Fiscal Year 2016-2017 Year End Financial Closing
May 15, 2017
Webster University’s fiscal year ends on May 31, 2017. 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 for equipment, supplies, and services should be recorded in the fiscal year ending May 31, 2017, provided the items have been received or services rendered to Webster University on or before May 31, 2017. If a purchase order has been signed and dated that items were received prior to May 31, 2017, and the invoice has been submitted through Concur by June 9, 2017, it will appear as a fiscal year 2016-2017 expense. For partial shipments, those items actually received on or before May 31, 2017, 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, 2017 should also be submitted and approved in Concur on or before June 9, 2017 . The goods or services must be received by May 31, 2017 to be recognized as a fiscal year 2016-2017 expense. Do not use the invoice date to determine the fiscal year the goods or services should be expensed.
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 reimbursements should be requested at the cashier window prior to noon May 31, 2017 in order to be recorded as a fiscal year 2016-17 expense. Petty Cash reimbursements after May 31, 2017, will be recorded as a fiscal year 2017-18 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, 2017, will be charged to fiscal year 2016-17. Both P-Card & Out of Pocket transactions incurred prior to May 31, 2017, should be submitted and approved no later than June 9, 2017.
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.