Creighton University

Accounting Procedures

PROCEDURE TITLE:

Processing Cut-Offs

PROCEDURE NUMBER:

GAPR 05

RELATED POLICY STATEMENT(S):

None

DATE ISSUED: 

July 1, 1993

DATE REVISED:

January, 2000

OVERVIEW

 

To ensure the timely processing of transactions and to facilitate the timely preparation and distribution of financial and management reports, it is necessary to specify dates by which payment documents and journal vouchers must be processed if they are to be included in the current period's reports. This procedure outlines this schedule.

REQUIRED FORM(S)

 

None

PROCESSING STEPS

 

Payment Transactions - Monthly

 

Direct Pay Requests and invoices related to purchase orders will be included in the previous month's balances if they are received and processed during the first five work days of the next month. Transactions received late in the month which need to be included in that month's business should be reviewed, approved and forwarded to the Controller's Office as early as possible.

Payment Transactions - Year-End

 

At the end of the University's fiscal year (June 30), all invoices related to purchase orders and Direct Pay Requests for prior fiscal year expenses must be in the Controller's Office no later than the date (approximately July 15) which is specified in the June Year End Closing Schedule memo from the Controller's Office.

Purchase Requisitions - Monthly

 

Purchase requisitions are processed on an "as received" basis, with less emphasis on cut-offs. However, if a purchase requisition is set up on-line in one month and does not get approved by the fifth working day of the following month, it will be necessary for the department to go into the financial system and change the transaction date for the purchase requisition to the new month. If this step is not taken, a processing error will subsequently occur.

Purchase Requisitions - Year-End

 

On-line purchase requisitions for the current fiscal year must be approved by June 15. Manual purchase requisitions for the current fiscal year must be approved and in the Controller's Office no later than the date (approximately July 15) which is specified in the June Year End Closing Schedule memo from the Controller's Office.

Journal Vouchers - Monthly

 

Journal vouchers (journal entries) or requests for journal entries which adjust balances for the previous month must be received in the Controller's Office by noon on the third work day of the following month if they are to be included in the previous month's processing.

Journal Vouchers - Year-End

 

Journal entries or requests for journal entries for the prior fiscal year must be received in the Controller's Office by the date (approximately July 15) which is specified in the June Year End Closing Schedule memo from the Controller's Office.