Skip to main content
Menu Search & Directory
Close

Saint Louis University Year-End Processing

Saint Louis University is required to comply with the financial reporting requirements promulgated by the Financial Accounting Standards Board (FASB). Consequently, we must ensure that transactions are recorded in the appropriate fiscal year. Revenues and expenses must be matched with the fiscal year to which they pertain.

Revenues

Revenues must be recorded in the fiscal year during which services are provided, regardless of when the funds are received by the University. For example, registration fees received on July 6 for a seminar held on June 21 will need to be credited to the prior fiscal year. See job aid for detailed instructions.

Note
  • Gifts are credited to the fiscal year in which they are received. As a reminder, any department receiving a gift on behalf of the University must complete a Gift Information Report immediately upon receipt and submit the gift with the completed form to Development.
  • Payments received and to be applied to customer invoices created out of Workday are credited to the fiscal year in which they are received.

Expenses

Expenses must be recorded in the fiscal year in which the goods or services are received, regardless of the date of the actual payment or issuance of purchase order.

For example, the payment of a supplier's invoice for materials received on July 7 will be charged to the new fiscal year, even though the purchase order was issued prior to June 30.

Encumbrances

Encumbrances as of June 30, 2021, representing outstanding purchase orders for goods or services not received as of that date, will be encumbered against the new 2021-2022 fiscal year budgets. As a general rule, purchase requisitions should not be issued against the old year's budget if you cannot reasonably expect delivery of the goods or services on or before June 30.

These policy statements identify the transaction processing procedures for fiscal year-end. These policy statements cover all funds, including grants and contracts

Year-End Processing Checklist

Purchase Requisitions

Process purchase requisitions to the appropriate fiscal year. Expenses must be recorded in the fiscal year in which the goods or services are received, regardless of the date of the actual payment or issuance of purchase order. Provide dates of service on purchase requisitions. Process requisitions for the new fiscal year in Workday using the Year End Requisitioning Procedures.

The Workday invoice date determines the fiscal year to which the requisition is recorded.

There are two options in Workday for blanket orders: non-catalog blanket orders and supplier contracts.

Non-Catalog Blanket Orders

For non-catalog blanket orders, the important fields are:

  • Item Description: Enter a description for the blanket order in the item description field, including Cost Center / Supplier Name / Fiscal Year. Sample text: FY22 Z220 VWR Blanket Order
  • Description: Add any applicable account numbers with the supplier in the description field of your blanket order.
  • Memo: Reference the previous FY blanket order number. If a previous fiscal year PO is not available, indicate so by including N/A or No prior year blanket PO in this field.
  • Start Date/End Date: Fiscal year dates (e.g. 07/01/2021 – 06/30/2022) - unless a grant applies, in which case, you would use the end date of the grant.
  • Request Date: Change the request date to be 07/01/20XX, the beginning date of the fiscal year that it applies to.

Supplier Contracts

For supplier contracts, the important fields are as follows:

  • Contract Name: Enter the Cost Center (Dxxx), Supplier Name and the fiscal year.
    Sample Text: D060 Staples FY22
    Add a unique identifier if multiple blanket orders will be issued to this vendor in your cost center.
  • Start Date/End Date: Fiscal year dates (e.g. 07/01/2021 – 06/30/2022) - unless a grant applies, in which case, you would use the end date of the grant

*** Do not enter start/end dates into the goods line. Workday will not allow these fields to have dates in them.

Internal Service Delivery (ISD)

ISD’s must be recorded to the appropriate fiscal year. Expenses must be recorded in the fiscal year in which the goods or services are received. Provide dates of service on Internal Service Deliveries.

Requesters: The Document Date and the Delivery Date indicate to the service provider the fiscal year in which you expect to receive the goods or services. Both dates should be June dates if you expect delivery of goods or services by June 30. Enter a Document Date and Delivery Date of July 1 for new year orders (expected delivery July 1 or later).

Service Providers: For goods/services provided as of June 30, please ensure that a June Document Date and Delivery Date are entered when you review. If you are completing an Internal Service Delivery in July for services provided as of June 30, change the Document Date and Delivery Date to June 30.

