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Fiscal Year End

Synopsis of Accounts Payable, Procurement, and Travel Procurement
Fiscal Year-End Deadlines for 2024

(The current fiscal year ends June 30, 2024)

Deadline 2024 Activity Department
Mon, May 1

First day to submit BuyUSI transactions for the new fiscal year (FY25) that begins on July 1, 2024.

For all BuyUSI transactions entered and dated in current fiscal year (FY24), Procurement will analyze and assign the appropriate fiscal year date to allocate the transaction to the appropriate fiscal year.

 Procurement
Mon, June 17

Last day for purchasing card and travel card transactions posted by the bank to be charged to the current fiscal year. It depends on when the bank posts the charge, not when the transaction occurs. This would also include travel purchases through Travel Procurement.

Last day to submit a BuyUSI order for FY24.

 Accounts Payable, Travel Procurement, and Procurement
Thu, June 20

Last day to submit Chrome River Expense Reports to Accounts Payable for travel dates ending on or before June 17. (This includes travel reimbursements and allocations of travel card transactions.)

Last day to reconcile purchasing card transactions posted through June 17.

 Accounts Payable
Fri, July 5

Last day to submit direct pay forms for goods and services received prior to June 30.

Last day to submit payment notifications for bank withdrawals occurring through June 30.

 Accounts Payable

Notes:

  • Accounting principles require the University to record expenses in the fiscal year in which goods are received and/or services are rendered. Therefore, the date an order is placed does not determine if the expense is charged to FY24 or FY25. Orders received by June 30, 2024, must be charged to FY24, and only orders received after June 30, 2024, may be charged to FY25. Factors such as budget availability, invoice receipt, or date of payment do not impact the fiscal year in which an expense is recorded, and external auditors review compliance with these standards annually.
  • Chrome River Expense Reports that require additional documentation, correction, or clarification may result in a payment on or after July 1, 2024.
  • Please share this schedule with those in your department responsible for creating requisitions, preparing travel expense reports, submitting direct pay forms, or allocating purchasing card transactions.
  • Please refer to the emails sent by each department for specific information. If you have additional questions, then contact the appropriate department listed below: