Dear Procard holders,
As you aware, the end of the fiscal year (June 30, 2020) is nearly here. Please take a minute to read the following reminders of year-end procedures as they pertain to your Procard statement reports and the underlying Fund/Org to which your Concur account defaults.
Remember that because Procard months range from the 26th to the 25th, the Procard year-end is actually June 25th.
To ensure that a Procard purchase is recorded in the proper budget year, the transaction must be posted into your June 2020 Concur statement. Due to normal posting delays by Chase, please be aware that a Procard purchase made on or after June 23rd will likely be posted in your JULY Procard Statement Report and consequently into Fiscal 2021.
If you intend to make purchases in Fiscal 2020 with your Procard (especially if using unrestricted funds), you should do it THIS WEEK, before June 22nd.
Procard Statement Report Submission and Approval
It is extremely important that you complete ALL outstanding Procard Statement Reports (and have them approved) before we close the fiscal year.
Procard activity is recorded in the University accounting system only after the monthly report has been submitted and approved. Until then, the transactions remain in a clearing account and are not properly applied against the applicable research, discretionary, or administrative account. We will make an adjusting entry at year-end forcing all outstanding reports to be recorded in Fiscal 2020. HOWEVER, all transactions on this adjusting entry will be to the cardholder’s default FOP and Supplies (72001). To ensure that your transactions are recorded correctly, please submit your Procard statements in June. Then take a moment to remind your Approver to approve as soon as possible, but no later than July 6th.
Please note we are unable to move Procard transactions posted after the fiscal year close back into Fiscal 2020 (the “old” year). If your intent is to make any Procard purchases using current “old” fiscal year dollars, please review your current budget and purchasing needs and plan accordingly.
While restricted account (e.g., research or discretionary) balances roll over into the new fiscal year, it is always best to have transactions posted in the proper period.
If I can be of any assistance, please don’t hesitate to contact me.