FY21 ISD’s are to be reviewed/approved by the service providers by 5 p.m. on July 2. ISD’s are to be approved by the Commitment Offices by 5 p.m. on July 6.

For goods or services provided in the new fiscal year (starting July 1), please ensure that a July Document Date and Delivery Date are entered.

Supplier Invoice Requests

FY21 supplier invoice requests should be submitted by departments by 5 p.m. July 2.

Process supplier invoice requests to the appropriate fiscal year. Expenses must be recorded in the fiscal year in which the goods or services are received, regardless of the date of the actual payment.

The invoice date determines the fiscal year in which the transaction will post. If you received the goods or services in FY21, the invoice date entered in Workday should be 06/30/2021 or earlier. If you will receive the goods or services in FY22, the invoice date entered in Workday should be 07/01/2021 or later.

Fund Activity/Balance Available

Run the CR FIN Statement of Account, CR FIN Budget vs Actuals by Org, and the CR FIN Report of Transactions to view FY21 and FY22 activity. To obtain accurate fund balance available for Designated, run the CR FIN Fund Balance report for FY21 and FY22 as transactions will be posting to both fiscal years during July.

Accounts Payable Processing

Forward FY21 purchase order invoices to accountspayable@slu.edu as soon as possible. Invoices are paid against the year in which the goods are received. Accounts Payable uses the shipped date on the invoice to determine the fiscal year to be charged.

Departments should ensure that all FY21 invoices are received, processed and through Commitment Office approvals by 07/08/21. If an FY21 invoice cannot be obtained, contact accountspayable@slu.edu so that the expense may be accrued if applicable.

Split Run Coding

Instructions to the commitment offices:

Invoices

Split-run coding of invoices processed by the Controller's Office will be from July 1 through July 8, 2021, with Accounts Payable having the ability to charge to FY21 utilizing Accounting in Arrears until July 16.

Departments are instructed to complete all FY21 payment processing by the July 8 cutoff date.

For Workday requisitions, the invoice date determines the fiscal year to which the transaction is recorded. However, Accounts Payable can utilize the Accounting in Arrears field to override the invoice date when needed beginning 7/1/21 through 7/16/21.

For supplier invoice requests, the invoice date determines the fiscal year to which the transaction is recorded. However, Accounts Payable can utilize the Accounting in Arrears field to override the invoice date when needed beginning 7/1/21 through 7/16/21.

For internal service delivery, the Document Date determines the fiscal year to which the transaction is recorded.

For Concur expense reports, the report date indicates the fiscal year to which the transaction should be recorded.

Commitment offices approving the various documents must assume responsibility for the split-run coding in order to ensure that all revenues and expenditures are recorded in the proper fiscal year.

CPC-Accounts Payable has the final authority to determine accuracy of split-run coding for all disbursements and Treasury Services for all receipts.

Travel Processing

Concur Expense Reports for FY21 are due to your commitment office by Friday, July 2.

When you have completed your trip, submit your travel expense report as soon as possible to ensure timely reimbursement and proper accounting of these expenditures.

If a trip crosses fiscal years, the expense should be recorded to the fiscal year in which the majority of the trip days occurred. If your travel expenses should be recorded in FY21, be sure the report date is June 30 or sooner. For FY22 expenses, the report date is July 1 or later.

Blanket Orders

Workday blanket orders charged to grant funds will remain open and roll to the new fiscal year for grant fund numbers that are active as of July 1.Blanket orders for general unrestricted (Fund: 11 Operating), Designated (Funds: 21-24) and SLUCare/CADE (Funds: 81-82) will continue to be valid for one fiscal year only.

Departmental Deposits

Process departmental deposits to the appropriate fiscal year. Revenue must be recorded in the fiscal year during which services are provided, regardless of when funds are received by the University.

For example, registration fees received on July 6 for a seminar held on June 21 will need to be credited to the prior fiscal year.

