Year End Processing General Rules

Year-End Processing

IBIS

The following are the procedures for year-end processing of Purchasing Card transactions in IBIS. Please note that purchases with transaction dates of July 1 or later CANNOT be charged to the old year. Please be sure your cardholders give themselves plenty of time to make purchases before June 30th and be sure that the vendor knows to complete (settle) the transaction by that date (e.g. you could make a purchase on June 29th, but the vendor may not settle the transaction until July 1st - the transaction date would be July 1st and would be charged to the new year).

Given the timing of year-end this year, any transactions which MUST be posted in the current fiscal year should be transacted by June 15th – and the deadline may be set even earlier by your department - to assure transactions are processed fully by the vendor by June 30th. We cannot control the vendors processing timeframe and cannot make any guarantees that a transaction transacted after June 15th will be settled and posted by June 30th.

 

Procedures for Year-End Purchasing Card Processing

If the transaction date is June 30 or earlier, the transaction will be forced to post into 2018-2019 fiscal year (with the exception of expenses which you specifically defer). If the transaction date is July 1 or later, the RPCC fiscal year will be 2019-2020. The reconciler will NOT be able to update the fiscal year on RPCC. In other words, if the transaction date is July 1 or later, we consider it to be a new year transaction and it CANNOT be posted to the old year.

 

As of Tuesday, July 9 at 5PM -all 2018-2019 transactions MUST be posted to the old year. RPCC will not accept 2018-2019 transactions after Tuesday, July 9.

RPCC will be available Wednesday, July 10, but will only allow posting to the new year. Any RPCC transactions from June 30 or earlier which are not posted will then have to be posted into the new year.

 

NOTE: ALL TRANSACTIONS MUST BE POSTED AND RECONCILED -not just those being posted to general funds and not just those that have autoposted. For financial reporting purposes, we must post all purchasing card transactions which have transaction dates of June 30 or earlier by the close of our fiscal year. We must account for these unreconciled charges in our financial statements. If the number of unreconciled transactions at year-end is deemed by our auditors to be too high, we may be forced to do post-closing adjustments which would charge unreconciled charges to the default account on the care. PLEASE BE SURE TO RECONCILE ALL CHARGES WITH TRANSACTION DATES OF JUNE 30 OR EARLIER if you have the appropriate documentation.

 

AUTOPOST DEADLINES

 

All RPNR transactions autoposted the night of 6/26/2019 (the last date the autopost routine will run in 2018-2019) MUST be cleared by July 9,2019 at 5PM. THIS IS A CRITICAL DEADLINE and all transactions in RPNR as of June 26 must be cleared and posted. I highly recommend working on any outstanding autoposts now and keeping on top of them all through June. All transactions autoposted through 6/26/2019 will be posted to the old year. Autopost will run again the evening of 7/17/2019, with all postings in the new year.

 

IF YOU HAVE TRANSACTIONS WHICH MUST POST IN THE OLD YEAR BUT NO RECEIPTS, CONTACT YOUR FINANCIAL OFFICER. NEVER RECONCILE A TRANSACTION WITHOUT A RECEIPT!

If you have any questions, please contact your Financial Officer (list of Financial Officers by Administrative Area)

NOTE: Guidelines for purchasing card charges in ERS are available in the Documentation section of the ERS web site.