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 the job aid for detailed instructions.
- 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, 2022, representing outstanding purchase orders for goods or services not received as of that date, will be encumbered against the new 2022-2023 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
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: FY23 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. 07/01/2022 – 06/30/2023) 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 FY23
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. 07/01/2022 – 06/30/2023) - 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.
ISDs 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.
FY22 ISDs are to be reviewed/approved by the service providers by 5 p.m. on July 1. ISDs are to be approved by the Commitment Offices by 5 p.m. on July 5.
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.
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 entered in Workday determines the fiscal year in which the transaction will post. If you received the goods or services in FY22, the invoice date entered in Workday should be June 30, 2022 or earlier. If you will receive the goods or services in FY23, the invoice date entered in Workday should be July 1, 2022 or later.
- FY22 supplier invoice requests should be submitted by departments by 5 p.m. Wednesday, July 6.
- For FY22 invoices received between June 21-June 28, 2022, a Supplier Invoice Request should be entered for non-PO suppliers in Workday, no later than 5 p.m. on Tuesday, June 28 to allow for approval by June 30.
- For FY22 invoices (i.e. goods/services received 6/30 or before) submitted for payment between June 29-July 6, 2022 that would have required a retrofit, a Supplier Invoice Request should be entered in Workday, no later than 5 p.m. on Wednesday, July 6.
- Any FY22 invoices to be processed for payment beginning June 29 through Juy 6 that do not have a PO should be processed using Supplier Invoice Request, regardless of whether the supplier is a PO supplier or not.
Run the CR FIN Statement of Account, CR FIN Budget vs Actuals by Org, and the CR FIN Report of Transactions to view FY22 and FY23 activity. To obtain accurate fund balance available for Designated, run the CR FIN Fund Balance report for FY22 and FY23 as transactions will be posting to both fiscal years during July.
Forward FY22 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 FY22 invoices are received, processed and through Commitment Office approvals by July 8, 2022. If an FY22 invoice cannot be obtained, contact accountspayable@slu.edu so that the expense may be accrued if applicable.
Instructions to the commitment offices:
Invoices
Split-run coding of invoices processed by the Controller's Office will be from July 1 through July 15, 2022, with Accounts Payable having the ability to charge to FY22 utilizing accounting in arrears until July 15.
Departments are instructed to complete all FY22 payment processing by the July 6 cutoff date. For supplier invoice requests, the invoice date determines the fiscal year to which the transaction is recorded.
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.
Concur Expense Reports for FY22 are due to your commitment office by Tuesday, July 5.
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 FY22, be sure the report date is June 30 or sooner. For FY23 expenses, the report date is July 1 or later.
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 CADE (Fund: 82) will continue to be valid for one fiscal year only.
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 June 30,
22 must be submitted and approved by July 6, 2022.
- 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 the Job Aid for detailed instructions.
- Ad hoc bank transactions and journals for cash received in July that pertain to FY22 must be submitted by July 15, 2022. See the Job Aid for detailed instructions.
- Separate ad hoc bank transactions need to be processed for each fiscal year. Do not combine deposits pertaining to FY22 with deposits that pertain to FY23.
- 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 and 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.
- 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, FY22 transactions may not be corrected in FY23.
- Process necessary labor reallocations.
- Forward a printout of the labor distribution sheets with labor reallocation forms.
Workday POs: Buyers must increase their blanket orders by June 21st, 2022 if they anticipate additional expenses over the FY22 blanket order remaining balance. If the blanket PO has an insufficient balance and invoices are received after June 21st, the required transaction varies based on the date of entry.
- For FY22 invoices received between June 21-June 28, 2022, a retrofit order should be entered for PO suppliers in Workday, no later than 5 p.m. on Tuesday, June 28 to allow for approval by June 30.
- For FY22 invoices received between June 21-June 28, 2022, a Supplier Invoice Request should be entered for non-PO suppliers in Workday, no later than 5 p.m. on Tuesday, June 28 to allow for approval by June 30.
- For FY22 invoices (i.e. goods/services received June 30 or before) submitted for payment between June 29-July 6, 2022 that would have required a retrofit, a Supplier Invoice Request should be entered in Workday, no later than 5 p.m. on Wednesday, July 6.
- Any FY22 invoices to be processed for payment beginning June 29 through July 6 that do not have a PO should be processed using Supplier Invoice Request, regardless of whether the supplier is a PO supplier or not.
- FY22 retrofit requisitions will no longer be processed beginning June 29.
- FY23 Retrofit requisitions can be processed beginning July 1 and ongoing.
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.
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.
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.
Be aware that certain charges may be deferred to the new fiscal year if the goods will be received or services rendered in the new fiscal year. The deferral threshold amount is $5,000. 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 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 FY23.
All FY22 P-card charges should be verified by the cardholder and fully approved by all approvers in Workday by July 6.
For P-card transactions in Workday with a transaction date of June 30, 2022 or before and you are verifying/approving the transaction in Workday on or after July 1, 2022:
- Cardholder should edit the Document Date field on the Information tab of the verification in Workday to be June 30, 2022.
- Cost Center approvers/grant managers should review and confirm that the Document Date field on the information tab of the verification is June 30, 2022 and if it is not June 30, 2022 then send the verification back to the cardholder to change the Document Date to be June 30, 2022and resubmit.
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 2022 must be submitted and approved by July 15.