Fiscal Year End
Fiscal Year End
Introduction to FYE
Fiscal 2023 Year End Budget Requirements
Department Heads should review their unit's salary and non-salary accounts to ensure that all budgets are not in an actual or projected deficit. This is required for all FOAPALs (operating, carryforward/special programs, grant or capital project FOAPALs). Actual and/or projected deficits within your unit/org must be covered through budget transfers. Please cover deficits for all salary accounts (other than full time salary) through a budget transfer form no later than July 11, 2023.
Schedule
June 15, 2023: Special Assignment Payments & Student Special Project Contracts
All full time Special Assignment Payments and Student Special Project Contracts (formally known as Salary Vouchers) need to be submitted by June 15th in order to be paid within FY23.
Any FT or student labor redistribution for FY23 (for BW Pay#14) must be processed no later than July 14th.June 15, 2023: New Vendor & Vendor Reactivation Requests
June 22, 2023: Requisitions & Change Order Requests
Last day to process requisitions or change orders * for FY23 goods and services. Please place your requisition (for active vendors only) with appropriate documentation and required approvals to allow conversion to po. Goods and/or services physically received by the close of the fiscal period will be charged to the FY23 budget. See note two below for exceptions.
*Change Order requests to reduce po amounts or adjust for payment of items received before June 30, 2023 will be processed.
June 23, 2023: Amazon
June 23, 2023: ODP (Office Depot) Orders
June 23, 2023: Systematic Batch PO Closing
June 23, 2023: BoA P-Card Purchases
June 29, 2023: Departmental Deposits
June 30, 2023: Open POs
June 30, 2023: Receiving
June 30, 2023: BoA P-Card Allocation
July 07, 2023: Non-PO Payment Request
July 07, 2023: AP Doc Cutoff
July 07, 2023: Journal Entry / DCA
July 11, 2023: Budget Transfer Form
July 18, 2023: Labor Redistribution Requests
Important Notes & Reminders
- Entering a requisition in Banner by the cutoff date (6/22/23) does not guarantee that the expense will be processed and paid within the current fiscal year (FY23). Due to ongoing supply chain disruptions, orders may not be processed and fulfilled during the current fiscal year (FY23). Continue to anticipate shipping delays, out of stock items, and back orders. Please plan accordingly and do not wait until the cutoff date (6/22/23) to submit a requisition.
- Cutoff date exceptions for requisitions:
- External Grants (funds beginning with 5 or 6)
- Capital Projects (funds beginning with 7)
- Internally funded research under select:
- CHRI Grants (funds beginning with 168xx)
- Startup Funds (11099)
- Amazon activity from June 23rd to June 30th may be processed via requisition. All other cutoff dates (DCAs, ODP, etc.) apply to the funds noted above
- All invoices should be forwarded to the Accounts Payable department or sent to invoices@rowan.edu.
- FY23 Operational Budget surplus will not carry forward into FY24.
- FY24 Non-operating funds budgets (special programs, etc.) will not be set up in Banner until Finance completes year end system roll procedures, tentatively set for mid-July 2023.
- POs open at the completion of FY23 will carry forward to FY24 and will be charged to the fiscal FY24 budget.
- Finance will begin systematically batch closing POs with remaining balances of $10.00 and under beginning June 23, 2023. Note: the $10.00 threshold is subject to change based on Finance Management review.
- Once closed via batch process, POs cannot be re-opened or a change order processed.
- Ensure adequate balance for any remaining expenses are on the PO prior to this cutoff date.
- Journal entry feeds include: telephone, stationary utility allocations, postage, custodial back-charges, labor & material back-charges, duplicating, catering, copier, fuel charges, atrium card, and BoA P-Card correction activity.
Contact Information
If there are any additional questions or concerns regarding the year end closing process, please contact:
Accounting Issues: |
Kyle Beach |
beach46@rowan.edu ext.53714 |
Accounts Payable Issues: |
Joselyn Peoples |
peoplesj@rowan.edu ext.64335 |
Budget Issues: |
Eric Williams |
williamsej@rowan.edu ext.64337 |
Bursar Issues: |
Adrienne Graber |
grabera@rowan.edu ext. 65162 |
Procurement Issues: |
Chris Haley |
haley@rowan.edu ext.64149 |
Grant Issues: |
Rita Piccioni |
piccioni@rowan.edu ext.65492 |