Fiscal Year-end Procedures and Deadlines (June 30, 2004) The Accounting Office has established Thursday, July 15, 2004 as the last day it will accept input documents for expenditures to be applied to all funds (appropriated, non-appropriated, grant and contract funds) for the 2003-2004 fiscal year. Input documents affected are as follows: request for payments, receiving reports, travel vouchers, interdepartmental billings and journal entries. Payments for goods and services received June 30, 2004, or earlier, must be applied to fiscal 2003-2004 budgets. Payments for goods and services received July 1, 2004, or later, must be applied to fiscal 2004-2005 budgets. (Reminder for those departments using on-line screen AP82, for payments to be applied to fiscal 2003-2004 and entered on July 1, 2004, and thereafter, the transaction date must be adjusted to show June 30, 2004.) Thursday, July 15, 2004, is the last day vendor payments may be applied back to fiscal 2003-2004 if your department is entering invoices using on-line screen AP82. After July 15th the on-line screen will only accept a fiscal 2004-2005 transaction date. The date goods and services were received should be indicated on the input documents and attached invoices. This date determines the fiscal year to which the bill will be applied. Documents should be separated by fiscal year. By applying payments to the proper fiscal year, the University's actual expenditures and year-end liabilities are recorded in the accounting system. The accounting system is used to prepare the official financial reports of the University; therefore, it is just as important to properly apply payments in non-appropriation funds as it is in state appropriation funds. There will be an earlier cutoff for transactions recorded by the electronic billing systems (job billing and stores inventory) used for charges from Document Publishing, Agriculture Communication, and the Purchasing Office (postage). Transactions from these systems should be posted the night of June 24, 2004, so by the next working day (June 25, 2004) you can view the transactions using on-line screen JB40. You have until June 30, 2004 to redistribute the charges to your funds using JB40. The original transactions along with any redistributed transactions will post to the general ledger the night of June 30, 2004. These early cutoffs are intended to assist departments in determining the amount of money available in your funds. Physical Plant, Motor Pool and Dining Services charges will be done on the night of June 30th. Departments will have until July 6th to do JB40 fund redistributions on the second set of billings. Motor Pool charges that will post June 30th are as current as possible. Garage charges for dedicated vehicles generally represent mileage for the month of May 2004. June 2004 milage will be recorded to fiscal year 2004-2005. Phone transactions through June 15 should be recorded by the night of June 23th and available for redistribution until June 30. At fiscal year-end it is particularly helpful for all departments to promptly process the interdepartmental billing forms they receive. By processing these documents as quickly as possible, it helps the department on the other end of the transaction to determine their budget status. Overdrawn Funds When a document is input by the Accounting Office and we find that the expenditure will overdraw the budget, we normally return the document to the department. When we are near the fiscal year-end cutoffs there is insufficient time to return the document to the department. During July 2004, instead of returning the documents to the departments, the Accounting Office will choose a department local fund to charge the expenditure. If your department prefers the Accounting Office to use a certain local fund, please email me that information at milan.knutson@ndsu.nodak.edu. We will post any changes or updates as they become available. Please refer to this site periodically from now through July.

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Site Manager Last Updated: Friday, 18-Jun-2004 13:43:03 CDT Published by WWW Development Team