As part of a continued effort toward standardizing and streamlining processes, we are following a standard month-end close schedule for the FY2018 year-end close.
There should be no deviation from the regular month-end close and review schedule, with the potential exception of Accounts Payable, so we would like to mention the following items of note:
- Approved and coded Non-PO invoices received in AP by Monday, 12/17/18, will be recorded to the GL for year-end and reflected in 12/31/18 balances.
- PO receipts processed by 12/31/18 will be recorded in December 2018 close. Physical/actual receipt of goods and services must occur in 2018, proforma invoices are not acceptable.
- Accounting will run additional AP queries on WD5 and WD6 to capture all other processed invoices, compare to accruals, and determine if additional accrual is necessary.
- Accounting will incorporate an agenda item on each year-end review call to ensure all material invoices have been captured.
- All employee reimbursements through Concur must be submitted by 12/19/18 in order to be paid on the final payroll of 2018.
Please reach out to your team’s IS Finance analyst with any additional questions.