As your fiscal year-end approaches, we would like to remind you about how to treat year-end transactions.
INVOICES
- 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.
CASH RECEIPTS
- 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.
PAYROLL
- Hourly staff and students – please complete and submit timecards promptly for the pay period spanning the year end, June 30.
PURCHASING CARD
- 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.
JOURNAL ENTRIES
- 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!