TO: The Lynn University Community
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SUBJECT: Closing of the 2020 fiscal year
DATE: June 9, 2020
The closing of the 2020 fiscal year will occur on Tuesday, June 30 , 2020every year, which is the last business day of the fiscal year. Please submit all check with procurement for the due date to submit requisitions for current fiscal year 2020 to Procurement by Monday, June 15th. Listed below are general guidelines regarding ordering at the end of the fiscal year. Please note that we will be converting to Workday effective 7/1/20.
- If the items ordered are on campus and you are waiting for the invoice, notify us that the invoice should be held in accounts payable and funds should be taken from the 2020 current fiscal year. Please inform the vendor that an invoice is required on or before June 30th, the last business day of the fiscal year. No pro forma invoices or faxed copies will be accepted. Please note that all merchandise must be at Lynn University and all services must be completed by Tuesday, June 30, 2020. Please note that the last check run from the Jenzabar ERP system will be issued Friday 6/26/20..
- Do not hold on to invoices! They must be turned in as soon as possible, regardless of the date!
- If the items will not be delivered to Lynn University before June 30th and you still would like the items, notify us requesting that the order be reassigned to the next fiscal year 2021. The PO will need to be closed out of Jenzabar and reopened in Workday for FY21the following fiscal year.
- Procurement must receive all requisitions for items not yet delivered using the 2020 current budget by Monday mid June 15, 2020 so they can be ordered and delivered by June 30, 2020.
- All invoices related to current fiscal year 2020 must be processed and paid by July 31, 2020. Submit your approved invoices no later than last Monday in July 27, 2020Monday. Invoices that are dated 6/30 or before, but arrive on campus to be processed after 7/1/20 must be entered into Workday. The Finance office will process an entry to pull the transaction back to the FY 20 current budget. Any invoice related to FY20 current budget that arrives after July 31 , 2020 must be forwarded to the Finance office to be reviewed on a case-by-case basis.
- Transactions made via the VISA procurement card may be made until Friday June 26, 2020, 6/24 as long as the vendor processes the transaction on that day. Blackout dates for all credit cards is 6/27-6/30/20. Do not use your card again until 7/1/2020. All transactions processed 7/1 /20 and beyond will be downloaded into Workday and assigned to the new fiscal 2021. All FY20 transactions will be processed on PaymentNet and imported into Jenzabar. No end user will use PaymentNet for any transaction dated 7/1/2020 or beyond. Cardholders will be sent additional information. If you have questions, please contact Procurement.
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