Important Year-End Reminders - Multiple Periods are Open; Key Year-End Dates; Prepaids
July 9, 2020
As you are working to complete your year-end closing tasks, please be aware of the following:
Multiple Periods are open -June 2020-20 & July 2020-21 are now both open periods in JET. Please be very careful when staging journal entries to choose the correct GL Period. For Project Task Award (PTA) transactions the Grants Module will post the transaction to the earliest open period relative to the transaction’s Grants Expenditure Item Date. Therefore, make sure to use the correct Expenditure Item Date for any PTA journal lines, examples below:
If you choose the June 2020-20 GL Period, you must use a June Expenditure Item Date or prior on your journal line so the transaction will post in June.
If you choose the July 2020-21 GL Period, you must use a July Expenditure Item Date on your journal line so the transaction will post to July.
Key Year-End Dates – Below are some key dates for submitting finance forms and payments for processing in the 2020 fiscal year. These dates, and more, are also available in the Finance Operating Calendar.
If necessary, follow up with your suppliers/payees who have not sent an invoice for product or services purchased in Fiscal Year 2020. Remember in BCB, POs and Payment Requests over $10,000 must be “Approved” in BCB to proceed to Payment. Also, all service invoices above $500 must be “Approved” to proceed to Payment.
Prepaids – Please see details in the Business Matters article dated June 25, 2020. If you have any invoices that were paid in FY20, but are for goods or services received in FY21, please contact Kris Sano, sanok@ohio.edu, and if the amount in the wrong fiscal year is greater than $10,000, we will coordinate a journal entry to move the expense from FY20 to FY21.
Questions? Contact Finance Customer Care at financecustomercare@ohio.edu.