|Procedures listed for fiscal year end|
For accurate financial statement presentation, materials and services received by June 30 should be charged to fiscal year 2007 funds. This is true for all funds, appropriated and non-appropriated, including grants and contracts.
Payments for new subscriptions will be processed from fiscal year '07 funds until May 31, 2007. Renewals for subscriptions that expire in fiscal year '08, should be paid from fiscal year '08 funds.
For prepayments, the department should verify with the vendor that delivery will be made by June 30. This should be documented on the purchase requisition and/or voucher. If the company does not guarantee delivery by June 30, the payment can not be made from the fiscal year ‘07 budget. -- Allison Peyton, accounts payable manager.