Please take the time to read this message regarding deadlines, suggestions and reminders associated with Accounts Payable invoices, business travel/Working Fund settlements, Visa Procards, interdepartmental invoices, FRS transaction submission system, payroll accruals, open commitments, appropriation transfers, obligations, inventory and prepaid supplies.
Accounts Payable Deadline: Friday, June 29, 2007
All Accounts Payable invoices, including purchase order invoices, and miscellaneous expense vouchers must be approved, signed, properly coded and received in Accounts Payable no later than Friday, June 29, 2007. Purchase order costs will be automatically accrued against FY2007 if the merchandise is received on or before June 29, 2007. If you have any questions about this matter, please contact Accounts Payable at x4-3143.
Business Travel/Working Fund Deadline: Friday, June 29, 2007
Travel expense vouchers received with appropriate documentation and approvals by June 29, 2007 will be charged to your FY07 budget. Travel expense vouchers received later than June 29, 2007 will be charged to FY08 regardless of the trip dates. All travel occurring in FY08 will be charged to FY08 even if the travel advance for the trip was received in FY07.
Working Fund general advances will be charged to FY07 as long as the associated miscellaneous expense voucher is received with appropriate documentation and approvals by June 29, 2007. If you have any questions, please contact Working Fund at x4-5122.
ProCard VISA Deadline: Friday, June 15, 2007
We strongly suggest that all Visa ProCard transactions to be posted against the FY07 budget be made on or before June 15, 2007. Provided the vendor submits the transaction to the bank by June 25, 2007, the charges will post against your FY07 budget. Any purchases not processed by the vendor and the bank by June 25, 2007 will post to the July FY08 budget.
Interdepartmental Invoice and Transmittal/Chargeback Deadline: Friday June 22, 2007
All interdepartmental invoices and transmittals/chargebacks for interdepartmental charges must be received in Financial Services no later than Friday, June 22, 2007 for processing against the FY07 budget.
Any interdepartmental invoices or transmittals/chargebacks received after June 22 will be charged against FY08. Please remember that when you receive an interdepartmental invoice from another department it is your responsibility to sign and forward that invoice to Financial Services within five business days. If you have any questions, please contact the FRS team at x4-2188.
FRS Transaction Submission System Deadline: Friday, June 22, 2007
Departments that utilize the automated FRS transaction submission system must send submissions by 5 p.m. Friday, June 22, 2007. If you have any questions, please contact the FRS team at x4-2188.
Accruals of Regular and Contractual Payroll
Regular Payroll
? The entire regular payroll for pay period ending 6/19/07 with a pay date of 6/27/07 will be charged to FY07.
? Since the next regular payroll (pay period ending 7/3/07) spans both FY07 and FY08, an accrual entry will be made to charge your budget in FY07 for 11 days. This 11-day accrual entry is based on the last full payroll of FY07 (6/19/07). The accrual entry will be reversed in FY08, placing a credit on your budget. The entire regular payroll for pay period ending 7/3/07 will be charged to FY08.
Contractual Payroll
? The entire contractual payroll for pay period ending 6/22/07 with a check date of 7/3/07 will be charged to FY07.
? Since the next contractual payroll (7/6/07) spans both FY07 and FY08, an accrual entry will be made to charge your budget in FY07 for eight days. This eight-day accrual entry is based on the last full payroll of FY07 (6/22/07). The accrual entry will be reversed in FY08, placing a credit on your budget. The entire contractual payroll for pay period ending 7/6/07 will be charged to FY08.
Closing/Deleting FRS Accounts
Please review all accounts for which you are responsible. If you find accounts that are no longer necessary, please send an e-mail to {frsteam@towson.edu}. The e-mail must come from the person listed as the account lead and should contain the account number, account name and effective date of deletion.
Open Commitments
May printouts were distributed the first week of June. Please review your open commitments and contact the Procurement Office to cancel purchase orders that have expired or are no longer needed. All purchases orders for goods and services that have not been received by June 30, 2007 or approved for obligation against FY07 will roll over and post to the FY08 budget.
If you have any questions concerning open commitments, please call the FRS team at x4-2188.
Obligations
The state of Maryland allows certain contracts (purchase orders) to be charged against the closing year budget even though goods or services have not been received by June 30 of that year. This process, called obligating funds, enables you to charge related invoices in future years to funding in previous years. Using state guidelines, Financial Services will evaluate obligation requests and identify a firm list by July 1, 2007. Please send your requests to Financial Services by June 11, 2007 and continue to evaluate their progress through the end of the fiscal year. The criteria for obligations are below.
Criteria for Obligations
To qualify for obligations, the purchase must meet the following criteria:
– Over $500
– Purchase order created by June 30, 2007
– Classified into one of the following categories:
Object 03 – Communications Equipment Contracts only
Object 07 – Motor Vehicle Purchase Contracts only
Object 08 – Printing (3718) and other non-routine services only
Object 10 – Equipment Replacement
Object 11 – Equipment Additional
Object 14 – Land & Structures
Obligating is an option, and the only way to draw on a prior year?s funds after a budget year is closed is through the obligation process. If the detailed criteria have been met, please work with your divisional budget officer (DBO) to submit a list of requested obligations to Financial Services. Please begin early.
Requests for obligations must be submitted in e-mail or in writing and must include the FRS account number, the purchase order number, the amount, and a name and phone number for contact. If you have questions about obligations, please contact {frsteam@towson.edu}.
University Budget Office Deadline: Friday, June 22, 2007
All transfer requests for FY07 are due by Friday, June 22, 2007. Any request to transfer appropriation between accounts must be received by this date. For questions about this deadline, please contact Donna Auvil at x4-3116.
Inventory and Prepaid Supplies
Inventory
Inventory needs to be counted as of June 30, 2006 and submitted to Financial Services by July 6, 2007. Kim Tremper, x4-2218, will send individual e-mails to the appropriate people to remind them of the deadline.
Prepaid Supplies
If your department has purchased supplies, materials or services prior to June 30, 2007 but will not be using them until July 1, 2007 or later, these items are considered FY08 prepaid supplies and must be counted and valued on June 30, 2007 and then sent to the accounting office in Financial Services by July 6, 2007.
If you have questions or if need assistance with specific information related to your area, please contact Erna Kesler at x4-5012 or Cathy Mattern at x4-5563.
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Thank you for assisting us in the fiscal year-end process. If you have any questions concerning any of the information included in this announcement, please call our FRS help line at x4-5599 and select option two.
