Year End Processing General Rules
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 30th or earlier, the transaction will be forced to post into 2013-2014 fiscal year (with the exception of expenses which you specifically defer). If the transaction date is July 1st or later, the RPCC fiscal year will be forced to the new year. The reconciler will NOT be able to update the fiscal year on RPCC. In other words, if the transaction date is July 1st or later, we consider it to be a new year transaction and it CANNOT be posted to the old year.
As of Thursday July 10th - all 2013-14 transactions MUST be posted to the old year. RPCC will not accept 2013-14 transactions after 5pm on Thursday July 10th. The time is CRITICAL - the transaction will be shut down as of 5pm sharp to assure all processing is done prior to the closing accounting runs. Although the function will be available on the last day, it is HIGHLY recommended that you plan on having all transactions posted by the day prior to preliminary close - just in case of unforeseen problems.
RPCC will be available Friday July 11th, but will only allow posting to the new year. Any RPCC transactions from June 30th 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 auto posted. For financial reporting purposes, we must post all purchasing card transactions which have transaction dates of June 30th or earlier by the close of our fiscal year. A few years ago, the number of unreconciled purchasing card charges was much higher than it had been in past years. Over the past few years with your assistance, the number has been reduced dramatically - and we must keep the number of unposted transactions at year-end as low as possible. 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 of the card. PLEASE BE SURE TO RECONCILE ALL CHARGES WITH TRANSACTIONS DATES OF JUNE 30th OR EARLIER if you have the appropriate documentation.
All RPNR transactions auto posted the night of 6/25/2014 (the last date the AUTOPOST routine will run in 2013-2014) MUST be cleared by July 10, 2014. THIS IS A CRITICAL DEADLINE and all transactions in RPNR as of June 25th must be cleared and posted. I highly recommend working on any outstanding auto posts now and keeping on top of them all through June. All transactions auto posted through 6/25/2014 will be posted to the old year. AUTOPOST will run again the evening of 7/16/2014 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)