GAAP Compliance: Webster’s 2013 Fiscal Year Ends May 31

| May 28, 2013

In order to be compliant with GAAP (Generally Accepted Accounting Principles), Webster University must include in its financial statements all expenses incurred during the year. The University’s fiscal year 2013 ends on May 31.

The Webster community’s efforts to meet the following deadlines is greatly appreciated:

Expenditures

Expenditures for equipment, supplies, and services should be recorded in the fiscal year ending May 31, 2013, provided the items have been received or services rendered to Webster University on or before May 31, 2013. If the pink copy of a purchase order has been signed and dated that items were received prior to May 31, 2013, and the pink copy of the signed purchase order has been received by accounts payable by June 13, 2013, it will appear as a fiscal year 2012-13 expense. For partial shipments, those items actually received on or before May 31, 2013, will be recorded as an expense in the current fiscal year.

Invoices and Voucher Requests

Direct payment voucher requests received by Accounts Payable on or before June 13, 2013, that pertain to goods or services received prior to May 31, 2013 will be charged to fiscal year 2012-13. 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 record charges in the prior fiscal year even if you have not received an invoice. If you have expenses in the current fiscal year that for some reason you have not received an invoice, please contact Jann Taylor at extension 7111.

Petty Cash

Petty Cash reimbursements should be requested at the cashier window prior to noon May 31, 2013 in order to be recorded as a fiscal year 2012-13 expense. Petty Cash reimbursements after May 31, 2013 will be recorded as a fiscal year 2013-14 expense.

P-Card

Payment transactions on a University Purchasing Card for goods or services on or prior to May 31, 2013 will be charged to fiscal year 2012-13. The June P-Card cycle will straddle the fiscal year 2012-13 and fiscal year 2013-14 fiscal years; therefore, before June 12 make sure that all your transactions are allocated to the general ledger account number to which you want them to post, otherwise your default accounts will be automatically charged. Please submit your receipts at the end of the June close cycle as normal.

Submitted by Curt Vehlewald, comptroller

Category: Employee News

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