Fiscal Year Closing - June 30, 2008 In the past, with your cooperation, Boston University has been able to close its books and complete the fiscal year-end financial audit by August 31st. For your information, deadline dates for processing various transactions for the fiscal year ending June 30, 2008 are detailed below. Do not retain transaction documents until the deadline date. Please remit them on a continuing basis to the appropriate office. Budget Year-end budget adjustments with appropriate approvals must be delivered to the Budget Office, 25 Buick Street, Third Floor by 5 p.m., Monday, June 23, 2008. Cash Receipts Cash receipts pertaining to the fiscal year ending June 30, 2008 must be deposited no later than Noon, Monday, June 30, 2008 at one of the following locations: Cashier’s Office, 881 Commonwealth Avenue, Fourth FloorPlease be sure to include a completed cash credit voucher with all deposits. If you have any questions, please contact Lisa Wong, Assistant Director, Cashier’s Office (x3-7770 or e-mail: lwong@bu.edu). Departmental Sales Invoices for departmental sales or services rendered to individuals or organizations outside the University must be received by the Miscellaneous Receivables Department, 881 Commonwealth Avenue, Fourth Floor by Noon, Monday, June 30, 2008 to be considered as income for the fiscal year ending June 30, 2008. If you have any questions, please contact Joe Lania, Manager of Miscellaneous Accounts Receivable Systems (x3-2269 or e-mail: jlania@bu.edu). Interdepartmental Requisitions, Transfers, and Other Adjustments Interdepartmental requisitions for goods and services pertaining to the fiscal year ending June 30, 2008 must be processed by Noon, Monday, June 30, 2008. All other documentation for interdepartmental transfers, corrections, or other adjustments applicable to the fiscal year ending June 30, 2008 must be delivered to the General Accounting Department, 881 Commonwealth Avenue, Fourth Floor by Noon, Monday, July 7, 2008. Note: On-line journal entries are due by 2 p.m. on Tuesday, July 8, 2008. If you have any questions, please contact Kerry Ceckowski, Associate Comptroller (x3-4266 or e-mail: kceckows@bu.edu). Payroll All payroll documents are due by Noon on Monday, June 23, 2008 for the period ending Sunday, June 22, 2008. The checks will be dated June 27, 2008. Please process payroll documents as early as possible. Note: On-line time sheets are due by Noon, Tuesday, June 24, 2008. Summer term payroll paid in June 2008 will be carried over and recorded as 2008-2009 (fiscal year 2009) expense. If you have any questions, please contact Susan Janssen, Payroll Manager (x3-2270 or e-mail: sjanssen@bu.edu). Petty Cash Funds All petty cash funds must be reviewed by the Cashier’s Office, Fourth Floor of 881 Commonwealth Avenue prior to the close of the fiscal year. Custodians of petty cash funds are required to reimburse each fund at least once in the month of June. The Cashier’s Office will process petty cash reimbursements Monday through Friday between the hours of 9 a.m. and 3 p.m. during the period of June 2 to June 18, 2008. Petty cash funds that will not be utilized during the summer must be closed out by 3 p.m., Wednesday, June 18, 2008. Funds may be re-established in the fall with proper authorization from the Dean or Department Head. If you have any questions, please contact Lisa Wong, Assistant Director, Cashier’s Office (x3-7770 or e-mail: lwong@bu.edu). Travel Expense Reports Travel expense reports, along with all supporting documentation and appropriate supervisory approval for travel pertaining to the fiscal year ending June 30, 2008 must be submitted to the Travel Section of the Accounts Payable Department, 25 Buick Street, First Floor by Noon, Monday, June 16, 2008. If you have any questions, please contact Matt Abrams, Accounts Payable Assistant Manager (x3-6600 or e-mail: abramsm@bu.edu). Vendor Invoices There will be NO carryover of funds from the current year to the ensuing year for undelivered material or services not performed. The importance of applying the current year’s invoices to the applicable budget year cannot be over-emphasized. Invoices Related to Purchase Orders All invoices related to Purchase Orders received by the Office of Purchasing Services, 985 Commonwealth Avenue by Noon, Monday, June 16, 2008 will be considered as expense for the fiscal year ending June 30, 2008. Purchase Order related invoices should be mailed directly to the Office of Purchasing Services by the vendor. Invoices received after Noon, Monday, June 16, 2008 will be processed as expense to the proper fiscal year as time permits. If you have any questions, please contact Rick Aronofsky, Purchasing Operations Administrator (telephone: 3-6700 or e-mail: raronofs@bu.edu). Invoices - Non-Purchase Order Related All invoices for goods or services not subject to the University’s purchasing policy received by the Accounts Payable Department, 25 Buick Street, First Floor by Noon, Monday, June 16, 2008 will be considered as expense for the fiscal year ending June 30, 2008. Non-purchase order related invoices must be accompanied by an authorized Disbursement Request. Invoices received after Noon, Monday, June 16, 2008 will be processed as expense to the proper fiscal year as time permits. When approving invoices for payment, please verify that all materials were received or that services were performed on or before June 30, 2008. Invoices in excess of $5,000 will be monitored and corrective action taken if the 2007-2008 (fiscal 2008) budget should be charged. If you have any questions, please contact Matt Abrams, Accounts Payable Manager (x3-6600 or e-mail: abramsm@bu.edu). The DEADLINE TO MAKE P-CARD PURCHASES for Fiscal Year 2008 is Wednesday, June 25, 2008, at 5 p.m. This deadline should ensure that the charges post by June 30, 2008. All charges with post dates through June 30, 2008, will be mapped and processed as Fiscal Year 2008 expenses; final mapping for these transactions is scheduled for Tuesday, July 1, 2008, at 3 p.m. for regular p-card purchases and Wednesday, July 2, 2008, at 3 p.m. for Office Depot activity. Transactions must be fully edited in SAM by Tuesday, July 1, 2008, at 3 p.m. I look forward to your cooperation and assistance in accomplishing our objectives of a timely closing and an orderly and efficient completion of the audit. Thank you. SUMMARY OF YEAR-END DEADLINE DATES
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