2012/2013 Year End Memo

MEMORANDUMTo:Deans, School Chairs, & Operations GroupFrom: Andrea Hall, Manager of FinanceDate: February 21, 2013Re:FISCAL YEAR-END PROCEDURESGreetings from the Finance Department!The fiscal year-end for 2012/2013 is March 31, 2013, and is quickly approaching. In preparationfor the auditors, please find below a number of procedures that must be followed by FinanceDepartment to help ensure an efficient and effective year end closing.PURCHASINGThe College will pay, under the current fiscal year, for goods and services which have beenreceived and rendered by March 31, 2013.Requisitions for goods and services for which payments are made from current fiscal year fundsshould have been received by the Purchasing Department by March 8, 2013. Requisitionsarriving after March 8, 2013, may result in orders being requested to arrive after March 31, 2013,and charged against the new fiscal year budget.A reminder to those with expiring standing orders – please submit your purchase requisitions withsome lead time (mid-March would be best) to allow for new purchase orders to be in place withvendors when you need them.ACCOUNTS PAYABLEAccounts Payable will be running current year cheque runs up to and including April 17, 2013.Payment will be made on cheque runs scheduled for April 3 and 10, 2013, for goods and servicesreceived on or before March 28, 2013. Please ensure that packing slips and invoices received arereturned to Accounts Payable with approval as soon as possible. Approved invoices receivedafter April 10, 2013 will be charged against the next year budget.The last 2012/2013 US cheque run has been scheduled for April 19, 2013. US invoices are due toAccounts Payable by April 9, 2012.The first cheque run for the 2013/2014 fiscal year will be April 3, 2013.Additionally, if there are items you have ordered in 2013 fiscal year, but have not been receivedor invoiced by the April 9 th deadline, please let the Finance Department know so that the properaccruals may be made through a journal entry.…/2

Thank you in advance. If you have any questions or concerns, please call me at local 216 or250-365-1216.- Andrea-3