Fiscal Year 2010-11 Year End Financial Closing

| May 25, 2011

From Curt Vehlewald, Finance Department

Just a reminder that Webster University’s fiscal year ends May 31, 2011. In order to be compliant with GAAP (Generally Accepted Accounting Principles), the University must include in its financial statements all expenses that are incurred during the year.

Expenditures for equipment, supplies and services should be recorded in the fiscal year ending May 31, 2011, provided the items have been received or services rendered to Webster University on or before May 31. If the pink copy of a purchase order has been signed and dated confirming that items were received prior to May 31 and the pink copy has been received by Accounts Payable by June 10, it will appear as a Fiscal Year 2010-11 expense. For partial shipments, those items actually received on or before May 31 can be recorded as an expense in the current fiscal year.

Direct payment voucher requests received by Accounts Payable on or before June 10 pertaining to goods or services received prior to May 31 will be charged to Fiscal Year 2010-11. Typically, the invoice date is used to determine which fiscal year to charge. The invoice date is the date presented on the first page of an invoice that has been assigned by the vendor.

We can place charges in the prior fiscal year even if you have not received an invoice. So if you have expenses in the current fiscal year and for some reason you have not received an invoice, please contact Jann Taylor at ext. 7111. We can enter an expense transaction in the prior fiscal year and then wash out the actual transaction when it happens in the new fiscal year.

Petty Cash reimbursements should be requested at the cashier window prior to noon May 31 in order to be recorded as a Fiscal Year 2010-11 expense. Petty Cash reimbursements after May 31 will be recorded as FY 2011-12 expenses.

Payment transactions on a University Purchasing Card for goods or services on or prior to May 31 will be charged to FY 2010-11. The June P-Card cycle will straddle FY 2010-11 and FY 2011-12. Therefore, before June 10, make sure that all your transactions are allocated to the appropriate general ledger account number or your default accounts will automatically be charged. Please submit your receipts at the end of the June close cycle as normal.

Your effort in meeting these deadlines is greatly appreciated.

Category: Employee News, International & U.S. Campuses, St. Louis Campus News

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