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Fiscal Year Closing Procedures

University policy states that departments must pay for goods and services in the same fiscal year in which they are received. To ensure compliance with this policy, departments may not delay the submission of payment documents (DV/DVQEs, invoices, etc.), due to insufficent funds in the current fiscal year. Similary, departments may not request payment using current year funds for goods and services that will not be received until the new fiscal year.

To ensure payments for items are made using current fiscal year funds, requisistions must be submitted to Purchasing Services by the dates listed under Key Dates on the Fiscal Year Closing page. Subsequently, all goods and services must be received and invoiced prior to the end of fiscal year closing (June 30), in order to issue payment using current fiscal year funds. Otherwise, payment will be issued from the next fiscal year's funds.

Sponsored project account purchases do not follow the university's fiscal year closing dates. For sponsored project accounts, items must be requisitioned, recieved, and invoiced before the termination date of the account.

Goods or services ordered on university accounts in one fiscal year that are delivered in a subsequent fiscal year must be deferred to the fiscal year in which the items are delivered and invoiced. Suppliers who require deposits and prepayments can be invoiced and paid according to the guidelines in the Invoices and Payments policy. However, deposit and prepayment amounts will be deferred to the fiscal year in which the event, item, service, etc., occurs or is recieved.

Multiple-year agreements that involve phase payments will be paid from the fiscal year funds in which the phase payment is invoiced, with payments for future fiscal years paid according to the agreement terms.