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Fiscal Year Closing
There are several important Purchasing and Payment Services changes to be aware of for fiscal year end related to the university's new financial systems.
If possible, it is recommended that departments wait until the New functionality described below becomes available before processing FY14 requisitions. However, if you need to defer an expense to next year before then, you can do so by:
- Including notes/comments explaining that this is a deferred cost; and
- Using the overdraft request on the accounting lines to override insufficient funds as applicable (i.e., if sufficient funds validation against FY13 fails).
During review, Purchasing Services and Disbursement Control will apply the deferral accounting. All deferred charges using the 19 account will automatically roll to the original account number and object code specified once the new fiscal year is open.
- New: During June and July, in the USC eMarket you will be able to use the Fiscal Year field on the accounting codes line to specify if the expenses should be paid in FY13 or FY14. This eliminates the use of deferral accounts during fiscal year end.
- New: During June, for DV/DVQEs you will be able to indicate via checkbox if the expense should be deferred to FY14.
- New: During Series 13 in July, for DV/DVQEs you will be able to indicate via checkbox if the expense should be charged to FY13.
Additional information will be provided when the new functionality becomes available in USC eMarket and DV/DVQE.
Please submit all FY13 payment requests as soon as possible either in the USC eMarket or through the DV/DVQE process. For invoices submitted after June 30, 2013, indicate on the actual invoice if the invoice should be paid in FY13. As a reminder, if the good or service was delivered in FY13, the payment should be made in FY13.
For additional information regarding policies and compliance related to fiscal year closing, please refer to Fiscal Year Closing Procedures.
An annual campus notification is circulated by Business Services to identify specific fiscal year cut-off dates for payment requests. These dates, along with the deadlines for purchasing goods and services, are listed below.
|Through June 27
||Low Value (less than $5000) requisitions can be placed in FY13 if delivery of good or service is expected prior to July 1. FY14 should be chosen if delivery of good or service is expected on or after July 1.
||Functionality outlined in “key changes” below.
|June 14, Friday
||Last date to submit High Dollar ($5000 and above) requisitions for FY13.
||Allows sufficient time for Purchasing Services to complete processing.
|June 28, Friday
||Fiscal year ends.
|June 30, Sunday
||Deadline for posting of Procurement Card transactions.
|July 12, Friday
||Last date/time to submit FY13 invoices and DV/DVQEs, including Travel Card charges; submission includes completion of approval workflows and receiving.
||Any submissions after this date may be paid in FY14.
|July 18, Thursday
||13 Series closes; last date Payment Services can process payments in FY13.
Fiscal-year posting deadlines for eMarket travel purchase orders issued to Contract Travel Agencies are as follows:
- Air Travel (return date)
- Rental Car Reservations (return date)
- Local Hotels (check-out date)
- Ground Transportation Reservations (return date)
- On or before June 30 – FY13
- On or after July 1 – FY14
Please note that all invoices should be submitted via email to firstname.lastname@example.org. Questions, concerns, etc., regarding fiscal year-end may be submitted via email to: