Year-End Purchasing Information
May 3, 2016
Procurement Services would like to announce important procedural information related to the closing out of Fiscal Year 2016 and how to smoothly make the transition into Fiscal Year 2017.
Fiscal Year 2016 Purchases
Goods and services that relate to Fiscal Year 2016 must be received no later than Thursday, June 30, 2016, and be followed by an invoice dated no later than June 30, 2016. These invoices must be received by the Digital Mailroom (DMR) at email@example.com no later than Tuesday, July 5, 2016.
Please closely monitor your invoice approval queues to ensure timely handling of year-end invoices.
Employee travel expense and local business expense forms related to fiscal year 2016 expenses need to be submitted to firstname.lastname@example.org no later than Tuesday, July 5, 2016.
The timing of your year-end purchases is very important with less than 8 weeks left in the fiscal year. You must add into the processing time factors that could delay the PO getting to the supplier: Does the supplier have to register? Does Procurement Services need to review? Does the Office of General Counsel have to review? Will it require a Request for Proposal (RFP)? Items that are ordered but not received until after June 30, 2016, will be charged to Fiscal Year 2017.
Fiscal Year 2016 payments, allowed on a Smart Source check request or a confirming order, must be submitted through Smart Source by July 8, 2016. Smart Source check requests and confirming orders submitted July 1 through July 8 must use the accounting date of June 30, 2016. Not putting the correct accounting date will require the transaction to be canceled and resubmitted by the department.
Invoices must be submitted to email@example.com ensuring:
- PO number (U00XXXXXX) is written on the invoice
- File must be one of the following types: .PDF, .DOC, .DOCX, .TIF, .TIFF, .JPEG and .JPG
- Email must have only one attachment
- Size of the attachment must not exceed 5MB
Fiscal Year 2017 Purchases
Do you have a new lab to set up for early July? Is there furniture needed for an arriving faculty member mid-July? If you answered, “Yes” to either question, then take advantage of getting those orders into Smart Source now due to the long lead time typically required for equipment and furniture. What is the process?
- New Purchase Orders for Fiscal Year 2017 can be created beginning Monday, May 16, 2016.
- Accounting Date on the Smart Source transaction must be July 1, 2016.
- External note to supplier should be entered: “This is a FY17 order. All goods/services must be shipped and or delivered after July 1, 2016. Early deliveries will be refused.”
P-Card purchases also have the same requirements. The goods or services must be received by Thursday, June 30, 2016 AND the supplier must actually upload their charges to the bank no later than July 8, 2016. When making purchases with the P-Card, confirm that the item you are ordering is in stock and the supplier can have it delivered by June 30 and the charge submitted to the bank by July 8. If it doesn’t come in on time or is not charged in time, it will be charged to Fiscal Year 2017.
We will be sending out a separate memo for open commitment/encumbrance verification to Financial Managers in the next week, anticipating a response by the end of May.
If you have any questions related to any of the above, please email firstname.lastname@example.org.