For accurate financial statement presentation, all expenses incurred
by June 30 must be included in the current fiscal year. Similarly, all
materials and services not received by June 30 must be charged to the
new fiscal year. The year in which these items are budgeted has no impact
on when they are recorded for financial statement purposes.
To assist in this effort, all invoices for materials and services
received on or before June 30 should be submitted to accounts payable
by the deadline date with delivery date clearly indicated on the invoice
or check request.
Please reference the following examples:
1. Service was rendered in June but invoice is dated in July:
This expense will be included in department budget for June
2. Equipment was purchased in June, invoice is dated
in June, but equipment was not delivered until July:
This expense will be included in departmental budget for July.
3. Service contract was paid for and invoiced in June, but service
date begins in July:
An adjustment needs to be made as this expense should be included
in the departmental budget for July. Refer to procedures for requesting
a prepaid expense adjustment.
4. Goods were purchased and received in June but no invoice has
been received as of the deadline:
An adjustment needs to be made as this expense should be included
in the departmental budget for June. Refer to procedures for requesting
an accrued expense adjustment.
The Controller’s office may request packing slip or other similar
official document from the department indicating that the goods
or services have been received on or before June 30 for posting to
the current
fiscal
year.
