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Planning for a successful March 31 fiscal year-end close begins now.

The Finance department’s goal of a seamless fiscal year-end process relies on your co-operation and adherence to deadlines. Wednesday, March 31 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 Wednesday, March 31 are captured as a fiscal 2020-2021 expenditure:

• Any purchase requisitions required after Friday, February 19 for the 2020-2021 fiscal year must be approved by Brad MacIsaac, Vice-President, Administration. The expected delivery date of the goods must be indicated on the requisition to ensure it is properly recorded in the correct fiscal year. All POs issued must have a delivery date of on or before Wednesday, March 31. Purchase orders issued that do not have a March 31 delivery date will not be processed in the current fiscal year, as regulated accounting procedures require that items purchased during the current fiscal year but received after March 31 to be expensed to the next fiscal year and against the 2021-2022 budget.
• FAST users need to run 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 Friday, February 26. If any of your outstanding POs can be closed, contact Cynthia McKeen, Buyer, no later than the end of business day Friday, March 5 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, please indicate this on the invoice so the PO can be fully liquidated and closed.

If your order is scheduled for receipt after March 31, contact Donny Gough, Procurement Specialist, to inquire about how to issue an advance PO for fiscal 2021-2022.

All POs as of March 31 will be closed out (no amendments can be made after PO is closed). You will need to re-create requisitions/POs for any recurring payments and goods and services to be received after March 31, ensuring adherence to regular purchasing procedures for the remaining value relating to the next fiscal year.

If you have any questions or concerns regarding POs, contact Kevin Jones, Manager, Procurement.

Cash and cheques

All cash received up to and including the morning of Wednesday, March 31 should be physically delivered to the Campus Corners building no later than 11 a.m. on March 31. Any cash/cheques received after 11 a.m. on March 31 will be deposited and recorded in fiscal year 2021-2022.

Contact Kay Ali, Manager, Business Operations, if you require more information.

Accounts receivable

Invoicing external customers 

For goods and services that have been delivered or performed by Wednesday, March 31 and for which the revenues have not yet been collected, you should establish an accounts receivable in fiscal year 2020-2021. This only relates to goods and services provided to external parties. To ensure all revenue earned to March 31 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 12 at 4 p.m. All invoicing details submitted after March 12 and before March 31 for services rendered to March 31 will be accrued in fiscal year 2020-2021 and invoiced in Banner in fiscal year 2021-2022.

The final date and time to process invoices through Banner is Wednesday, March 31 at noon.

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

Prepaid expenses

Any expenses processed in fiscal year 2020-2021 that relate to the next fiscal year will be set up as a prepaid expense and charged to the 2021-2022 budget. 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, if you require more information.

Accounts payable

Review all files and ensure any invoices for goods or services received on or before Wednesday, March 31 are properly approved and coded with the appropriate job cost allocation. The deadline for invoice submission is Wednesday, March 31 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 Wednesday, March 31 are charged to fiscal year 2020-2021. Any purchase orders issued on Thursday, April 1 will be charged to 2021-2022 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 Thursday, April 1. 

Contact accountspayable@ontariotechu.ca for additional information.

Corporate MasterCard statements

The following deadlines will ensure the proper recording of purchases made on corporate MasterCards:

• Monday, March 29: March statements available for MasterCard card users to reconcile in Concur.
• Monday, April 5: End-of-day 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 accountspayable@ontariotechu.ca.

Expense reports

Concur submission

Expense reimbursements incurred up to Wednesday, March 31 should be submitted, approved and in Accounts Payable queue through Concur no later than 4 p.m. on March 31 to be included in the current fiscal budget.

Manual claims

Reimbursement of expenses incurred to Wednesday, March 31 through an expense report must be submitted to accountspayable@ontariotechu.ca no later than noon on Thursday, 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 March 31 should be reported on a separate expense form.

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

Cash/travel advances

Please ensure all cash/travel advances are reconciled, with relevant documents/receipts attached in Concur, by Friday, March 12. You must e-transfer any remaining amounts back to the university. Send your e-transfer to treasury@ontariotechu.ca no later than Friday, March 26.  Any requests for cash/travel advance after March 12 and not realized by March 31 will be coded to the fiscal 2021-2022.

Petty cash reimbursements

All departments that have a petty cash float should forward the receipts and reconciliation to treasury@ontariotechu.ca no later than end of business on Wednesday, March 31.

Payroll

Deadline for vacation leave reports for the period ending Wednesday, March 31 should be updated in Banner by Tuesday, April 6. Vacation accruals will be completed on Wednesday, April 7. 

Research funds

• Faculty members are asked to review each of their external research funds (i.e. provided from external sources) for completeness and accuracy on or before Monday, March 8. Please consult with the faculty research analyst for support regarding this review and any subsequent adjustment.
  
  

Summary of key deadline dates for year-end processing:

February 26	Execute My Outstanding Purchase Orders report for review and validation.
February 26	February BMO statements available for MasterCard users
March 6	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 on March 5.
March 12	Accounts Receivable deadline for invoicing in Banner.
March 12	Deadline for all travel advances for travel expenses to Accounts Payable for processing.
March 29	March BMO statements available for MasterCard users.
March 31	Deadline for taking all cash received to Campus Corners no later than 11 a.m.
March 31	Deadline for petty cash reconciliation.
March 31	Vendor invoices to the Accounts Payable department.
March 31	Expense reimbursements through Concur to Accounts Payable department.
March 31	Accounts Receivable deadline for customer invoicing.
April 1	Noon deadline to submit paper expense reports for reimbursement.
April 1	Deadline to submit petty cash receipts and reconciliations.
April 5	Deadline for all March MasterCard reconciliation and approval in Concur to Finance department.
April 6	Deadline to update vacation leave reports in Banner for the period ending March 31.