NDSU's accounting period ends on June 30th each year. For accounts payable/expenditure purposes, goods and/or services received on or before June 30th are to be paid from funds allocated to that fiscal year. Items received on or after July 1st are proper expenditures of the new fiscal year's budget. The date received is to be included on the receiving report nad Accounts Payable Voucher. Documents and accompanying invoices should be separated by fiscal year.
Tip: Each year the Accounting Office sends out a notice as to the cutoff date when expenditures must be processed to be able to apply back to the old fiscal year. The cutoff date is typically around the third week in July.