If goods have been received or services performed on or prior to June 30, 2013, the related expense must be recorded in that fiscal year (FY2013) regardless of whether payment has been made for the goods or services.
Note: It does not matter whether you have received the invoice or not. Rather, if you have the product or service, the obligation to pay for the product or service must be recorded (expensed) to the year for which it was received (FY 2013). The amount of the expense or a good faith estimate of the amount to be expensed is to be booked as an accrual charging the old fiscal year. Note: On July 1, 2012, FY 2013 began and likewise on July 1, 2013, FY 2014 begins.
- Special attention needs to be taken when doing accruals on grants. Like non-grant expenses, when goods have been received or services performed on or prior to June 30, 2013, the related expense must be recorded in that fiscal year (FY 2013) and on the FY 2013 grant string. Your accrual list entries would be the same FY 2013 grant string for both old year (FY 2013) and new year (FY 2014) entries.
- Non-Purchase Order Accruals -Non-purchase order accruals are to be submitted to BCTC
Accounts Payable by July 11th, 2013.
- Note: The template for accruals is located as a link on this web-site (see Accrued Expense Template). As a means to avoid processing errors of prior years, only the format provided by KCTCS Accounts Payable will be accepted. Changes to the templates format are not acceptable.
Accruals are to be based on the following criteria:
- Obligations from FY 2013 for expenses incurred between June 24th and June 30th after the deadline for submitting Confirming Requisitions (June 24th) for FY 2013 expenses.
- Obligations from FY 2013 for expenses incurred in FY2013 where a Check Request was not received or processed by June 24nd, by BCTC Accounts Payable (Amy Spears).
- Obligations for travel reimbursement and guest expenses not received or processed by July 3, 2013 by BCTC Accounts Payable (Amy Spears).
- FY2013 expense Procard charges not posted at June 30th. These are transactions for goods or services received by June 30, 2013 but do not appear to cardholders' transaction detail statements for the cycle period from June 20 through June 30 or other previous cycles. This accrual includes items normally paid by Procard, but not charged by the vendor as of June 30, 2013.