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Fiscal Year End 2017-2018

As the end of the fiscal year approaches, we remind you of important dates that need to be met for the Business Office to prepare for the external financial audit. If you have questions about these dates please contact the Business Office at BusinessOffice@kzoo.edu, or visit our website at https://reason.kzoo.edu/business/policy/FYE/ 

Purchasing & accounting due dates for expenditures made in budget year 2017-18: 
May 18 – last day to submit purchases through Information Services
June 22 - last day to place orders with Office Depot
July  13 - last day to submit invoices/expenses and transfer of expenses between accounts
July 10 - last day to submit credit card account number changes in IntelliLink

Checklist for smoother fiscal year end purchasing and payment processing:

thru May 18

  • Forward your purchase requests for technology to Don Mack in Information Services.  All purchase requests must be made to IS by this date, thereby enabling IS sufficient time to place your order, and for your order to be received prior to the end of the fiscal year. Orders received after this date will be processed in June and will apply to your 2018-19 fiscal budget. If you have questions please contact Mack@kzoo.edu.

thru June 22

  • Place office supplies orders with Office Depot.  All Office Depot orders must be made by June 22, providing sufficient time for the Business Office to receive final invoices for year-end processing.  The Office Depot account will be inactive from June 23rd through June 30th and orders should not be made during this period.

JUNE 25 – JULY 9

  • Gather up those invoices and expense reimbursements and forward them to the Business Office for payment.  Contact those vendors that you used to make your year end purchases to get those invoices by the year end cutoff.  Receipts older than 90 days cannot be reimbursed.
  • If you are traveling for College business at the end of June and will not return until July, please contact the Business Office before you leave to make arrangements for your expense reimbursement.  Reimbursement for expenses that occur on or before June 30, 2018 can only be paid if they are received in the Business Office by July 13th.
  • Update the account numbers for charges to the College credit cards posted in IntelliLink. The June credit card statements (5/29/18 through 6/27/18) should be updated with account numbers in IntelliLink by July 10. Please remember that account numbers can be entered in IntelliLink as charges appear. You do not have to wait for the statement end date. Statements that are not updated will be charged to the default account.  Also, mistyped account numbers will error out during the posting process and be changed back to the default number.  Please review your account numbers for accuracy.
  • Forward signed VISA card statements and receipts to the Business Office.  Make sure your supervisor is available to sign your credit card statement.  Signed VISA card statements and receipts are due in the Business Office no later than July 10.
  • Forward transfer requests for 2017-18 to the Business Office. Transfers between accounts must be received by the Business Office no later than July 13.

2017-18 and 2018-19 Budget Spending
Please note that items purchased and received on campus by June 30 will be recorded in the 2017-18 fiscal year. Purchases not in inventory by June 30 will be paid in July out of the 2018-19 fiscal year budget. Invoices for services or travel that occur during 2018-19 fiscal year, but are due to be prepaid before June 30 will be paid timely but charged to 2018-19 budgets after July 1.  This is reviewed by external auditors and compliance is mandatory. 

Thank you!