2024-2025 fiscal year-end schedule
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. Monday, 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 (PO)
To ensure expenses for goods that are physically received, or services incurred by Monday, March 31 are captured as a fiscal 2024-2025 expenditure:
- Any purchase requisitions required after Friday, February 14 for the 2024-2025 fiscal year must be approved by Ben Suter, Director of Financial Operations. 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 Monday, March 31. POs issued that do not have a Monday, 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 Thursday, March 31 be expensed to the next fiscal year and against the 2025-2026 budget.
- FAST users need to run a 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.
- You should have executed your report on Friday, February 21. If any of your outstanding POs can be closed, contact Cynthia McKeen, Buyer, no later than the end of business day Friday, February 28 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 Monday, March 31, contact Donny Gough, Senior Procurement Officer, to inquire about how to issue an advance PO for fiscal 2025-2026.
All POs as of Monday, 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 Monday, 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.
Cheques
All cheques received up to and including the morning of Monday, March 31 should be physically delivered to the Campus Corners building no later than 11 a.m. on March 31. Any cheques received after 11 a.m. on Monday, March 31 will be deposited and recorded in fiscal year 2025-2026.
Contact Financial Operations if you require more information.
Accounts receivable
Invoicing external customers
For goods and services that have been delivered or performed by Monday, March 31 and for which the revenues have not yet been collected, you should establish an accounts receivable in fiscal year 2024-2025. This only relates to goods and services provided to external parties. To ensure all revenue earned to Monday, 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 7 at 4 p.m. All invoicing details submitted after Friday, March 7 and before Monday, March 31 for services rendered to March 31 will be accrued in fiscal year 2024-2025 and invoiced in Banner in fiscal year 2025-2026.
The final date and time to process invoices through Banner is Monday, March 31 at noon.
If you have any questions, contact Trade AR, Accounts Receivable.
Prepaid expenses
Any expenses processed in fiscal year 2024-2025 that relate to the next fiscal year will be set up as a prepaid expense and charged to the 2025-2026 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 Financial Operations if you require more information.
Accounts payable
Review all files and ensure any invoices for goods or services received on or before Monday, March 31 are properly approved and coded with the appropriate job cost allocation. The deadline for invoice submission is Monday, 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 Monday, March 31 are charged to fiscal year 2024-2025. Any purchase orders issued on Tuesday, April 1 will be charged to 2025-2026 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 Tuesday, 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 credit cards:
- Friday, March 28: March statements are available in Spend Dynamics for MasterCard card users to reconcile in Concur.
- Thursday, April 3: End-of-day deadline for all March billing cycle MasterCard reports reconciled and approved in Concur to Finance department.
If you have any questions or concerns regarding corporate MasterCard expenditures, contact finops@ontariotechu.ca.
Expense reports
Concur submission
Expense reimbursements incurred up to Monday, March 31 should be submitted, approved and in the Accounts Payable queue through Concur no later than 4 p.m. on Monday, March 31 to be included in the current fiscal budget.
Manual claims
Reimbursement of expenses incurred to Monday, March 31 through an expense report must be submitted to accountspayable@ontariotechu.ca no later than noon on Tuesday, 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 Monday, 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 7. You must e-transfer any remaining amounts back to the university. Send your e-transfer to treasury@ontariotechu.ca no later than Friday, March 21. Any requests for cash/travel advance after Friday, March 7 and not realized by Monday, March 31 will be coded to fiscal 2025-2026.
Payroll
Deadline for vacation leave reports for the period ending Monday, March 31 should be updated in Banner by Thursday, April 3.
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 Wednesday, March 5. 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:
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February 21 |
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February 28 |
February BMO statements available for MasterCard users |
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February 28 |
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 February 28. |
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March 7 |
Accounts Receivable deadline for invoicing in Banner. |
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March 7 |
Deadline for all cash advances for travel expenses to Accounts Payable for processing. |
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March 31 |
Vendor invoices to the Accounts Payable department. |
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March 31 |
Deadline for taking all cheques received to Campus Corners no later than 11 a.m. |
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March 31 |
Expense reimbursements through Concur to Accounts Payable department by 4 p.m. |
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March 31 |
Accounts Receivable deadline for customer invoice accruals is noon. |
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March 28 |
March BMO statements available for MasterCard users. |
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April 1 |
Deadline to submit manual expense reports for reimbursements is noon. |
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April 3 |
Deadline to update vacation leave reports in Banner for the period ending March 31. |
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April 3 |
Deadline for all March MasterCard reconciliation and approval in Concur for Accounts Payable by 4 p.m. |
