FY 2012 CLOSING PROCEDURES

Fiscal Year 2012 Cut-Off Dates

For expenditures to be reflected in the FY2012 budget, the goodsor services ordered must be received on campus on or before April 30, 2012.

All documents received by the May 10, 2012 cut off time will be includedon the April 2012 General Ledgers

IMPORTANT DATES February 29, 2012 Closing Memo March 5, 2012 Open PO letter to Depts. April 13, 2012 Last day to submit reqs. Last day to order

W B Mason * Last day to use P-Card* April 30, 2012 End of the Fiscal Year April 30, 2012 All Accruals submitted to Accounts

Payable May 1, 2012 First Day to enter FY2012 requisitions*NOTE: If you use your P-Card or order from WB Mason after

the 13th, we cannot guarantee which year the charges will be processed

IMPORTANT DATES May 10, 2012 AP Documents are Due

Disbursement Request Travel Expense Forms Petty Cash Invoices

May 10, 2012 JE Corrections Due Cash Receipts Due at Cashier’s FY Gifts to Development

IMPORTANT DATES May 14, 2012 First Closing May 21, 2012 Second Closing

Accrued Expenses & General Guidelines

Accrued Expenses are obligations to pay for goods and servicesThat have been received or supplied but not yet invoiced to theUniversity. A typical example would be professional servicesWhich are not billed until the following month but can be readily estimated.Our purpose is to accurately reflect in the University’s financial statementsAll expenses applicable to the fiscal year.

Accrued Expenses requests including documentation must be submitted By May 10, 2012 to:

General Budgeted Accounts – Cheryl Chappin -#2852Sponsored Programs – Jesus Adame - #8873Construction Contracts – Ralph Castiglione - #1116

Accrued Expenses & General Guidelines

TYPE APPLICABILITYAccrued Expenses Goods or services received or provided to

American University in FY2012 for which an invoice will not be received until after April 30, 2012. All such invoices must bear a valid American University Purchase Order Number.

Accrued Income Goods or services provided by American University in FY2012 for which payment will not be received until FY2013. If actual billings will not occur until after closing, make a reasonable estimate. Accrued income requests must be submitted with documentation by May 10, 2012 to Claudia Lazo, Senior Staff Accountant (clazo@american.edu)

Deferred Expenses Goods or services paid in FY2012 that relates to FY2013. Examples include prepaid rent and insurance. Deferred Expense requests must be submitted with documentation by May 10, 2012 to Claudia Lazo, Senior Staff Accountant (clazo@american.edu)

Deferred Revenue Income received in FY2012 that relates to FY2013 activities or services. Examples include deferred subscription revenue for publications on be issued in FY2013. Deferred Revenue requests must be submitted with documentation by May 10, 2012 to Claudia Lazo, Senior Staff Accountant (clazo@american.edu)

OPEN PURCHASE ORDERS Review open PO list to verify goods are

on order Notify Purchasing for those PO’s waiting

invoices All purchase orders are closed end of day

May 10 All Blanket Orders are closed end of day

May 10

P-Cards, Staples, Travel Card & Travel Agents

Last Day to Charge on your P-Card is April 13, 2012 After that date – cannot guarantee the charge

will be on FY 2012 Ledgers End of Billing Date – April 22nd

All charges must be posted by that date P-Card Travel Card WB Mason Travel Agents

Requisitions All requisitions for goods and services for delivery

by April 30, 2012 must be entered into Datatel by April 13, 2012 NOTE - If item requested WILL NOT ARRIVE by April 30,

2012, Purchasing WILL NOT PROCESS a purchase order from the requisition.

Please plan accordingly FY 2013 Requisitions can be entered in Datatel

on May 1,2012 All requisition entered into Datatel after April 13, 2012

for this fiscal year (FY12) will be canceled All requisitions entered into Datatel before May 1, 2012

for purchase orders for FY 13 will be canceled

Accruals Received but not invoiced Send e-mail for PO accruals on operating accounts

to Cheryl Chappin (cchap@american.edu ) by April 30, 2012 and cc:

Michael Harris (maharr@american.edu) Hallie Porter (hporter@american.edu

If no email is received – charges will be posted on the FY2013 ledgers when invoices are presented for payment.

Send email for PO accruals for Federal Funds and Capital Equipment to: Federal Funds- Jesus Adame (adame@american.edu) CIP Accounts – Shannon Floyd floyd@american.edu)