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Planning for a successful March 29 fiscal year-end close (end of March) begins now.

The goal of the Finance department is a seamless fiscal year-end process and it relies on your co-operation and adherence to deadlines. Friday, March 29 is the cut-off for the fiscal year.

This information will help you plan deadlines for processing transactions so the university’s financial records are timely and accurate for all:

• Purchase orders
• Cash and cheques
• Accounts Receivable
• Prepaid expenses/subscriptions
• Accounts Payable
• Payroll

Purchase orders (PO)

To ensure expenses for goods that are physically received or services incurred by Friday, March 29 are captured as a fiscal 2018-2019 expenditure:

• Any purchase requisitions required after Friday, February 22 for the 2018-2019 fiscal year must be approved by Craig Elliott, Chief Financial Officer. The expected delivery date of the goods must be indicated on the requisition to ensure that it is properly recorded in the correct fiscal year. No purchase orders (PO) will be issued after Friday, March 15 for fiscal 2018-2019. Proper accounting procedures require items purchased during the current fiscal year but received after March 29 to be expensed to the next fiscal year and against the 2020 budget.
• FAST users need to run the My Outstanding Purchase Orders and Requisitions report via the  module. This process helps staff identify their outstanding POs, invoices paid and remaining balance on those orders. For instructions, see the  document.
• Please execute your report on Thursday, February 28. If any of your outstanding POs can be closed, contact Cynthia McKeen no later than the end of business day Friday, March 8 and reference the PO number and reason for closing (e.g. paid already, invoice already sent to Accounts Payable, vendor no longer supplying goods).

If submitting an invoice to Accounts Payable that is final payment, indicate this on the invoice so the PO can be closed out.

If your order is received after Sunday, March 31, contact Donny Gough to inquire about how to issue an advance PO for fiscal 2019-2020.

All POs as of Friday, March 29 will be closed out (no amendments can be made after PO is closed), and a new PO requisition will need to be created in FAST, adhering to regular purchasing procedures for the remaining value relating to the next fiscal year. For all POs opened by Friday, March 29 and where the goods are received or services delivered by Sunday, March 31, the outstanding commitment will be recorded as an expense in fiscal 2018-2019 either through invoice or an accrual of the expense.

If you have any questions or concerns regarding purchase orders, contact Kevin Jones at ext. 2251.

Cash and cheques

All cash received up to and including the morning of Friday, March 29 should be hand-carried to the Cashier's office, located on the main level of the Software and Informatics Research Centre, no later than 11 a.m. on Friday, March 29. Any cash/cheques received after 11 a.m. on March 29 will be deposited and recorded in fiscal year 2019-2020.

Please contact Marilyn England, Cashier, at ext. 6562 if you require more information.

Accounts receivable

Invoicing external customers

For goods and services that have been delivered or performed by Friday, March 29 and for which the revenues have not yet been collected, you should establish an accounts receivable in fiscal year 2018-2019. This only relates to goods and services provided to external parties. To ensure all revenue earned to March 29 is captured in the proper fiscal period in Banner, forward the invoicing details for services rendered, or fees to be charged to external customers, to the Accounts Receivable department by Friday, March 15 at 4 p.m. All invoicing details submitted after Saturday, March 16 and before Saturday, March 30 for services rendered to Friday, March 29 will be accrued in fiscal year 2018-2019 and invoiced in Banner in fiscal year 2019-2020.

The final date and time to process invoices through Banner is Friday, March 29 at noon.

If you have any questions, contact Jeanie Cao, Accounts Receivable, at ext. 6544.

Prepaid expenses

Any expenses processed in fiscal year 2018-2019 that relate to next fiscal year will be set up as a prepaid expense and charged to 2019-2020 budgets. If an expense spans both years, the expense will be prorated over both years. These expenses usually relate to conference registrations, advance seat sale airline tickets, subscriptions, etc.

Contact Brenda Neddow, Senior Accounting Analyst, at ext. 2524 if you require more information.

Accounts Payable

Review all files and ensure any invoices for goods or services received on or before Friday, March 29 are properly approved and coded with the appropriate job cost allocation. The deadline for invoice submission is Friday, March 29 at noon. Please indicate the purchase order number on the invoice where applicable to ensure purchase orders are completed and closed.  

Only goods and services received on or before Friday, March 29 are charged to fiscal year 2018-2019. Any purchase orders issued on Monday, April 1 will be charged to 2019-2020 budgets. If an invoice has not been received but there is sufficient support to accrue an expense to the current fiscal year, provide the supporting documentation by noon on Monday, April 1. 

Contact uoitaccountspayable@uoit.ca for additional information.

Corporate MasterCard statements 

To ensure the proper recording of purchases made on corporate MasterCards, the following deadlines dates are outlined:

• Thursday, March 28: March statements available for MasterCard card users to reconcile in Concur.
• Thursday, April 4: Deadline for all March cycle MasterCard reports reconciled and approved in Concur to Finance department.

If you have any questions or concerns regarding corporate MasterCard expenditures, contact uoitaccountspayable@uoit.ca.

Expense reports

Concur submission

Expense reimbursements incurred up to Friday, March 29 should be submitted, approved and in the Accounts Payable queue through Concur no later than end of day on Sunday, March 31 to be included in the current fiscal budget.

Paper claims

Reimbursement of expenses incurred to Sunday, March 31 through an expense report must be submitted to the Accounts Payable department no later than end of day on Monday, April 1 for processing.

Please ensure all supporting receipts are provided and the expense report is properly approved and coded. Claims for expenses incurred after Sunday, March 31 should be reported on a separate expense form.

If you have any questions or concerns regarding expense report reimbursements, contact uoitaccountspayable@uoit.ca.

Cash/travel advances

Please ensure all cash travel advances are reconciled, with relevant documents/receipts attached in Concur, by Friday, March 15. You must e-transfer any remaining amounts back to the university. Send your e-transfer to uoittreasury@uoit.ca and email the password to Kay Ali no later than Friday, March 29. Any requests for cash/travel advance after Friday, March 15 will be coded to fiscal 2019-2020.

Petty cash reimbursements 

All departments that have a petty cash float should forward the receipts and reconciliation to uoittreasury@uoit.ca no later than end of business on Friday, March 29.

Payroll

Deadline for vacation leave reports for the period ending Friday, March 29 should be updated in Banner by Tuesday, April 4. Vacation accruals will be completed on Thursday, April 4.

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Summary of key deadline dates for year-end processing

February 28	Execute My Outstanding Purchase Orders report for review and validation.
February 28	February BMO statements available for MasterCard users.
March 8	Completed outstanding purchase order report sent to Donny Gough. If any of your outstanding POs can be closed, contact Cynthia McKeen no later than the end of business day.
March 15	Accounts Receivable deadline for invoicing in Banner.
March 15	Deadline for all travel advances for travel expenses to Accounts Payable for processing.
March 28	March BMO statements available for MasterCard users.
March 29	Deadline for taking all cash received to Cashier's office no later than 11 a.m.
March 29	Deadline for petty cash reconciliation.
March 29	Vendor invoices to the Accounts Payable department.
March 29	Expense reimbursements through Concur to Accounts Payable department.
March 29	Accounts Receivable deadline for customer invoicing.
April 1	Deadline to submit paper expense reports for reimbursement.
April 1	Deadline to submit petty cash receipts and reconciliations.
April 1	Vendor invoices with receiving report between March 29 and 31 to the Accounts Payable department.
April 4	Deadline to update vacation leave reports in Banner for the period ending March 31.
April 4	Deadline for all March MasterCard reconciliation and approval in Concur to Finance department.