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Fiscal year end finance deadlines and requirements

To:         Leadership Council
From:    Financial Services
Date:     April 3, 2018

RE:        Fiscal Year End Finance Deadlines and Requirements

Fiscal year end is fast approaching and like years past, here are the guidelines for the following areas

  • Purchase Orders
  • Credit Card Purchases (Travel Cards/Expense reports, P-cards, Gas Cards)
  • Invoices/Check Requests
  • Worktag transfers (formerly Chartfield Transfer), and Budget transfer requests
  • Technology Services Requests (hardware, software and computer maintenance)

Please note:  Transactions are not complete until all required approvals are provided within the Workday system. Allow for approval time as you observe the deadlines below.

Purchase Orders

  • Creation - The last day to create new Purchase Orders for FY2017-18 is June 1, 2018. (If purchasing hardware and/or software please see Technology Services deadline information below)
  • Usage – All open purchase orders for FY2017-18 will be closed as part of the year end process unless otherwise approved by your Budget Manager and the Purchasing Department
  • Carryovers/Rollovers – PO rollovers should be requested no later than June 15, 2018 by sending an email to purchasing@madisoncollege.edu for approval.  Please note that only capital can be carried over.  All other purchase orders will be closed by the end of the fiscal year.  Make sure you work with your vendors to receive the invoices against any open PO’s before the end of the year

 

Credit Card Purchases

  • P-cards & Gas Cards
    • The deadline for P-Card purchases for FY2017-18 is June 25, 2018 to allow for timely allocation and approvals.  Please do not use your pcard from June 25-June 30
    • Gas Cards transactions for June will be loaded into Workday on July 2.  These need to be expensed in June so they have to be verified and allocated by July 6, 2018
    • Travel Cards & Expense Reports
      • Current year expense reports should be submitted and approved by your manager no later than July 6, 2018 to make the final settlement run for FY18.  Expense reports must be dated on or before June 30, 2018, to be expensed in the FY2017-18 fiscal year.  Please do not back-date expense reports after July 6, 2018
      • Travel card related purchases should be reconciled via the expense report by July 6, 2018
      • Emergency purchases. Please email your emergency requests to Purchasing@madisoncollege.edu for approval

Invoices/Check Requests

  • All invoices and check requests related to FY 2017-18 activity must be received in Accounts Payable by July 6, 2018. Contact Accounts Payable at accountspayable@madisoncollege.edu
  • Please communicate this deadline with your suppliers to ensure timely receipt of FY2017-18 related invoices
  • Invoices received after July 6, 2018 will be charged to your FY 2018-19 budget

Worktag and Budget Transfers

Technology Services

  • Workday requisitions for computer hardware, software and/or AV equipment for FY2017-18 must be completed by May 18, 2018.  Please remember to complete the Hardware/Software request form and attach it to your requisition
  • Questions should be directed to the IT Help Desk, or Paul Thomas at 608-243-4500

Your timely attention to the year-end deadlines is much appreciated and will help ensure smooth year end close.

Thank you,

Laurie Grigg 

Published April 11, 2018.