The FinPro Help Desk will be closed on Friday, April 26, from 11:00am-5:00pm, for a staff training event. Normal business hours will resume on Monday, April 29.
Fiscal Year (FY) 2018 ends at midnight on June 30, 2018.
All FY 2018 business must be correctly recorded in the Finance System by month-end close for June. Follow these deadlines and instructions to ensure that your FY 2018 supplier invoices and Procurement Card transactions are appropriately accrued to FY 2018 even though they are being processed in FY 2019.
What are Accruals?
Accruals are end-of-period adjustments -- journal entries to record revenue or expense in the proper period. Certain FY 2018 expenses that have not been posted should be accrued to (expensed in) FY 2018 as they are part of FY 2018 business.
- The following deadlines 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.
Supplier Invoices for Marketplace - 12:00 p.m. (noon) Tues, July 3
To ensure accrual to FY 2018, this is the last day to submit PO/SPO invoices to the PSC. Submit to APInvoice@cu.edu.
- The PO/SPO# must be noted on the invoice.
- Supplier payment terms apply; this may cause payment in FY 2019 (this is OK).
Invoices received and processed by the PSC by noon on Tues, July 3, are assumed to be FY 2018 business. Do not submit invoices for FY 2019 business until July 7 and after.
Payment Vouchers (PVs) in CU Marketplace - 6:00 p.m. Tues, July 3
To ensure accrual to FY 2018, this is the last day to provide campus approval for PVs in the Marketplace.
- All required documentation/signatures must be included (e.g., fully approved SOW form, invoice, other required documentation).
- PVs must be ready for processing by the PSC. This means the PV will be in the AP Final Review workflow step in the Marketplace.
Procurement Card Transactions in Concur - 6:00 p.m. Tues, July 3
To ensure accrual to FY 2018, this is the last day to allocate Procurement Card expenses in the Concur Travel & Expense System.
For FY 2018 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:
- 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.
- 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 and Procurement Card
Accrual journals are created to account for expenses related to FY 2018 that will be posted in FY 2019. 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 2018. When the normal transaction cycle completes, a system-generated entry will also record that expense in FY 2019.
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.
- Payment deadlines: There are earlier processing timeframes to ensure that FY 2018 expenses are posted within FY 2018. Refer to How to Ensure Posting and Payment in Fiscal Year 2018.
- The accrual process: Learn about automated accruals, how to enter manual accrual journals, and how accruals look on your m-Fin financial reports. Check out our FY 2018 Year-End Information page.