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***Important Year End Procurement Card and Invoice Information***

Controller's Office Year End Guide

Fiscal 20 Invoices

Fiscal year-end closing is quickly approaching – it is important for all invoices to be processed in the correct fiscal year.  Please make sure that all invoices for Fiscal 20 are submitted and approved daily.  The last day to submit invoices for Fiscal Year 20 is June 3rd  and these invoices must be fully approved by June 5th.  Any invoice that has not been fully approved by June 5th will be charged to the new fiscal year and journal entries to accrue back to FY20 will NOT be done.

Fiscal 21 Invoices

Invoices for Fiscal Year 21 can be submitted starting May 18th.  In order for invoices to be charged to Fiscal Year 21, the “New FY Invoice” box under the Invoice Details section in NOVApay (Concur) MUST be selected.  Please note these invoices will not be processed until June 10th and payment will be processed on or after June 12th.

Please contact Wendy.Grayauskie@villanova.edu with any questions.

Purchase Orders

New Year Purchase Orders can be entered in NOVAbuy beginning May 1, 2020.  In order to properly charge the FY 2021 Budget for orders placed during the month of May 2020, you will need to change the Fiscal Year Date in NOVAbuy to June 1, 2020.  For all new year orders, please type the following wording in the External Notes portion of the Requisition: “FY 2021 Order, this order must be delivered and invoiced after June 1, 2020.”  Please direct any questions to NOVAbuy@villanova.edu

Procurement Cardholders

With the end of the fiscal year approaching on May 31st, please be informed of the following guidelines for Procurement Card charges:

  1. To be sure that your purchases are included in Fiscal Year 2020’s budget, all purchases for Fiscal Year 2020 should be processed on your Procurement Card by May 18th. It typically takes between 2-5 business days for charges to post to Bank of America’s system, but it can take longer; it all depends on the vendor. So even if you make a purchase in late May, there is no guarantee that it will post to Bank of America’s system in May. So to be sure a charge posts in May 2020, please have all purchases completed by May 18th. Any purchases that post to Bank of America’s system on June 1st or later will be included in Fiscal Year 2021’s budget.
  2. Cardholders MUST submit all charges with posting dates through May 31st in Concur by June 3rd.  If charges are not in by June 3rd, the cardholder will be assessed 30 points.
  3. Approvers MUST approve all charges with posting dates through May 31st in Concur by June 5th. If the approver does not approve all reports in their queue by June 5th they will be assessed 20 points.
  4. When submitting your May report at the beginning of June, your reports MUST only contain charges with posting dates through May 31st. Do not include charges with posting dates of June 1st or later. Charges with June 1st or later posting dates can be submitted at the beginning of July.
    • **VERY IMPORTANT**: The date that appears next to a charge in Concur is the transaction date, not the posting date. The posting date appears in the transaction details within the blue credit card icon. Scroll your mouse over the blue credit card icon to show the posting date.
  5. Please be aware that if your charges are NOT submitted and approved by these deadlines, we will push your charges through the system and post them to your budget. Accounting will not do journal entries to move the charges to a different budget.
Thank you very much for your attention to these guidelines!
If you have any questions, please contact Jennifer.Yeats@villanova.edu.

 

Financial Affairs