Fiscal Year-End Procedures
Each year as the college’s fiscal year end approaches, there are a number of financial procedures that department heads and budget managers should be aware of in order to meet the year-end closing, auditing, and financial reporting schedules.
To achieve proper valuation of the college’s assets at fiscal year-end, invoices must be charged in the fiscal year in which the goods are received, services are performed or when the travel takes place. Included in this deadline are all reimbursements to faculty, staff and students, both paper requests or out-of-pocket expenses processed via JP Morgan SmartData. Invoices for goods not delivered to you, services not performed, and travel that will not take place until after June 30 will be charged to next year’s budget.
The fiscal year 2024 (FY24) started July 1, 2023 and ends June 30, 2024.
Cash & Checks Received After June 30
Cash and checks received after June 30, should reference the appropriate fiscal year on the deposit support.
Federal & Private Grants & Contracts
At the end of each fiscal year, all active external grants and contracts are reviewed for invoicing and financial reporting purposes, including closed if applicable. If you are responsible for the financial administration of an external grant or contract, it is recommended that you review all expenses that have been processed against your grant this fiscal year. Grants administration provides a summary of personnel expenses for all external grants, to the principal investigator prior to June 30.
Contacts
Area |
Name/Contact |
|---|---|
Prepaid expenses, journal entries and inter-departmental charges |
Mandy Zajac |
Help with invoices and expense reimbursements |
Chris Clark |
General accounting and FOAPAL |
Rosiane LaRose |
Payroll |
Jess Flynn |
Cashier |
Marcia Kennick |
Purchase and blanket orders, College Corporate Card |
Kerry Connors |
Grants/sponsored projects |
Kate Wallen |
Budget transfers |
Bryce Wallace |
Controller |
Matthew Motyka |
Contact Accounts Payable
College Hall 103
Smith College
Northampton, MA 01063