Please take a few minutes to read through this message which includes deadlines, suggestions and reminders associated with Accounts Payable Invoices, Business Travel/Working Fund Settlements, Visa Procard, Interdepartmental Invoices, FRS Transaction Submission System, Payroll Accruals, Open Commitments, Appropriation Transfers, Obligations, Inventory and Prepaid Supplies.
Accounts Payable Deadline: Wednesday, June 30, 2004.
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 Wednesday, June 30th. Purchase order costs will automatically be accrued against FY2004 if the merchandise is received on or before June 30th.
Business Travel/Working Fund Deadline: Wednesday, June 30, 2004.
Travel expense vouchers received with appropriate documentation and approvals by June 30, 2004 will be charged to your FY2004 budget. Travel expense vouchers received later than June 30, 2004 will be charged to FY2005 regardless of the trip dates. All travel occurring in FY2005 will be charged to FY2005 even if the travel advance for the trip was received in FY2004.
Working Fund general advances will be charged to FY2004 as long as the associated Miscellaneous Expense Voucher is received with appropriate documentation and approvals by June 30, 2004.
ProCard-VISA Deadline: Friday, June 18, 2004.
We suggest completing all of your FY2004 VISA procurement card purchases by June 18th. Provided the vendor submits the VISA charges to US Bank by June 25th, the charges will post against your FY2004 budget. Any purchases not processed by the vendor and US Bank by June 25th, will post to next year?s budget, FY2005.
Interdepartmental Invoice & Transmittal/Chargeback Deadline: Friday June 25, 2004.
All interdepartmental invoices and transmittals/chargebacks for interdepartmental charges must be received in Financial Services no later than Friday, June 25, 2004 for processing against your FY2004 budget.
Any interdepartmental invoices or transmittals/chargebacks received after June 25th, will be charged against FY2005. Please remember, when you receive an interdepartmental invoice from another department, it is your responsibility to sign and forward on to Financial Services within 5 business days.
FRS Transaction Submission System Deadline: Friday, June 25, 2004.
Departments that utilize the automated FRS Transaction Submission System must have their submissions sent by 5:00 pm on Friday, June 25th.
Accruals of Regular and Contractual Payroll.
Regular Payroll
** The entire REGULAR payroll for pay period ending June 22, 2004 with a pay date of June 30, 2004 will be charged to FY2004.
** Since the next regular payroll spans both FY2004 and FY2005, an accrual entry will be made to charge your budget in FY2004 for 8 days. This 8-day accrual entry is based on the last full payroll of FY04. The accrual entry will be reversed in FY2005 and your budget will be credited an identical amount. The entire regular payroll for pay period ending July 6 will be charged to FY2005.
Contractual Payroll
** All of the CONTRACTUAL payroll for pay period ending June 25, 2004, with a check date of July 7, 2004, will be charged to FY2004.
** Since the next contractual payroll spans both FY2004 and FY2005, an accrual entry will be made to charge your budget in FY2004 for 5 days. This 5 day accrual entry is based on the last full payroll of FY04. The accrual entry will be reversed in FY2005 and your budget will be credited an identical amount. The entire contractual payroll for pay period ending July 9 will be charged to FY2005.
Closing/Deleting FRS Accounts.
Please take a look at the accounts for which you are responsible. If you find accounts that are no longer needed, please send an email to the {FRSTEAM@towson.edu}. The email must come from the responsible person listed on the account and should contain the account number, account name and the effective date of the deletion.
Open Commitments.
May printouts will be distributed the first week of June. Please review your open commitments. Contact the Procurement Office to cancel any purchase orders that have expired or no longer needed. All purchases orders for goods or services that have not been received by June 30th, or approved for obligation against FY2004 will roll over and post to next year?s budget, FY2005.
If you have any questions concerning any of the above information, please call our FRS Help Line on X45599 option #2.
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 30th. This process is called obligating funds and enables you to charge related invoices in future years to this prior year funding. Financial Services, using State guidelines, must evaluate obligation requests and identify a firm list by July 1st. Please send your requests to Financial Services by June 18th and continue to evaluate their progress through the end of the fiscal year. The criteria for obligations are as follows:
Criteria for Obligations:
Purchase must be a Purchase Order by June 30th, Over $500,
Classified into one of these 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 prior year funds after a budget year is closed is through the obligating process. If the aforementioned criteria have been met, please work with your 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.
University Budget Office Deadline: Friday, June 25, 2004.
All transfer requests for FY04 are due by June 25, 2004. Any requests to transfer appropriation between accounts must be received by the deadline. Questions can be directed to Deanna Martinez, X44825.
Inventory and Prepaid Supplies:
Inventory needs to be counted as of June 30, 2004 and submitted to Financial Services by July 2nd. Individual emails have been sent to the responsible persons to remind them of this process.
Prepaid Supplies:
If your department has purchased supplies and materials prior to June 30, 2004, but will not be using them until July 1, 2004 or later, these items are FY05 Prepaid Supplies and must be counted and valued on June 30th and the information sent to the accounting office in Financial Services. Send to Erna Kesler (45012) or Brian Fritsche (44408).
If you have any questions, or if Erna or Brian can be of assistance with the specifics related to your area, please contact them as soon as possible. If you have any questions concerning any of this information, please call our FRS Help Line on X5599, option #2.
