Managing POs at Year-end

The pre-entry of FY25 requisitions can now be submitted using the Accounting Date field in BobcatBuy. To create a FY25 req, use 7/1/2024 as the Accounting Date, and the PO will be sent to suppliers on July 1. The pre-entry of FY25 reqs should be used for good/services that will be received on or after 7/1/2024.

Requisitions for goods/services received by 6/30/2024 should enter the current date in the Accounting Date field, as these should be on a FY24 PO and the expense must process and be paid in the current fiscal year. If the invoice is dated after our AP close for June (July 30), the expense will accrue as an FY24 expense.

After the close of each fiscal year, all blanket POs are closed out automatically. For FY24, blanket POs will be closed on 7/31/24. Please plan to establish new FY25 blanket POs for activity in the new fiscal year.

POs on the Services Agreement form will not close at year end, and the PO can continue to be used through the duration of the contract. If you have a service agreement purchase order in BobcatBUY (BCB) with an end date of 6/30/24, you can submit a Change Order Request in BCB to extend the PO end date and add the funds needed for FY25 activity.

If payment is required before 6/30/2024, but you will not receive the goods or services until after 6/30/2024 (“prepaid”), you must use a FY24 PO. For any prepaid purchases over $25,000 you must use the prepaid Object Code #150010 in the BCB requisition. This object code is available for use in BCB only for items over $25,000. If the prepaid Object Code is used, the true Object Code MUST be in the description so that it is available to move the costs to an expense code once the goods or services have been received.

Questions? Contact financecustomercare@ohio.edu