Fiscal Year (FY) 2020 ends at midnight on June 30, 2020. Follow these deadlines and instructions to ensure that your FY 2020 expenses are appropriately recorded in FY 2020. Send us your documentation now to prevent a crush of activity when we’re back in the office!

PROCUREMENT DEADLINES

Thursday, April 30, 2020 (6:00 p.m.)

  • Last day to submit requisitions requiring Documented Quotes (purchases of goods costing $10,001-$500,000 using federal or non-federal funds; purchases of services $10,001-$500,000 using federal funds; or purchases of services $50,001-$500,000 using non-federal funds.)

Friday, May 15, 2020 (6:00 p.m.)

  • Last day to submit all other high-dollar (over $10,000) PO/SPO requisitions using FY2020 funds

POSTING & PAYMENT DEADLINES

Friday, June 12, 2020 – 6: 00 p.m. - To ensure payment in FY 2020:

  • Last day to provide supplier information to request a new supplier or update an existing supplier. (Most new suppliers need to complete registration in the CU Supplier Portal. Current supplier address updates can be emailed to CUSupplier@cu.edu,)
  • Last day to submit paper forms (PA, NRI, SSP). Email to APInvoice@cu.edu. (Include all required documentation and approvals. Departments may need to include supplier W-9/W-8 forms with PA/SSP forms.)
  • Last day to provide campus approval for Payment Vouchers in CU Marketplace. (Include all required documentation and approvals.)
  • Last day to submit supplier invoices to the PSC. Email to APInvoice@cu.edu. (PO/SPO # must be noted on invoice. Supplier payment terms apply.)

Friday, June 19, 2020 (6: 00 p.m.) - To ensure payment in FY 2020:

  • Last day to provide campus approval for employee and non-employee travel/expense reimbursements in Concur.
  • Last day to close POs so they don’t roll forward into the new fiscal year. Email requests to changeorder@cu.edu.
  • Last day to ensure SPOs that need to roll forward into the new fiscal year have at least $1 balance. Email requests to changeorder@cu.edu.
  • Last day to provide campus approval for Procurement Card expense reports in Concur. (Procurement Card expenses incurred by 6/30/2020 will be accrued.)

Friday, June 26, 2020 - 12:00 noon

  • Last day to submit requests to cancel AP checks.

Tuesday, June 30, 2020 (last day of FY 2020)

  • PO/SPO Invoices sent to PSC by 7/2/2020 at noon will be input and accrued as FY20 business. Email to APinvoice@cu.edu.

ACCRUAL DEADLINES

Thursday, July 2, 2020 – 6:00 p.m. - To ensure accrual to FY 2020:

  • Last day to provide campus approval for PVs in CU Marketplace.
  • Last day to allocate Procurement Card expenses in Concur.

What are Accruals?

Accruals are end-of-period adjustments -- journal entries to record revenue or expense in the proper period. Certain FY 2020 expenses that have not been posted should be accrued to (expensed in) FY 2020 as they are part of FY 2020 business.

The accrual deadlines listed on this page apply to the automated accrual processes run by the Office of University Controller (OUC) and Procurement Service Center (PSC).
For information about the manual accrual process conducted by campus departments, contact your campus controller's office.

Procurement Card Automated Accrual Process

For FY 2020 Procurement Card expenses that have not posted (including submitted expense reports that haven't been fully approved by the posting and payment deadline), the automated accrual process applies when the Procurement Card expense is in Concur (this typically takes at least two days from time of purchase) and dated June 30 or earlier. The automated accrual works like this:

SpeedType Accrual

  • If assigned to an expense report and allocated to a SpeedType, accrual will be to the allocated SpeedType.
  • If assigned to an expense report but not allocated to a SpeedType, accrual will be to the card’s default SpeedType.
  • If not assigned to an expense report, accrual will be to the card’s default SpeedType.

The default SpeedType is shown in the Cardholder’s Profile in Concur. If you need to change the card’s default SpeedType, use the Cardholder Update form.

Account Accrual

  • If system-assigned or otherwise assigned to an Expense Type, accrual will be to the defined Expense Type.
  • If the Expense Type is Undefined, accrual will be to Account 552601 (Other Operating Supplies).

Accrual Journals/Reverse Accruals for Supplier Invoices & Procurement Card

Accrual journals are created to account for expenses related to FY 2020 that will be posted in FY 2020. All automated accrual journals are dated June 30 but are run in July.

  • ACCAPMKT (Accrual – Accounts Payable Marketplace). This is the accounts payable accrual of supplier invoices (PO/SPO invoices and Payment Vouchers) in the Marketplace.
  • ACCESP (Accrual – Expense System Procurement Card). This is the accrual for Procurement Card expense reports and unassigned Procurement Card expenses in the Concur Expense System.

Accrual journals are reversed to avoid double-counting expenses. In other words: A journal entry was created to accrue an expense in FY 2020. When the normal transaction cycle completes, a system-generated entry will also record that expense in FY 2020.
All automated accruals are automatically reversed. All reversal journals are dated July 1 but are run later in July.
Reverse accrual journals have the same journal ID as the original accrual journals.