Year-end Planning
Jeff Klein - BSCMichon Bowen – Accounting Services
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Receiving in CUBuyplus® completed by July 3 with a June 28 date will be automatically accrued and recorded in FY 19Receiving date in CUBuyplus® must reflectactualdate goods received on campus or services were performedReceiving is the trigger to release an invoice for paymentContact BSC for items that need to be partially received
Key Information- Receiving
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P-Card cycle ends June 21If the purchase doesn’t show up in the June P-Card cycle and belongs in FY 19, send an accrual journal entry to Kay Rasmussen.Include invoice copy with the journal entryReceipts due to BSC by June 25E-mail digital receipts dailyUtilizeBSCxxxmailbox process
Key Information- P-Card
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All invoices due to BSC by June 19Retrofits (DPRs)TERsPO InvoicesOrders should be submitted by June 12 to ensure it gets through system and received by year end
Key Information- Retrofits
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Accruals will be made automatically when:Items received inCUBuyPlusby June 28, but invoice not received
Key Information- Accruals
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Manual Accruals are necessary if Retrofit invoice is not received in BSC by June 19Send accrual entries to Kay Rasmussen by July 3– include invoice copyFacilities – Project managers need to work with Maria Jerrell to ensure invoices are accrued for work done- problems in pastIf an invoice is over $25K give to Maria, even up to August 15
Key Information- Accruals
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Subcontract invoices - GrantsUsually come lateContact Subs and get remaining FY19 invoicesGet estimate if invoice not available
Key Information- Accruals
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BillingIf you have sent bills for June services and haven’t received paymentSend an accrual entry to Kay RasmussenInclude invoices
Key Information- Billing
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Perform physical inventory count on June 21stIjayStorePharmacyDental SchoolSend detailed spreadsheet to Kay Rasmussen by June 28th
Key Information- Inventory
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Journal entries must be received by Kay by noon July 3 to be recorded in period 12If you realize something significant needs to be accrued after July 3 (over $25,000), contact Michon – Ext 3986
Key Information- Journal Entries
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Period 12 closes July 9 (Day 6)Period 14 closes July 19thIf you realize something significant needs to be corrected after July 19th (over $100,000), contact Michon – Ext 3986
Key Information- Closing Dates
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