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.
If you have any questions regarding these procedures, contact the Controller at x9925 or any other Business Office staff member for clarification or assistance.
