Fiscal Year 2019-2020 Year End Financial Closing

May. 6, 2020

Fiscal Year 2019-2020 Year End Financial Closing

Webster University’s fiscal year ends on May 31, 2020. 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:

Invoices and Expense Reports

As the school year end is fast approaching there are a lot of expense reports and invoices that have not been submitted for this school year. If you are planning on beginning your summer break when classes end, these expense reports and invoices must be submitted by the end of day May 15, so they can be approved and paid in time for the year end.

Invoices should be submitted to: websterunibersityinvoicecapture@concursolutions.com 

Cash Deposits

Cash deposits will be accepted at the Business Office on Wednesday’s from 8:30 to 10:30 a.m. only, you must make an appointment with Scott Schlichtigsschlichtig51@webster.edu or Mandi Siburt, amandaschnaus78@webster.edu to make the transaction. Alternatively, payments can be dropped off in the deposit box next to the Bursar Office door in Webster Hall. Include the banking information as well as a contact name and number.

Expenditures

Expenditures for equipment, supplies, and services should be recorded in the fiscal year ending May 31, 2020, provided the items have been received or services rendered to Webster University on or before May 31, 2020. If a purchase order has been signed and dated that items were received prior to May 31, 2020, and the invoice has been submitted through Concur by June 3, 2020, it will appear as a fiscal year 2019-2020 expense. For partial shipments, those items actually received on or before May 31, 2020, will be recorded as an expense in the current fiscal year.

Invoices and Voucher Requests

Invoices and Voucher Requests that pertain to goods or services received prior to May 31, 2020, should be submitted by May 31, 2020, so they may be approved in Concur on or before June 5, 2020.  The goods or services must be received by May 31, 2020 to be recognized as a fiscal year 2019-2020 expense. Do not use the invoice date to determine the fiscal year the goods or services should be expensed. Please add the date for the receipt of goods or services in the comments section when submitting invoices for payment.

We can record charges in the 2019-20 fiscal year for goods/services received even if you have not received an invoice.  If you have expenses in the 2019-20 fiscal year that for some reason you have not received an invoice, please contact Amy Bielicke at amybielicke31@webster.edu.

Concur: P-Card & Out of Pocket Transactions

Payment transactions on a University Purchasing Card for goods or services on or prior to May 31, 2020, will be charged to fiscal year 2019-20. P-Card transactions incurred prior to May 31, 2020, should be submitted on a report in Concur no later than May 31, 2020 and approved no later than June 5, 2020.  Expenses incurred on a P-Card on May 31 may not be available for the May expense report. May 31 expenses can be submitted on June expense reports if not available for May reporting. Expense reports that are before May should be submitted by May 15, 2020.

All out of pocket expenses for fiscal year 2019-20 must be submitted for reimbursement by May 31.

For questions related to Concur, please email ConcurHelp@webster.edu.

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