{"id":316,"date":"2011-06-06T20:41:44","date_gmt":"2011-06-06T20:41:44","guid":{"rendered":"https:\/\/www.bates.edu\/accounting\/fiscal-year-end-procedures-2\/"},"modified":"2026-10-22T17:21:06","modified_gmt":"2026-10-22T21:21:06","slug":"fiscal-year-end-procedures","status":"publish","type":"page","link":"https:\/\/www.bates.edu\/accounting\/fiscal-year-end-procedures\/","title":{"rendered":"Year End Procedures"},"content":{"rendered":"\n
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The College’s fiscal year end is June 30.<\/p>\n\n\n\n

Each year as the College’s fiscal year end approaches, there are a number of financial procedures that department heads and budget managers should be aware of in order to meet the College\u2019s year-end closing, auditing, and financial reporting schedules.<\/p>\n\n\n\n

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Invoices and Payment Requests<\/h3>\n\n\n\n

To achieve proper valuation of the College’s assets at fiscal year end, invoices must be charged in the fiscal year in which the goods are received and used, services are performed, or the travel takes place<\/strong>.<\/p>\n\n\n\n

Therefore, invoices for goods not delivered to you, services not performed, and travel that will not take place until after June 30<\/strong> will be charged to next year’s budget. Invoices for goods, services, and travel on or before June 30 should be submitted to Accounts Payable<\/a> for payment as soon as possible, but not later than July 24.<\/p>\n\n\n\n

Include the fiscal year on all invoices submitted to Accounts Payable during the month of July. This will assist Accounts Payable in their review of shipping, receiving, service, and travel dates. Contact Accounts Payable<\/a> with questions on invoices.<\/p>\n\n\n\n

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Cash and Checks<\/h3>\n\n\n\n

Departments receiving cash or checks on or before June 30, should bring them to Cashiering<\/a> at 221 Lane Hall, or submit them to the Office of College Advancement<\/a>  at 112 Libbey Forum by noon on June 30<\/strong>.<\/p>\n\n\n\n

Please take this opportunity to review all of your files, mailboxes, and storage space to ensure that College checks or cash received by your department are brought to Cashiering or the Advancement Office, as appropriate.<\/p>\n\n\n\n

All gifts to Bates must be processed through the Advancement Office for proper gift crediting, acknowledgment and receipt.<\/p>\n\n\n\n

Cash and checks received after June 30, that relate to fiscal year 2025-26, will need to have the fiscal year clearly indicated on the deposit information for proper inclusion in the 2025-26 fiscal year.<\/p>\n\n\n\n

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Inter-Departmental Charges<\/h3>\n\n\n\n

Departments generating inter-departmental charges for the fiscal year end are asked to submit billing information to the Accounting office as soon after the month-end as possible, but not later than July 20.<\/p>\n\n\n\n

Please contact Ann Lavalliere<\/a>, Senior Accountant, with questions on Inter-Departmental Charges.<\/p>\n\n\n\n

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Department Charge Cards<\/h3>\n\n\n\n

Departments with JPMorgan department charge cards are asked to complete the receipt upload, online review, and supervisor approval as soon possible after year end, but not later than July 20  Please contact Steph Walsh<\/a>, Assistant Controller, with questions concerning JPMorgan department charge cards.<\/p>\n\n\n\n

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Purchase Orders<\/h3>\n\n\n\n

Consistent with the College\u2019s annual budgeting cycle, outstanding purchase orders at fiscal year end will be forwarded to the new fiscal year to be covered by new fiscal year budgets.<\/p>\n\n\n\n

You may begin requesting and entering 2026-27 purchase orders<\/a> at any time. Remember to change the default Transaction Date to a July date.<\/p>\n\n\n\n

Please contact Ann Lavalliere<\/a>, Senior Accountant, with questions concerning open or outstanding purchase orders.<\/p>\n\n\n\n

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Externally Funded Grants and Contracts<\/h3>\n\n\n\n

At the end of each fiscal year, all of the outstanding grants and contracts are reviewed for billing and closeout purposes.<\/p>\n\n\n\n

If you are responsible for the financial administration of an externally funded grant or contract, you should be receiving through email a report of transactions on a monthly basis for your review.  If, in your review, you discover the need for changes or corrections including labor redistributions, please contact the Office of Research and Sponsored Programs<\/a> for assistance.<\/p>\n<\/div>\n\n\n\n

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Quick Links<\/strong><\/h4>\n\n\n\n
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Forms<\/a><\/div>\n<\/div>\n\n\n\n
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Contact<\/a><\/div>\n\n\n\n
Year End Procedures<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":8,"comment_status":"closed","ping_status":"open","template":"","meta":{"_hide_ai_chatbot":false,"_ai_chatbot_style":"","associated_faculty":[],"_Page_Specific_Css":"","_bates_restrict_mod":false,"bates_author_byline_override":"","_hide_page_title":false,"_header_override":"","_template_width_override":"","_dimp_site_id":"","_dimp_override_contact":false,"_table_of_contents_display":false,"_table_of_contents_location":"","_table_of_contents_disableSticky":false,"_is_featured":false,"_sidebarChoice":"","footnotes":"","_bates_seo_meta_description":"","_bates_seo_block_robots":false,"_bates_seo_sharing_image_id":0,"_bates_seo_sharing_image_twitter_id":0,"_bates_seo_share_title":"","_bates_seo_canonical_overwrite":"","_bates_seo_twitter_template":""},"class_list":["post-316","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/pages\/316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/comments?post=316"}],"version-history":[{"count":29,"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/pages\/316\/revisions"}],"predecessor-version":[{"id":2693,"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/pages\/316\/revisions\/2693"}],"wp:attachment":[{"href":"https:\/\/www.bates.edu\/accounting\/wp-json\/wp\/v2\/media?parent=316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}