Cycles and Deadlines

Our fiscal year starts on July 1 and ends on June 30.

Thank you for all that you do to help the college meet its deadlines and come in within budget each fiscal year!

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WEEKLY:

Payment and reimbursement requests, for either ACH direct deposits (preferred) or for checks, must be received in the Office of Accounting by 4:30 p.m. Eastern on Tuesday in order to be included in the weekly check run. (Please Note: The weekly deadline and check run day and time change in the summer months and around some holidays. Changes are also explained in emails from Accounting staff.)


ACH direct deposit payments (including reimbursements) are processed once per week on Wednesday. Funds will be in the recipient’s account on Thursday afternoon.

Checks are printed once per week.  Checks being held in Accounting will be available for pick up beginning at 8:30 a.m. Eastern on the following Friday morning.

Reasonable notice will be given in the event of a change to the check run schedule due to a holiday or other office closing. Please look for emails from Accounting staff.

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MONTHLY:

To help the college manage the budget closely, Business and Finance sends detailed budget reports to the president and all of the vice presidents. To ensure accuracy of these budget reports (which cut-off as of various month-end dates), the college has the following single deadline each month for all items to be in the Office of Accounting for posting:

- the 5th of the month following the reporting period.

For example, if you have any of the following items that you want counted in the September budget-versus-actual report, they need to be in Accounting before October 5th:

- Reconciling, and your direct supervisor approving, and possibly your division's VP approving, prior month's charges inside the PNC Bank VISA (and formerly Chase MasterCard) P-Card system and submitting your receipts to Accounting (with the 4th of the month a much preferred deadline);

- Payment Request forms;

- Funds Transfer forms;

- Office supply charges from Office Depot;

- Post Office charges, including bulk mail; and/or

- Office Services charges.

- NOTES about DEPOSITS: Please do not hold checks and/or cash in your offices. The college needs to deposit those at the bank ASAP. If the deposits are from donors, send them immediately to Advancement Services along with your notes and possibly the related Raisers Edge code numbers or account numbers. If the deposits are miscellaneous (not from donors), send them immediately to Accounting with your notes and account numbers on the deposit envelope. Miscellaneous deposits cannot be backdated. So if miscellaneous deposits need to show in a certain month, you'll need to deliver them to Accounting before 9:00 a.m. on the last banking college working day of the month so they can be processed and deposited at the bank that same morning. For example, if you want deposits to show in your September 2016 budget reports, you'll need to deliver them to Accounting before 9:00 a.m. on Friday, September 30, 2016. (It's probably better to deliver those items to Accounting the day before the last banking college working day of the month; in our example here, that would be Thursday, September 29, 2016. And if the last day of the month is a weekend or a holiday Monday, you'll need to get them to Accounting on the Thursday right before that weekend.) For miscellaneous deposits, please also see notes about deposit envelopes on the Accounting Forms page.


The deadline for June items may be different as fiscal year-end approaches, and if so, a different June item deadline will be announced via April and/or May email from Accounting staff. In the absence of such an email, July 5th is the June item deadline.

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ANNUALLY:

In order to properly close-out each fiscal year, the college must have all invoices processed timely as we approach each fiscal year end. Please follow these guidelines, completing most items by late May each year, to help provide a smooth accounting:
 
   1.      To help the college predict the budget year-end and prepare preliminary audit schedules, please place necessary orders in April and early May, to allow enough time so the items can be received and invoices paid by late May each year. This includes the final VP approval step in the online PNC IntelliLink system for PNC Bank VISA P-Card purchases (formerly the Chase MasterCard P-Card).

   2.      If an ordered item arrives (or a requested service is performed) on-campus after May 31 and on or before June 30, please work diligently with the vendor to obtain an invoice so that you can submit a completed Payment Request form to Accounting by the first week of July’s regular announced weekly deadline (or other deadline that may be sent in an email each year). The expense will then post in the current fiscal year that ends on June 30. Please write “FY20xx-yy” on the top of the Payment Request form to assist in the posting. The current Payment Request form can be found on the Accounting internet site. For any such purchase where the invoice will total $500.00 or more, if you cannot obtain the invoice and get the completed Payment Request form to Accounting by the early-July deadline, please alert the Controller of the upcoming invoice and form so that proper accounting accruals can be made for the audit.
 
   3.      If any ordered item arrives (or a requested service is performed) on-campus on or after July 1, payment for that item will be made in the following week's regular payment cycle if the completed Payment Request with proper back-up documentation arrives by that following week's deadline (please see WEEKLY area above).
 
   4.      Any Funds Transfer forms that need to be processed with effective posting dates in the fiscal year ending that June 30 are due to Accounting before the close of business on May 31 each year.

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All forms can be found on the Accounting internet site at http://www.agnesscott.edu/accounting-and-budget/accounting-forms.html

Please contact the controller if you have any questions about the cycles and deadlines above, or about invoice processing, Payment Request forms, PNC Bank VISA (formerly Chase MasterCard) P-card use and approval steps, Funds Transfer forms, and/or back-up documentation requirements.

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