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Corporate Card Services (DELETE)
Division of Financial and Business Services

What's New?

Wednesday, May 22, 2013

FY2013 Closing

There are several important Purchasing and Payment Services changes to be aware of for Fiscal Year End as related to the university's new financial systems.

Key Dates


Through June 27 Low Value (less than $5000) requisitions can be placed in FY2013 if delivery of good or service is expected prior to July 1. FY2014 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 FY2013.
  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 FY2013 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 FY2014.
July 18, Thursday 13 Series closes; last date Payment Services can process payments in FY2013.


Key Changes

Until the New functionality discussed below is introduced, if you need to defer an expense to next year you can do so by:

  1. Including notes/comments explaining that this is a deferred cost; and
  2. Using the overdraft request on the accounting lines to override insufficient funds as applicable (i.e., if sufficient funds validation against FY2013 fails).

During review, Purchasing and Disbursement Control will apply the deferral accounting. All deferred charges using the 19 account will be automatically rolled 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 FY2013 or FY2014. 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 FY2014.
  • New: During Series 13 in July, for DV/DVQEs you will be able to indicate via checkbox if the expense should be charged to FY2013.

Additional information will be provided when the new functionality becomes available in USC eMarket and DV/DVQE. For a full list of year-end procedures and deadlines please visit the Business Services website.

Please submit all FY2013 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 FY2013. As a reminder, if the good or service was delivered in FY2013, the payment should be made in FY2013.