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    April 28, 2006
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Memorandum

To: Deans, directors and budget unit heads

From: Theresa Cook, director of Accounts Payable

Subject: Accounts Payable Fiscal Year-End Close – June 30, 2006

Temple University’s fiscal year-end close is rapidly approaching. It is critical that you review, resolve and approve all check requests, invoices, travel reimbursements and receivers pertaining to FY06. These documents need to be delivered to Accounts Payable no later then the following due dates:

Due Date Time Description
Thursday,
June 22
5 p.m. The last day for check requests, invoices, travel reimbursements and receivers pertaining to FY06 to be included in 1st Close.
Friday,
July 7
5 p.m. The last day for check requests, invoices, travel reimbursements and receivers pertaining to FY06 to be included in 2nd Close.

In order to avoid processing delays, please make sure each PO line has an adequate amount encumbered to process the invoice for payment. Change Orders for Master Orders need to be completed and forwarded to the Purchasing Department no later than Friday, May 5, 2006.

All documents being processed after June 30 must 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, 2006, must be recorded as expenses in fiscal 2006.

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 Accounts Payable staff or Teri Cook at 215-204-5722.

 

 


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