  • Ad hoc bank transactions processed for deposits posted to bank on or before 6/30/21 must be submitted and approved by 7/6/21. NOTE: Policy states Ad Hoc Bank Transactions must be prepared prior to deposit being submitted to bank and deposits must be submitted to bank within 24 hours of receipt. See Job Aid for detailed instructions.
  • Ad hoc bank transactions and journals for cash received in July that pertain to FY21 must be submitted by 7/16/21. See Job Aid for detailed instructions.
Note
  • Separate ad hoc bank transactions need to be processed for each fiscal year. Do not combine deposits pertaining to FY21 with deposits that pertain to FY22.
  • Per policy, Ad Hoc Bank Transactions must be prepared prior to deposit being submitted to bank. In addition, deposits must be submitted to bank within 24 hours of receipt. See Cash Handling Policies & Procedures.
  • Gifts are credited to the fiscal year in which they are received. As a reminder, any department receiving a gift on behalf of the University must complete a Gift Information Report immediately upon receipt and submit the gift with the completed form to Development.
  • Payments received and to be applied to customer invoices created out of Workday are credited to the fiscal year in which they are received.
Correcting Entries

Process necessary transaction corrections. Attach a copy of the Report of Transactions. Only actual revenue or expenditures may be moved, not encumbrances. Unless pertaining to a Grant or a capital project, FY21 transactions may not be corrected in FY22.

Process necessary labor reallocations. Forward a printout of the labor distribution sheets with labor reallocation forms.

Encumbrances

Workday PO's: Buyers must increase their blanket orders by June 21st, if they anticipate additional expenses over the FY21 blanket order remaining balance. A retrofit order will need to be entered if the blanket PO does not have sufficient balance. Retrofit orders must be submitted in Workday by 5 p.m. on Tuesday, July 6.

Deficit Balances

Clear deficit balances (Designated Fund 21-24, Clinical Trial Fund 32, Construction Fund 71, Agency Fund 91). Prepare an Accounting Journal to cover the current deficit and anticipated expenditures through June 30.

Costing Allocations

Review costing allocation information for the new fiscal year and make necessary changes. Human Resources provides detailed costing allocation processing information for the new fiscal year.

Gift/Program/Project Close Out

Close out inactive/expired/small balance Designated Gift/Programs/Projects. Prepare an Accounting Journal and indicate in the memo field that the worktag is to be closed.

Note that encumbrances must be liquidated and the ending fund balance equal to zero in order for the Gift/Program/Project to be closed.

Alternate Grants 

Zero out alternate grants (Medical Center only). The total must equal zero (no pennies). If pennies remain after the redistribution is processed, Medical Center Finance will adjust any remaining pennies to zero out the activity. As a reminder, please do not update any new costing allocations to your department alternate fund after 6/1/21.

Deferred Charges

Be aware that certain charges may be deferred to the new fiscal year. Payments required in the current fiscal year for goods or services to be received next fiscal year (e.g. retreats and dues/subscriptions), are processed as deferred charges. The payment is issued to the vendor prior to June 30, but the transaction is not expensed until the new fiscal year.

Recurring Journals

Recurring journals can only be processed once per month. Year-end adjustments or rounding corrections should be included on the June submission. Subsequent changes will have to be submitted on a transaction correction. Please note that recurring journals expire at the end of the fiscal year. They must be reestablished for FY22.

P-Card Charges for FY21 and FY22

All FY21 P-card charges should be verified by the cardholder and fully approved by all approvers in Workday by July 6.

  • For P-card charges in June with goods or services being received on or after July 1, 2021: Cardholder should change the document date on the Information tab of the verification to be 7/1/2021.

    Cost center approvers/grant managers should review and confirm that the document date on the Information tab of the verification is 7/1/2021 and if it is not then send the verification back to the cardholder to change the date to be 7/1/2021 and resubmit.
  • For P card charges 7/1/21 or later but goods or services were received on 6/30/21 or earlier: Cardholder should change the document date on the Information tab of the verification to be 6/30/2021. Cost center approvers/grant managers should review and confirm that the document date on the information tab of the verification is 6/30/2021 and if it is not then send the verification back to the cardholder to change the date to be 6/30/2021 and resubmit.

    Transactions verified and approved with incorrect fiscal year document dates will need to be corrected by the department using a transaction correction if they wish to change the fiscal year posting.

    Please consult the FYE Calendar for the deadline for Transaction Corrections for FY21.
Customer Accounts

Payments received and to be applied to customer invoices created out of Workday are credited to the fiscal year in which they are received. 

All invoices for June 2021 must be submitted and approved by July 16.