IMPORTANT REMINDER-FY10 FISCAL YEAR END CLOSE DEADLINE
The final date for processing FY10 fiscal year expenditures is Friday, July 9, 2010. Each department account manager is responsible for ensuring all disbursements and fiscal transactions for (vendor invoices, check requests, honoraria, employee reimbursements, travel, and refund checks) are received in Accounts Payable by the deadline date. Thus, it is crucial that account managers review and reconcile FY10 fiscal activity for all of the department funds including grants against Banner system. All vendors should be notified to forward outstanding invoices including for June goods/services immediately to Accounts Payable to ensure expenditures are recorded in the appropriate fiscal year.
In addition, an accrual request form must be completed along with supporting back-up documentation and submitted to Accounts Payable, no later than July 12, 2010 for all invoices not received by the vendor for goods and/or services that have been received prior to June 30. All accrual forms must be approved by the account manager and forwarded by e-mail to Accountspayable@montgomerycollege.edu mailbox or sent directly to Accounts Payable department, Office of Business Services, MKE 230 no later than Monday, July 12, 2010 at 5 p.m. Questions related to this memo should be directed to Accountspayable@montgomerycollege.edu or Joanna Kong, ext. 75337 or Alemitu Admassu ext. 75313.
Important Deadlines:
July 1 - FY11 fiscal year begins
July 1 - Carryover listing of encumbrances (PO's) for goods and/or services not received by June 30, but encumbrances was established prior to June 30, 2010.
July 9 - Final Date to forward FY10 disbursements to Accounts Payable
July 9 - Accrual listing must be sent to Accounts Payable by 5 p.m.
July 12 - Final Cut off Check Run Date for FY10, all final invoices must be received by 2 p.m., on July 9, to ensure they are recorded in the appropriate fiscal year.
Visit the OBS Web site at:
http://www.montgomerycollege.edu/Departments/obs/accounts%20pay.html
