This is a reminder that the year-end close is quickly approaching. Please review the following information for this Fiscal Year 2014 close regarding Purchase Card transactions. I would strongly recommend you forward this email to anyone who does purchasing in your department, particularly those staff who uses PTAEO's. Purchases made *AFTER* JUNE 15, 2014 may not be received into the credit card system in time for the transaction to be posted to the current fiscal year.
All Purchase Card transactions received into the system with a bank processing date prior to or on the date of JUNE 30, 2014 will be posted to the current fiscal year, FY 2014, upon approval by the authorized person or Finance Center. Any unapproved transactions with the bank processing date of JUNE 30, 2014 or prior will be *automatically* swept and posted to the current fiscal year, FY2014, at end of day on Thursday, July 10, 2014. Any unapproved transactions that are swept on July 10, 2014 will post to the cardholder's default account that is linked to their P-Card.
Remember that it is the bank posting date that triggers the appropriate Fiscal Year to post to. The bank posting date is one business day AFTER the Purchase Date that shows in the P-Card system. For example, if the Purchase Date in the P-Card system is: June 26, 2014 then the bank posting date is: June 27, 2014. If someone with a PTAEO that has an end date of June 30th buys something on June 30th, it's *NOT* going to show up in our system with a posting date of June 30th. You could have a P-Card receipt with that date stamped on it - but if it shows up in our system with a bank posting date after June 30, 2014 - it will go to the new fiscal year and not the old. The posting date is determined by when the vendor submits their credit card information. We have no control over how or when a vendor manages their credit card information.
Also, if you want to buy something for FY15, do NOT purchase the item until July 1st or later. Otherwise it is likely the transaction will end up in FY14.
For more specifics on the year-end close please refer to the information on the Controller's web site: http://www.dartmouth.edu/~control/
If you have any questions or concerns, please email me or call me at ext. 6-3527.
Linda L. Lagasse
Quality Control Administrator
7 Lebanon Street, Suite 313
Hanover, NH 03755
Last Updated: 5/21/14