ALERT : Happy Holidays! Kettering University wishes you a happy holiday season! Normal business hours will resume on Monday, January 5.

Year End - Accounting Procedures

(Fiscal) Year End Accounting Procedures

All revenue and expenses related to the fiscal year needs to be accrued for the year ended June 30. We hold the books open through the first week in July to make sure that all items are included. As a general rule, if the service has been performed, the items have been received, or the ownership transferred to Kettering from the shipping point by the close of business on June 30, the expense is charged to the "old" year. If you have a large project that is in process, we need to accrue the percentage which has been completed as of this date.

Items which are not received in Supply by June 30 will be charged to next year's budget. If you have requested a check for disbursement prior to July for an item which is not received until after July 1, do not worry that it will be charged to your "old year" budget because those charges are placed into a prepaid account and reversed into your July (or, "new year") budgets.

Although purchase orders indicate that all invoices be directed to Accounts Payable, if you receive any invoices directly from vendors, please forward those invoices to Accounts Payable as soon as possible, but no later than the end of the first week in July. Also, please have the invoice approved for payment if goods or services have been received. This includes any electronic invoices you may receive in your email boxes. As a reminder, forward all electronic invoices from vendors to Accounts Payable.
 
PLEASE NOTE: All expense reports for travel completed by June 30 need to be in the Business Office by the end of the first week in July to be properly accrued. This includes expense reports to clear any travel card expenses you would have incurred by June 30 as well.

If you have any questions regarding these procedures, contact the Controller at ext. 9925 or any other Business Office staff member for clarification or assistance.