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Planning for a successful March 29 fiscal year-end close (end of March) begins now.

The goal of the Finance department is a seamless fiscal year-end process and it relies on your co-operation and adherence to deadlines. Thursday, March 29 is the cut-off for the fiscal year.

This information will help you plan deadlines for processing transactions so the university’s financial records are timely and accurate for all:

• Purchase orders
• Cash and cheques
• Accounts Receivable
• Prepaid expenses/subscriptions
• Accounts Payable
• Payroll

Purchase orders

To ensure expenses for goods physically received or services incurred by Thursday, March 29 are captured as a fiscal 2017-2018 expenditure:

• Any purchase requisitions required after Friday, February 23 for the 2017-2018 fiscal year must be approved by Craig Elliott, Chief Financial Officer. The expected delivery date of the goods must be indicated on the requisition to ensure it is properly recorded in the correct fiscal year. No purchase orders (PO) will be issued after Friday, March 16 for fiscal 2017-2018. Proper accounting procedures require items purchased during the current fiscal year but received after March 29 to be expensed to the next fiscal year and against the 2018 budget.
• FAST users need to run the My Outstanding Purchase Orders and Requisitions report via the module. This process helps staff identify their outstanding POs, invoices paid and remaining balance on those orders. For instructions, select the link.
• Please execute your report on Wednesday, February 28. If any of your outstanding POs can be closed, contact Cynthia McKeen no later than the end of business day Friday, March 9 and reference the PO number and reason for closing (e.g. paid already, invoice already sent to Accounts Payable, vendor no longer supplying goods).

If submitting an invoice to Accounts Payable that is a final payment, indicate this on the invoice so the PO can be closed out.

If your order is received after Saturday, March 31, email Donny Gough to inquire about how to issue an advance PO for fiscal 2018-2019.

All POs as of Thursday, March 29 will be closed out (no amendments can be made after the PO is closed), and a new PO requisition will need to be created in FAST, adhering to regular purchasing procedures for the remaining value relating to the next fiscal year. For all POs opened by Thursday, March 29 and where the goods are received or services delivered by Saturday, March 31, the outstanding commitment will be recorded as an expense in fiscal 2017-2018 either through invoice or an accrual of the expense.

If you have any questions or concerns regarding purchase orders, contact Kevin Jones at ext. 2251.

Cash and cheques

All cash received up to and including the morning of Wednesday, March 28 should be hand-carried to the Cashier's office, located on the main level of the Software and Informatics Research Centre, no later than 9 a.m. on Thursday, March 29. Any cash/cheques received subsequent to March 28 should be hand-delivered to the Cashier's office on Thursday, March 29 before 11 a.m.

Any cash/cheques received after 11 a.m. on March 29 will be deposited and recorded in fiscal year 2018-2019.

Please contact Marilyn England, Cashier, at ext. 6562 if you require more information.

Accounts receivable

Invoicing external customers 

For goods and services that have been delivered or performed by Thursday, March 29 and for which the revenues have not yet been collected, you should establish an accounts receivable in fiscal year 2017-2018. This only relates to goods and services provided to external parties. To ensure all revenue earned to March 29 is captured in the proper fiscal period in Banner, forward the invoicing details for services rendered or fees to be charged to external customers to the Accounts Receivable department by Friday, March 16 at 4 p.m. All invoicing details submitted after March 17 and before March 30 for services rendered to March 29 will be accrued in fiscal year 2017-2018 and invoiced in Banner in fiscal year 2018-2019.

The final date and time to process invoices through Banner is Thursday, March 29 at noon.

If you have any questions, please contact Jeanie Cao, Accounts Receivable, at ext. 6544.

Prepaid expenses

Any expenses processed in fiscal year 2017-2018 that relate to next fiscal year will be set up as a prepaid expense and charged to 2018-2019 budgets. If an expense spans both years, the expense will be prorated over both years. These expenses usually relate to conference registrations, advance seat sale airline tickets, subscriptions, etc.

Please contact Brenda Neddow, Senior Accounting Analyst, at ext. 2524 if you require more information.

Accounts payable

Review all files and ensure any invoices for goods or services received on or before Thursday, March 29 are properly approved and coded with the appropriate job cost allocation. The deadline for invoice submission is Thursday, March 29 at noon. Please indicate the purchase order number on the invoice where applicable to ensure purchase orders are completed and closed.  

Only goods and services received on or before Thursday, March 29 are charged to fiscal year 2017-2018. Any purchase orders issued on Monday, April 2 will be charged to 2018-2019 budgets. If an invoice has not been received but there is sufficient support to accrue an expense to the current fiscal year, provide the supporting documentation by Monday, April 2. 

Travel/cash advances and petty cash reconciliation with supporting documentations are due on Monday, April 2.

Please contact uoitaccountspayable@uoit.ca for additional information.

Corporate MasterCard statements

To ensure the proper recording of purchases made on corporate MasterCards, the following deadlines dates are outlined:

• Wednesday, February 28: February BMO statements will be available for MasterCard card users.
• Tuesday, March 6: Deadline for all February MasterCard reports reconciled and approved in Concur to Finance department.
• Wednesday, March 28: March statements available for MasterCard card users to reconcile in Concur.
• Thursday, April 5: Deadline for all March MasterCard reports reconciled and approved in Concur to Finance department.

If you have any questions or concerns regarding corporate MasterCard expenditures, please contact uoitaccountspayable@uoit.ca.

Expense reports

Concur submission

Expense reimbursements incurred up to Thursday, March 29 should be submitted and approved through Concur no later than end of day on Saturday, March 31 to be included in the current fiscal budget.

Paper claims

Reimbursement of expenses incurred to Saturday, March 31 through an expense report must be submitted to the Accounts Payable department no later than end of day on Monday, April 2 for processing.

Please ensure all supporting receipts are provided and the expense report is properly approved and coded. Claims for expenses incurred after March 31 should be reported on a separate expense form.

If you have any questions or concerns regarding expense report reimbursements, please contact uoitaccountspayable@uoit.ca.

Cash/travel advances

Please ensure all cash travel advances completed by Thursday, March 29 are reconciled and submitted to the Accounts Payable department no later than Monday, April 2.

Petty cash reimbursements

All departments that have a petty cash float should forward the receipts and reconciliation to uoittreasury@uoit.ca no later than end of business on Thursday, March 29.

Payroll

Deadline for vacation leave reports for the period ending Thursday, March 29 should be updated in Banner by Tuesday, April 3. Vacation accruals will be completed on Thursday, April 5. 

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Summary of key deadline dates for year-end processing

February 28	Execute My Outstanding Purchase Orders report for review and validation.
February 28	February BMO statements available for MasterCard users
March 6	Deadline for all February MasterCard reconciliation and approval in Concur to Finance Department.
March 9	Completed outstanding purchase order report sent to Donny Gough.
March 16	Accounts Receivable deadline for invoicing in Banner.
March 28	March BMO statements available for MasterCard users.
March 29	Deadline for taking all cash received to Cashier's office no later than 9 a.m.
March 29	Deadline for petty cash reconciliation.
April 2	Accounts Receivable deadline for customer invoicing accrual.
April 2	Deadline for all travel advances for travel expenses to Accounts Payable for processing.
April 2	Deadline to submit paper expense reports for reimbursement.
April 2	Deadline to submit petty cash receipts and reconciliations.
April 2	Vendor invoices to the Accounts Payable department.
April 3	Deadline to update vacation leave reports in Banner for the period ending, March 31.
April 5	Deadline for all March MasterCard reconciliation and approval in Concur to Finance department.