This fiscal year end presents many challenges. As you are aware, this is the last fiscal year that we will be reporting in FMS as we move to Banner. As part of the transition, general ledger, purchasing, accounts payable and effort reporting data will begin to be reconciled and transferred to Banner beginning in late July. In order to make this transition as smooth as possible, it is critical the entire Temple community be diligent in meeting all due dates as requested.

In preparation for the June 30, 2009 fiscal year-end close, the following guidelines and calendar outline the standard closing requirements. Please review and circulate this memorandum so everyone concerned will be familiar with the rules and important dates. This will make the year-end closing process easier and more efficient.

Transaction Processing
Generally Accepted Accounting Principles require us to record transactions in the proper fiscal period. Accordingly, we record revenues when earned and record expenditures when goods have been received and/or services have been rendered. Goods and/or services received on or before June 30, 2009 must be recorded as an expense in fiscal 2009. If they are received after June 30, 2009, they are an expense of fiscal 2010. It is important to note neither the budgeting process nor the purchasing process has any bearing on when a transaction is recorded.

Commitments
Any open commitment at June 30, 2009 on a 2009 purchase order (except for master orders) will be charged to the 2009 budget. The amount of the open commitment will be carried over to fiscal 2010 by adding it to Banner through a budget adjustment journal. This will appear in the available budget column of your reports. Therefore, when the actual expense is recorded in fiscal 2010, there will be sufficient budget to cover the expense.

It is important to remember to remove old invalid purchase order commitments by closing the purchase order. There is some functionality within FMS on the web for this task. Purchasing commitments that have an asterisk (*) next to the dollar amount of invoiced items on the purchasing commitment report can be closed by clicking on the asterisk. For all other old commitments, please contact the Purchasing Department at 1-7685.

Key Processing Dates
The following are key processing dates for the current fiscal year end close as well as the start of the new fiscal year:

The following staff is available to answer any question you have regarding this memo, the processing calendar or closing requirements in general:

***Visit the Controller's web site at: http://www.temple.edu/controller***