Attention:  Deans, Directors & Business Managers

This memo outlines the important dates and processes required to conclude the current fiscal year. We also have included some guidance with respect to next fiscal year.

An important and added consideration this year is that we will be closing the fiscal year on the Banner System for the first time. In order to have a clean year-end and ensure all revenues and expenses are captured in the appropriate period; we require everyone’s assistance and strict adherence to the stipulated timelines.

The following cut-off dates have been established with respect to current fiscal activities:

a) Capital Works – Friday, February 3, 2012
Facilities Management staff will contact the requestor if they are unable to complete the request prior to purchasing or financial cut-off dates.

b) Purchases – Friday, February 24, 2012
Purchase requisitions should be created and approved by the cut-off date to ensure the goods and/or services are received and paid for prior to year-end. Requisitions past this date will be applied to the next fiscal budget.

LVPO can be created by the end user until the cut-off date at which point the ability to create LVPOs will be disabled (till April 5, 2012).

c) Revenue Deferral/Roll-over – Friday, March 16, 2012
Request to defer unearned revenues (for in-progress projects) along with supporting documentation should be forwarded to Financial Services (attention: Tanya Ma ext. 4176), if they are to be excluded from the current year’s revenue. Failing to do so, will result in revenue being recognized in the current fiscal.

d) Payment Requisitions – Friday March 23, 2012
Payment requests (those items formerly processed on Cheque Requisitions) should be approved and invoice(s) sent to Accounts Payable immediately thereafter so that payment processing can take place prior to year-end. Requisitioning will be down until April 5th.

Please contact Purchasing for any new fiscal year requisitions that need to be processed during the shut-down period.

e) Receiving – Tuesday, March 27, 2012
It is important to note that if receiving is NOT completed in Banner by the above date, the cost of the invoice(s) will be charged in the next fiscal year.

f) Accounts Receivable – Friday, March 30, 2012
Request to invoice College customers should be forwarded to Financial Services (attention: Viktoriya Bilyk ext. 4312), if they are to be included in the current year’s revenue.

g) Accounts Payable Invoices, Travel & Expense Claims and Petty Cash – Monday, April 2, 2012
Accounts Payable Invoices and Employee expense claims must be received by the above cut-off date, otherwise they will be charged against next year’s expense. Please note: a list outlining outstanding advances as of March 31, 2012 will be distributed to each Dean/Department Head and the employee in April 2012.

h) Journal Entries and Interdepartmental Charges – Monday, April 2, 2012

• Interdepartmental charges for goods and services (i.e., Capital Works, Telephone, Graphics etc.)
• Central charge/allocation for Basics, Grenville, Beaver, Follett, Purolator, Paper, Postage, etc.
• Purchase card (MasterCard) charges for the month of March 2012 will be charged to the card’s default FOAP so that charges will be reflected in the proper year (for audit purposes, log sheets MUST still be sent to Accounts Payable).

We expect the first preliminary year-end report will be available (in ePrint) by Friday, April 6, 2012. Similar to previous years, we will be as flexible as possible, but can’t compromise the deadlines necessary to complete the financial audit and report to the Board of Governors.

With respect to getting ready for the next fiscal year (2012-13), the budget will be loaded in the system on Monday, February 27, 2012. At this time, the users will be asked to create requisitions in the system for their Standing Orders. The Purchasing department (with assistance from the Change Management team) will be sending out instructions (next month – closer to the actual date) on how to create these requests and will also be available to provide support and guidance as requested.

Note: All new fiscal year requisitions created in the months of February and March must have a post-April 1, 2012 date. This means users will need to be vigilant while creating these documents.

Thank you for your ongoing cooperation. If you have any queries or issues in meeting any of the above deadlines, please contact us.

Thank you,

Sanjay Puri, Director, Financial Services & Planning
Carol Anderson, Director, Facilities Management