As your fiscal year-end approaches, we would like to remind you about how to treat year-end transactions.
- By July 14th, please submit all invoices to Accounting (via DocuSign) for goods that have been delivered or services that have been received by June 30th.
- Accurately enter the invoice date on the Payment Request form.
- If there is no invoice date, please follow these guidelines:
- Purchase of materials – Invoice Date is the date the items arrived on campus.
- Payments for services – Invoice Date is the date the services were rendered.
- Expense reports or reimbursements – Invoice Date is the date the expense was incurred.
- Services over $10,000 with service dates that span the year end are apportioned based on the dates of service.
- Prepaid expenses over $10,000 will be accrued to a prepaid expense account.
Note: Please charge invoices to the most appropriate account and not simply to an account with a remaining budget.
- Gifts must be submitted by June 30th to Advancement Services (Waller Hall, 1st Floor).
- Gifts received on or after July 1st will be recorded in the new year.
- Submit June receipts separately from July receipts (including credit card transactions).
- Notify Accounting of revenue you expect to receive after June 30th for services performed before June 30th. This allows us to recognize the revenue in the year it was earned.
- Hourly staff and students – please complete and submit timecards promptly for the pay period spanning the year end, June 30.
- We recommend completing purchases sufficiently in advance for charges to be processed by June 30th since transactions do not always post on the day they are processed.
- By July 14th, please submit JEs for corrections or interdepartmental charges.
- Transaction date is the effective date and not the date the form is completed or submitted.
REMINDER: You can quickly and easily check budget-to-actual numbers by logging into Colleague Self-Service through the My Willamette portal.
Thank you for your assistance in making our fiscal year-end closing an accurate and efficient process!