Don't Forget the Fiscal Year-End Deadlines | Kent State University

Don't Forget the Fiscal Year-End Deadlines

Managers and supervisors should have received information from the Controller's Office regarding the cut-off dates for financial transactions for the current fiscal year, which ends on June 30. View the deadlines for receipt of information and other year-end announcements online. The Controller's Office appreciates timely submissions of documents to ensure that a timely year-end cut-off has occurred.

Fiscal Year 2018 is scheduled to close the evening of July 13, 2018, and the final June FlashLine reports should be available to departments the morning of July 16, 2018.

Expense Reimbursements
Travel or miscellaneous expenses incurred on or before June 30 are considered Fiscal Year 2018 activity. To ensure these expenses are recorded in the appropriate fiscal year, expense reimbursements must be approved by the final approver on or before June 27, 2018. Any expense reimbursements in draft status or submitted but not approved by this date will not be processed as Fiscal Year 2018 activity.

Travel and/or miscellaneous expenses that span both fiscal years and/or incurred after June 30 should be considered new fiscal year activity. Therefore, these expense reimbursements should be processed and approved after June 28, 2018.

Purchasing Cards

All P-Card reconciliations for the June cycle must be completed by July 6, 2018. All transactions that are not fully reconciled (allocated, reviewed, and approved) by 5 p.m. on this date will be charged to your departmental index under office supplies (72017). In addition, the P-Card will be suspended for noncompliance, and the card holder and/or approver will be required to repeat purchasing card cardholder or approver training before the card can be reinstated. 

 

Compensated Absences

All compensated absences should be both reported and approved no later than July 2, 2018, for any remaining Fiscal Year 2018 activity.


Kent State University Foundation

The Kent State University Foundation reminds department heads that June 22 is the deadline to submit any funding requests for the current fiscal year. This will ensure that the transfer of Foundation funds to a university index will be recorded in Fiscal Year 2018. All requests must be submitted using the Foundation Funding Request form and must have the appropriate signatures and documentation. For more information, contact Yvonne Lee at 330-672-1077. 

Please continue to review and reconcile your monthly FlashLine reports to ensure all transactions are complete and proper. If you discover any issues or discrepancies, please contact the appropriate finance department below to resolve them. This includes any issues involving your budget, your actual YTD transactions and your encumbrances.

Budget Transactions (position and nonposition) and transfers

Budget Office 2-3750

Credit Card Expense Allocations, Expense Reimbursements, Check Requests and other A/P Transactions

Accounts Payable 2-2607

IDCs/COR entries

Contact the initiating department and/or Controller’s Office 2-2392

Other Journal Entries

Controller’s Office 2-2392

Payroll Entries

Payroll Office 2-8640

Requisitions, Purchase Orders and Related Encumbrances

Procurement 2-2276

Student Receivable Accounting Entries

Student Receivable Accounting 2-8635