College Finance
May 1, 2006
To: Budget Administrators
From: Stan Barker
RE: 2005-2006 FISCAL YEAR-END CLOSING
In order for us to close the College's books on a timely basis for the auditors,
we need your assistance and attention in taking the required actions by the
specified due dates.
Attachment I is the year-end closing schedule for your guidance and action.
Following the dates will allow the processing of transactions and corrections so
that subsequent month-end reports will be more useful to you and also facilitate
the timely closing of the College's books. Dates indicated as "FINAL DEADLINE"
mean just that.
BUDGET TRANSFERS—Please get any budget transfers and requests for backfill to
the budget office by June 15 – or earlier, if possible. Departments will still be
able to process intra-department and inter-departmental budget changes within a fund's
expense function to Kay Malmberg until June 30, 2006.İ Please see Attachment II for a
list of expense functions.
SALARY & WAGES--Except for 12 month paid faculty and for staff's June 30th pay that
will be deposited July 10th, we will not accrue any salary and wages. Otherwise, only
salaries and wages actually paid in 2005-2006 will be charged to 2005-2006 budgets.
Correction of payroll amounts charged to incorrect FOAP numbers must be processed
through Human Resources within the same fiscal year in which the original payment
was made (last chance is with the June payroll.
INVOICES and PURCHASE ORDERS -- The accrual method of accounting requires that, in
order for an expenditure to be charged to the prior year, the expenditure must be:
1. For goods or services which have been actually received on or before
June 30, 2006, and,
2. Be readily determinable in amount. To determine the correct amount of the
liability, College Finance must have the invoice by July 26, 2006. Invoices
and/or approvals for payment received after this date will be charged against
2006-2007 budget accounts.
Please review your ExpressLane reports and close or cancel purchase orders as appropriate
to clean up the data.
You may begin loading Purchase Orders for 2006-2007 after June 1, 2006. This is purely
for your convenience.İ Unless there is an absolute need to issue Purchase Orders in advance,
please do not print and mail next years Purchase Orders until July 1, 2006.
Thank you for your cooperation. If you have any questions regarding how this
year-end closing schedule applies to you, please call:
Accounting Budget
--------------------- ------------------------
Stan Barker Ext. 5608 Kay Malmberg Ext. 3005
Alan Feldmayer Ext. 5108
July-May Payroll Corrections
Funded Projects --------------------------------
--------------------- Germaine Mock Ext. 5110
Terry Grove Ext. 5603 Tom Davisİİİİİ Ext. 5040
Carole Napier Ext. 5605
Meg Rowles Ext. 5604 Accounts Payable,
İİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİ İİPetty Cash, and Travel
----------------------
Purchase Orders Julie Copley Ext. 5600
--------------------- Marsha Norman Ext. 5601
Bob Baldwin Ext. 5574 Holly Lonigan Ext. 5839
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URL http://www.lanecc.edu/collfin/acct/yelomemo.htm
Revised 5/12/03(agf)
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