Year-End Processing and Deadlines for Accounts Payable, Reimbursements, and Card Services
The provided information outlines important deadlines and processes for year-end processing of accounts payable, reimbursements, and card services at a company. From submission deadlines to invoice processing schedules, this guide assists in navigating the fiscal year-end tasks efficiently.
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Accounts Payable/Reimbursements and Card Services Fiscal Year End Processing Joyce Kaplan
FY20 Accounts Payable Deadlines Initial Accounts Payable Cut-off Friday, June 19that 5:00pm FY20 invoices submitted by 5:00pm Friday, June 19th will be posted to the General Ledger by COB, Thursday, June 25th *. Data will be available to Tubs on Friday morning, June 26thin HDW Reporting questions (Contact UIS helpdesk at 6-2001 to open a ticket with the OBI reporting team) Final FY20 Invoice Submission Date Thursday, June 25th5:00 PM All FY20 invoices that physically arrive in AP by 5pm Thursday June 25thwill be posted by 3:30pm Wednesday, July 1st* Data will be available to Tubs on Thursday morning, July 2ndin HDW Final FY20 Holds Resolution Thursday, July 2nd12:00 PM Final opportunity to release Price and Quantity holds must e-mail ap_customerservice@harvard.edu, by Noon, July 2nd Receiving must enter receipt by Noon on July 2nd FY21 processing Begins Monday, July 6th All dates are for submission to University AP at 1033 Massachusetts Avenue, 2nd floor. If your invoices are sent to a local finance office, you should confirm deadlines with your financial administrator. * Assumes invoice is not on hold 2
Year-End Accounts Payable Processing Paper Invoices Invoice Received via PO Box Invoice Dropped Off at AP or arrives in AP by interoffice Before 5:00pm on Friday, June 19th Entered in FY20 by June 26th* Invoice Date June 30th will be entered in FY20* Entered in FY20* After 5:00pm on Friday, June 19th 5:00pm Thursday, June 26th 5:00pm FY21 invoices should be held locally and sent to AP after 5:00pm, July 3rd. Invoice Date > June 30th held until July 5th and entered in FY21 After 3:30pm July 1st Entered in FY21 after July 2nd Electronic Invoices Vendor Transmitted June 30 or earlier Vendor Transmitted July 1st or later Entered in FY20* Entered in FY21 *Assumes invoices have not gone on hold. Invoices not released from hold by July 2nd at noon will post to FY21 3
Purchasing Cards Sweeps Originally scheduled June 25th Will run as scheduled, June 25th at 3PM Transactions between June 4th June 11th Posted to FY20 Originally scheduled July 2nd Moved to Friday, June 26th at 3PM Transactions between June 12th June 18th Posted to FY20 Originally scheduled July 9th Moved to Monday, June 29th at 3PM Transactions between June 19th June 25th Posted to FY20 All Sweeps after July 9th will be posted to FY21. The date transactions are loaded into the settlement system is not the same as the transaction date. It is difficult to determine the final day users can make P-Card purchases and guarantee that those transactions will be swept in FY20 as the posting is dependent on the merchant. 4
Travel and Reimbursement Posting FY20 June 15th 5PM Web Reimbursements with advance settlements June 19th 5PM Advance settlement of zero or amount due to traveler June 22nd 5PM Concur submitted and approved, with no exceptions 5
Year End Notes Critical invoices that need to be processed/paid during the first week in July for FY20 expenses should be directed to Sharon Henry-Bell (5-4099) or Paula Pascual (5-8930) or Joyce Kaplan (5- 4182). Invoices that remain on hold for the final Accounts Payable close in June will be swept into July and become FY21 expenses. Departments can create a journal entry to accrue these expenses. If you physically received goods and services in FY20, make sure they are received electronically in HCOM. Failure to receive will result in a hold and if not released by July 2nd, posted to FY21 6
June 2020 Wednesday 3 Monday Tuesday Thursday Friday Sunday Saturday 1 2 4 5 6 8 9 10 11 12 7 13 14 20 15 Cut-off for WR (with un-used advance amounts) due by 5:00pm 16 17 Final Day for Vendor Set-Up requests 5:00pm 18 19 First invoice cutoff 5:00pm (Will see transactions in HDW by 6-28) Advance settlements for zero balance or amount due traveler due by 5:00 pm 26 P-card sweep Moved from 7-2 (to process transactions 6-12 through 6-18 22 Final day for Concur transaction for FY20 Submitted and approved by 5:00pm 23 24 Final cut-off 5:00PM for Special Handling Transactions to be processed in FY2019 25 Final invoice and NR cut-off 5:00pm 21 27 P-card sweep As scheduled (to process trans. 6-5 through 6-11) 29 Final P-card sweep MOVED from 7-9 (to process trans. 6-19 through 6-25) 30 28 7
July 2020 Monday Tuesday Wednesday Thursday Friday Sunday Saturday 28 29 30 1 2 Final Close AP @3:30pm 3 4 Independence Day OPEN JULY FY2021 6 8 9 10 5 7 11 13 14 15 16 17 12 18 20 21 22 23 24 19 25 26 27 28 29 30 31 8
