Year End Closing Deadlines

 

The College is approaching the end of another fiscal year and it is time to coordinate the year-end closing activities. Campus wide cooperation is essential for a timely and accurate year-end close therefore, it is imperative that all departments adhere to each applicable deadline outlined below.  If you anticipate difficulty in meeting any of these deadlines, please contact us at x2495 or budfin@tcnj.edu, so that your concerns can be addressed in a timely fashion. 

 

Financial Web Reports

Departmental review of the financial web reports should be conducted throughout the year; however, it is especially critical that we have accurate data before the year is closed, so please conduct a thorough review of your accounts. If you experience any difficulty accessing the web reports or have any correcting journal entries, please contact Finance & Business Services as soon as possible at budfin@tcnj.edu.

Budget Reviews

While making plans to meet the year-end closing deadlines for purchases, departments should confirm that they have sufficient budget to accommodate the anticipated expenditures.  This is done by reviewing the Department Budget Status Detail Report or Program Budget Status Report. Please direct any questions regarding available budget balances to Mark Mehler at ext. 2859.

 

FY12 Open Purchase Orders

Effective immediately Departments should be reviewing all FY12 open purchase orders (including travel encumbrances) and contacting the Purchasing Department to indicate which encumbrances will be liquidated prior to the close of the fiscal year. To review open purchase orders please use the Open Purchase Order web report which can be found under the Purchasing Reports Menu.

 

Purchase Orders Rollover

Fiscal year 2012 purchase orders for which the goods or services are not received as of June 30, 2012 may be rolled over to FY13. Purchasing will make final determination for all purchase orders requested to be rolled to FY13. Purchase orders for goods or services that are rolled to FY13 must be received and paid by October 31, 2012, or the purchase order will be liquidated and the department will be notified.

 

FY12 Entry of Purchase Orders in MAPS (Management Accounting and Procurement Services)

The deadlines for entering purchase orders and receipts in MAPS for the current year are as follows:                                

Departments creating Purchase Orders in MAPS	June 15th
Departments Receiving for PO related invoices in MAPS	July 6th

 FY13 Entry of Purchase Orders in MAPS

Departments may begin entering Purchase Orders in MAPS for FY13 starting on July 23, 2012 after the Board of Trustees meeting to approve the FY13 budgets.

 

Employee Travel

An online Travel Request Form must be completed prior to incurring any financial commitments for the travel. The following deadlines apply to travel that will occur in the last two weeks in FY12 (on or before June 30, 2012). The online travel form must be approved on the travel system by the following dates:

Travel Request Forms	June 15th
Travel Expense Reimbursement   (Travel completed & approved by 6/8/12)	June 21st
Travel Expense Reimbursement   (Travel completed & approved by 6/30/12)	July 6th

 Travel that occurs on or after July 1, 2012 will be encumbered and reimbursed against FY13.

For more infomation on the College travel policy, please see http://www.tcnj.edu/~budfin/travel/index.html

 

Accounts Payable Invoices

Invoices for goods and services received by June 30, 2012 must be processed as expenditures against FY12.  In order to ensure timely processing of your department's expenditures, please route approved invoices to Accounts Payable in accordance with the following schedule:

 

Invoices for goods and services received by June 7, 2012	June 14th
Invoices for goods and services received by June 30, 2012	July 9th

 

If goods and services have been received by June 30, 2012 but your department did not receive the associated invoice, please contact the vendor and request a copy of the invoice.  These invoices must be approved and forwarded to Accounts Payable no later than July 12, 2012. Charges for all goods and services incurred after June 30, 2012 will be processed against the department’s FY13 budget.

Note:  Weekly check runs will move from Thursdays to Wednesdays during our summer energy months.   

Procurement Card Charges

All procurement card purchases must be made by June 30, 2012 to ensure that these purchases are charged against the department’s FY12 budget.  It is essential that the credit card custodian pay close attention to this deadline when making or authorizing departmental purchases.  Pcard charges should be reconciled and approved in MAPS no later than July 12, 2012. Any purchases made after June 30th date will automatically be charged against the department’s FY13 budget.

 
Office Supplies & Duplicating

Office Max

All purchases from OfficeMax made on or before June 30, 2012 will be an FY12 expense.  Any orders placed after this date will be charged to the department’s FY13 budget.

CRW Graphics

All duplicating, stationery and business cards orders from CRW Graphics placed by June 30, 2012 will be an FY12 expense.  Any orders placed after this date will be charged to the department’s FY13 budget.

 

Interdepartmental Charges

The interdepartmental services listed below must be completed by the following dates:    

Express Shipping	June 25th
Photocopies (Library and IT)	June 25th
Mailing Labels	June 25th
Graphics Studio Charges	June 25th
Mailroom Postage	June 25th
ITS (Media Center)	June 25th
Telephone Charges	June 29th
Conference & Meeting Services	June 29th

The above deadlines are for the general campus community.  A memo will be sent to the Servicing Departments addressing the due dates for final FY12 billings. 

 

Accounts Receivable

Departments knowing of amounts owed to the College as of June 30, 2012 must send an e-mail to budfin@tcnj.edu, detailing the amount owed, the name of the vendor, and the MAPS chartfield combination against which the revenue should be credited.  Finance & Business Services will provide each department with the MAPS chartfields where the funds should be deposited when received.

 

Deposit Transmittal Forms

The deadlines for cash transmittal deposits to the Office of Student Accounts is June 29th 

Grants & Contracts

For grants ending on or before June 30, 2012 it is imperative that principal investigators review their work plan in conjunction with the grant expenditures posted on financial web reports and contact us at x2495 or budfin@tcnj.edu if there are any questions or concerns. A separate reminder and a close-out checklist will be sent to the principal investigators whose grants are schedule to end within the next three months.

 

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