Year-End Information

As we approach June 30th, the end of FY 2017, the Accounting Office is reminding financial managers, administrative officials, department heads, and directors of accounts to carefully review your financial activity and submit corrections to the Accounting Office as soon as possible.

Remember that you may monitor your account activity by accessing Banner Self-Service or INB. This allows you to review current activity within your account and eliminates the need to wait for e~Print reports.

SIGNIFICANT DEADLINES:

Activity

Deadline

Process FY17 Purchase Requisitions that require bidding ($10,000 or more)

Friday, April 14, 2017

Process FY18 Purchase Requisitions that require bidding ($10,000 or more) with July 1, 2017 contract start date

April 14, 2017 - May 5, 2017

Process FY18 Purchase Requisitions that do NOT require bidding

Beginning Monday, May 8, 2017

Book Airfare Reservation via Travelennium for Travel in FY 2017

Friday, June 9, 2017

Process FY17 Purchase Requisitions that do NOT require bidding

Friday, June 23, 2017

Cancel, Adjust, Deobligate Remaining Balances on FY17 Requisitions

Friday, June 23, 2017

Time Sheet for BW13 Biweekly Payroll (June 10-June 23)

Friday, June 23, 2017

Complete Staples Purchase Orders

Monday, June 26, 2017

Settle Travel Advances for FY 2017

Monday, June 26, 2017

Submit Claims for Petty Cash Reimbursement

Monday, June 26, 2017

Online Budget Revisions between Account Pools

Monday, June 26, 2017

Submit Invoices and Travel Claim Reimbursements to Accounting (FY17)

Friday, July 7, 2017

Submit Transfer Vouchers to Accounting

Friday, July 7, 2017

Time Sheet for Split BW14 Biweekly Payroll (June 24-July 7)

Friday, July 7, 2017

 

ACTION ITEMS:

June 30, 2017 Preliminary Year-End Reports
On Thursday, July 6, 2017, preliminary year-end June reports will be available via e-print. Please review these reports and submit notification of corrections to the Accounting Office by Friday, July 7, 2017. The account activity is also available online at any time through Banner. NOTE: June – September 2017 final reports will not be available until mid-October 2017.

Obligations
Please review your accounts for Tigerbuy Purchase Orders using the FPIOPOF screen in Banner INB or SSB Encumbrance Query to determine which open purchase orders require invoices, are no longer required, and which ones need to be carried forward into FY 2018. Please note that this review should be done throughout the year, as well as, at year-end. Travel Claims for FY-17 Travel Purchase Orders should be in Accounting by July 7th, all FY-17 Travel POs do not roll to the new fiscal year.

Invoices

  • Ensure all purchases received by Friday, June 30, 2017, are receipted in Tigerbuy by June 30th. If invoices are sent directly to your department, please hand deliver them to the Accounting Office by the Friday, July 7th deadline.
  • Outstanding purchase orders for goods and services not received by June 30th will be charged against FY 2018 funds.
  • Purchases received by June 30th that were made outside of the Tigerbuy system should be reported to General Accounting at accounting@memphis.edu by July 6th, whether or not an invoice has been received.

Staples Purchases

  • Orders submitted by June 26th to be delivered by June 30th will be charged to FY 2017.
  • Orders delivered after June 30th will be charged to FY 2018.


Travel Purchase Orders

  • Deobligate/Close PO's by emailing accounting@memphis.edu.
  • Submit outstanding FY 2017 travel claims to the Accounting Office by Friday, July 7, 2017.
  • Travel that begins on or before June 30, 2017 and ends in July will be charged to FY 2018. Please submit all future year travel purchase order (FY 2018) requests to the Accounting Office using the Request for Future Year Travel Authorization available at http://www.memphis.edu/bf/forms/finance.php.

QUESTIONS?

Should you require additional information, please contact the Accounting Office at x2271 or by e-mail at accounting@memphis.edu.

PROCUREMENT DEADLINES

Below are the deadlines for current year (FY17) and future year (FY18) requisitions.

Please contact Procurement and Contract Services staff at x2265 if we can assist with your purchases. For your convenience, Tigerbuy Training may be scheduled through Learning Curve for anyone needing new or refresher training.

Thank you for your support with year-end processes.


Deadlines for Current Year (FY2017) Purchase Requisitions

April 14, 2017: FY17 requisitions that require bidding (≥$10k) and award of contract before July 1. Notes: 1) All contracts that require a signed University-approved agreement, regardless of the dollar or bid thresholds must be submitted to Procurement and Contract Services for approval prior to the contract start date. 2) Any purchases/contracts requiring TBR approval (≥$250k) must be completed and submitted to TBR by June 1, 2017, if the effective contract start date is July 1, 2017. 3) Any purchases/contracts requiring Fiscal Review approval (≥$250k, sole source, and a term of more than 1 year) must be submitted to TBR 75 days in advance of the start date.

June 23, 2017: FY17 requisitions that do not require bidding. Emergencies will be reviewed on a case-by-case basis.
Reminder: For purchases initiated in the current year (FY17), accrued expenses will be processed as follows:
• If goods/services are received on or before June 30, 2017, the expense will be posted in FY17
• If goods/services are received after June 30, 2017, the expense will be posted in FY18

June 23, 2017: Cancel, adjust or deobligate remaining balances on FY17 purchase orders. Review open purchase orders and enter a Change Order Request form in Tigerbuy to cancel, adjust or deobligate purchase orders.


Deadlines for Future Year (FY2018) Purchase Requisitions

April 14-May 5, 2017: FY18 requisitions (≥$10k) that require bidding with an effective contract start date of July 1, 2017, to allow sufficient time for the bid process. Note: All contracts that require a signed University-approved agreement, regardless of the dollar or bid thresholds must be submitted to Procurement and Contract Services for approval prior to the contract start date.

May 8, 2017 or after: FY18 requisitions that do not require bidding with an effective contract start date of July 1 may be entered any time on or after May 8, 2017; however, resulting purchase orders will not be released and sent to the vendor until the start of the new fiscal year (on or around July 1, 2017). If a vendor requires early notification that a purchase order is forthcoming on July 1, advise Procurement & Contract Services so that a Letter of Intent can be sent to the vendor.

The following process applies to entering future year (FY18) purchase requisitions mentioned above:
1. Access Tigerbuy e-Procurement System
2. From April 14 – June 30, under the "Billing Options" section, change "Accounting Date" to July 1, 2017. On July 1, allow system to default to "no value." Notice will be posted on the Tigerbuy Message Board and via email to active users indicating that the Accounting Date field can default to "no value."

July 1, 2017 or after:   All other FY18 requisitions

Note: Pursuant to accounting and auditing standards, requisitions for maintenance, service, & license agreements must be charged to the year in which they are effective. Example: If a software license agreement is effective July 1, 2017 to June 30, 2018, the requisition must be entered and charged to FY18.