Fiscal Year 2015-16 Year End Financial Closing

May. 12, 2016

Fiscal Year 2015-16 Year End Financial Closing

Webster University’s fiscal year ends on May 31, 2016. In order to be compliant with GAAP (Generally Accepted Accounting Principles), Webster University must include in its financial statements all expenses incurred during the year. The Webster community’s effort to meet the following deadlines is greatly appreciated:

Expenditures

Expenditures for equipment, supplies, and services should be recorded in the fiscal year ending May 31, 2016, provided the items have been received or services rendered to Webster University on or before May 31, 2016. If the pink copy of a purchase order has been signed and dated that items were received prior to May 31, 2016, and the pink copy of the signed purchase order has been received by accounts payable by June 10, 2016, it will appear as a fiscal year 2015-16 expense. For partial shipments, those items actually received on or before May 31, 2016, will be recorded as an expense in the current fiscal year.

Invoices and Voucher Requests

Direct payment voucher requests received by Accounts Payable on or before June 10, 2016, that pertain to goods or services received prior to May 31, 2016, will be charged to fiscal year 2015-16. Typically, the invoice date is used to determine which fiscal year to charge. The invoice date is the date presented on the first page of an invoice that has been assigned by the vendor. We can record charges in the prior fiscal year even if you have not received an invoice.

If you have expenses in the current fiscal year that for some reason you have not received an invoice, please contact Jann Taylor at ext. 7111.

Petty Cash

Petty Cash reimbursements should be requested at the cashier window prior to noon May 31, 2016 in order to be recorded as a fiscal year 2015-16 expense. Petty Cash reimbursements after May 31, 2016, will be recorded as a fiscal year 2016-17 expense.

Concur: P-Card & Out of Pocket Transactions

Payment transactions on a University Purchasing Card and out-of-pocket for goods or services on or prior to May 31, 2016, will be charged to fiscal year 2015-16. Both P-Card & Out of Pocket transactions incurred prior to May 31, 2016, should be submitted and approved no later than June 10.

P-Card users should wait for all of their May transactions to arrive in their Concur queues, assign all of their transactions to a report, and submit at the earliest convenience. For questions related to Concur, please email ConcurHelp@webster.edu.

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