If you received goods or services in FY24 but did not send the invoice to accounts payable by the July deadline, an accounts payable accrual Journal Entry (JE) may be necessary to accurately reflect the expense in FY24.
As we begin a new fiscal year, we wanted to take some time to review the 90-day accounting correction rule, where it comes from, and why it is important. But let’s first begin with a definition.
Definition
BobcatBUY 24.2 upgrade will be released to the campus community on Monday, July 15, 2024. Below is a summary of the changes campus users will experience with this upgrade.
Beginning on Tuesday, June 11, 2024, Finance Customer Care (FCC) will be switching their ticketing system from Footprints 11 to TeamDynamix (TDX). If you currently have a ticket open with FCC that is unresolved, the ticket will be transitioned over to TDX and you will receive a notification.
The Finance department is excited to announce that CBT will be replacing the Global Distribution System (GDS) that feeds travel content (ex., airfare, hotel, rental car, and rail information) into the university’s travel management system, Concur. This migration is scheduled for Monday, July 15th.
Summer is a great time to take vacation and enjoy some downtime. Unfortunately, summertime also coincides with the University fiscal yearend close process. Therefore, we wanted to share information about how to keep transactions in the systems flowing during yearend while you enjoy that much needed time away!
All FY24 PCard Transactions (transactions on or prior to 06/30) must be substantiated and submitted for approval in Concur by Friday, July 19th.
Sponsored awards, Internal awards and Cost Share awards are maintained in the Grants Accounting module and are not permitted to have overspent balances. It is also critical to close accounts timely to prevent over expenditure and ensure timely financial reporting to external parties.
During the period of time when both FY24 and FY25 are open, the balances appearing as FY25 results are inaccurate. This is because FY24 yearend must be complete and closed, before the roll forward of the FY24 ending balances can occur and load as the FY25 beginning balances for accounts.
As you work to complete your year-end closing tasks, please be aware that multiple periods will be open in JET from the end of June to the end of July.