, July 14th, 2017 and states on the form “FY17”.  

 
Vassar Credit Cards

Please be advised that all transactions posted to your Vassar credit card account prior to July 1, 2017 will be charged to your 2016/2017 fiscal year budgets. If you want an expense charged to the new fiscal year the purchase should not be made until after June 30, 2017.

Note:  If you would like to utilize funds from the current fiscal year (2016/2017) by placing an order with your Vassar College credit card, we recommend that you place the order no later than Wednesday, June 14, 2017.  It is important that you check with the vendor if making purchases at the end of June to verify when the credit card charge will be processed.  Most vendors process card charges when the order is shipped, and there can be a delay of several days between the time the vendor processes the purchase and the posting of the charge to your account.  (Items may also be out of stock so early ordering is strongly encouraged.)  

Please make sure all credit card charges for June 2017 have been assigned to the correct budget in the PaymentNet card system by Thursday, July 6, 2017.  Corporate Card activity for June 2016 will be entered into Banner by Monday, July 10, 2017. If you have any questions regarding card activity or policies please contact the Director of Purchasing, Rosaleen Cardillo, at roecardillo@vassar.edu or ext. 5843.

Staples

Staples orders are now charged exclusively to credit cards (see previous section for relevant information).

Journal Entries

Departments that submit internal charges (Facilities Operations, Media Services, Catering, etc.) must submit all departmental charges for activity incurred through June 30, 2016 by Thursday, July 6, 2017.  This will allow departments time to review their budgets and submit adjustments for errors by the July 14th deadline noted below.

Please review your budgets and submit journal entries required to correct any errors or adjust balances as soon as possible but no later than Friday, July 14, 2017.  This will be your last opportunity to submit adjustments to your 2016/2017 budgets.  This deadline is not flexible and is necessary to allow Accounting Services to complete the year end close process and prepare for the annual financial audit. Once this process begins there will be no journal entries accepted for 2016/2017 activity so please plan accordingly. NO EXCEPTIONS!   

To prevent delays in processing year end journal entries, please provide a clear explanation of the purpose for the entry and provide appropriate documentation to identify specific charges reallocated or errors corrected or the journal entry request will be returned to you for correction or clarification.

Since two fiscal years (FY17 and FY18) will be operational during July, it is necessary that all entries against the old year be marked clearly: JUNE CLOSING.  Entries received after June 30 which are not specified as “June” will be processed for July of the new fiscal year.  Details on the new process for submitting journal entries in Workday will be provided in the upcoming training sessions.  

Summary

The above information has been prepared to give departments a better understanding of the overall year-end closing process.  Please refer to the documents “FY17 Year End Dates to Remember” and “Financial Services Departments-Staff Directory” (below) for the names and telephone numbers of persons to contact regarding questions that may arise.

FY '17 YEAR END DATES TO REMEMBER

On-going

 

All Department budgets should be reviewed and any errors or adjustments submitted as soon as possible.  

 

May

19

Purchase Requisitions against FY 16-17 budgets due in Purchasing

June

15

Last date to place credit card orders for FY 16-17 budgets.  Check with vendors to verify timing for shipping and processing of credit card charge for any orders placed during the last two weeks of June.

 

30

Credit Card purchases that appear on your statement through June 30 will be included in fiscal year 16-17 budgets.

 

30

Long form requisitions for goods and services received through June 30, 2017 should be submitted as soon as possible after goods or services are received.  All requests received by June 30th will be posted to fiscal year 16-17.  Requests submitted after June 30th for goods and services received by June 30th will be charged to fiscal year 16-17 if completed/approved forms are received by July 15th (see below).

 

30

Staples purchases appearing on your purchasing card statement through June 30th will be included in fiscal year 16-17 budgets…see instructions for purchasing card activity.

 

July

6

Deadline for budget re-allocation of June credit card charges in the Payment Net credit card system.

 

6

Entries from departments that post internal charges due to Accounting Services.

 

10

Credit card charges entered to Banner.

 

14

Final Deadline for departments to submit journal entries to Accounting Services to correct any 2016-2017 errors.

 

14

Final deadline for submission of 2016-2017 Direct Payment requests (Long Forms) to Accounts Payable.

Financial Services Departments – Staff Directory

 

Contact Name

E-mail

Extension

Accounts Payable

 

 

 

General Accounts Payable Questions

 

accountspayable@vassar.edu

 

5840

Accounting Specialist

Mary Gugumuck

magugumuck

5887

Accounting Services and Controller’s Office

 

 

 

General Questions

 

accountingservices@vassar.edu

 

 

Staff Accountant

Kristin Hodor

krhodor

5890

Associate Controller

Dana Nalbandian

 

danalbandian

5710

Controller

Angie Zalaznick

anzalaznick

5886

Accounting Specialist

Linda Ferguson

lferguson

5896

Manager of Accounting Operations

Candice West

cawest

5892

Purchasing

 

 

Administrative Assistant

Chris Ammon

 

chammon

 

5841

Buyer

Karen Gallagher

kagallagher

5845

Director of Purchasing

Rosaleen Cardillo

roecardillo

5843

Cashier’s Office

 

 

 

Cash Receipts

Patty Lauria

palauria

5342

Staff Accountant

Vaike Riisenberg

variisenberg

5896

Payroll

 

 

 

General Payroll Questions

 

payroll@vassar.edu

 

 

Payroll Specialist

Tricia Watt

trwatt

5880

Payroll Manager

Renee Desantis

redesantis

5881

Budget Office

 

 

 

Assistant Vice President of Finance

Bryan Swarthout

brswarthout

5506

Assistant Budget Director

Joe Bolander

jobolander

5463

Posted by Office of Communications Friday, May 5, 2017