FMS - Fiscal Year-End Deadlines
Saturday, June 30th is the end of the fiscal year.Many financial documents that are initiated but not
approved prior to June 30 will automatically be disapproved.
To ensure that financial documents intended for the current fiscal year (2017-18) have final approval before June 30, it is important for you to identify these unapproved financial documents and to contact persons in the routing chain. [Note: Certain types of financial documents (Auxiliary Vouchers, Cash Receipt, Non-check Disbursement, PCDO, and Disbursement Vouchers) are not disapproved at year-end, but upon final approval will post to whichever fiscal year is current.]
Purchasing/Accounts Payable documents (POs, Payment Requests, etc.) and Salary Transfers are not considered financial documents and are not automatically disapproved at year end.
Disbursement Vouchers post expense and liability entries (object code 9042) upon final approval and deduct cash and remove the liability when the payment is disbursed via check or ACH. Disbursement Vouchers approved by 5:00pm on Thursday, June 28 will be disbursed on Friday, June 29 and have their cash deducted in fiscal year 2018. Disbursement Vouchers approved after Thursday will have their cash deducted in fiscal year 2019. Wire transfer DVs are an exception to this and will have their cash deducted in whatever fiscal year they are approved.
Additional information about the disapproval of financial documents and instructions for searching for documents that still require approval can be found on the “KFS Financial Processing (FP) Documents” page of the FMS Year-End Newsletter, available here: http://go.iu.edu/21BR
For additional information about the year-end close process, please visit the FMS Year-End Newsletter: http://go.iu.edu/21BS
FMS Customer Service