To: Deans, Directors and Budget Unit Heads
From: Theresa Cook, Director of Accounts Payable
Subject: Accounts Payable Fiscal Year-End Close - June 30, 2005
Temple University's fiscal year-end close is rapidly approaching. It is critical that you review, resolve and approve all check requests (invoices), travel expenses, and receivers, which pertain to FY05, and deliver to Accounts Payable no later than the following due dates:
|Friday, June 17
||The last day for check requests (invoices), travel expenses and receivers pertaining to FY05 to be included in 1 st Close.
|Friday, July 8
||The last day for check requests (invoices), travel expenses and receivers pertaining to FY05 to be included in 2nd Close.
In order to avoid delays, make sure each PO line has an adequate amount encumbered to process the invoice for payment. Change Orders need to be completed and forwarded to the Purchasing Department no later then Friday, May 6, 2005
All payments being processed after June 30 should be clearly marked with the appropriate fiscal year that the disbursement is pertaining. Remember that Generally Accepted Accounting Principals require us to record transactions in the proper fiscal period.
Goods and or services received on or before June 30, 2005 must be recorded as expense in fiscal' 2005.
This memo should be shared with the appropriate personnel who are responsible for processing Accounts Payable transactions.
Should you have any questions regarding the closing process please do not hesitate to contact any member of the staff or me.