The University is prohibited from having a cash deficit at the end of the year. Therefore, the year‐end expenditure process is managed to ensure that all cash balances remain positive. To accomplish this and provide departments the opportunity to manage their budgets more effectively the following schedule is established.
Note: Dates are subject to change to accommodate deadlines established by Virginia Department of Accounts.
Due to the Juneteenth holiday on Friday, June 19th, the year-end PHAREDS entry and decentralized service center billing deadlines will move to Monday, June 22, 2020. The payroll interface is a nightly feed into Banner finance so the last PHAREDS entries will be posted in Banner finance on Tuesday, June 23, 2020. Please contact the Finance Helpline at 804-828-0388 if you have any questions.
|March 31 Close of business||Cut‐off for creating the base files for FY 21 budget implementation. Permanent budget reallocations after this date will not be included in FY 21 budget implementation|
|June 16 4:30 PM||Invoices submitted to Accounts Payable after this time are at risk of not being processed in FY 20|
|June 19 2:00 PM||Last day to create new funds and orgs|
|June 19 Close of business||Final supplemental payroll, if needed, will be posted|
|June 19 Close of business||Last day for travel encumbrances to post|
|June 22 Close of business||Decentralized service center billing deadline – No additional FY 20 charges after this date|
|June 22 Close of business||Deadline for departments to enter PHAREDS adjustments|
|June 22 Close of business||Bank of America Works P-Card transactions for May 16 through June 15 will be posted|
|June 26 Close of business||Deadline to process changes to purchase orders in RealSource|
|June 26 5:00 PM||Deadline to create FY 20 purchase orders (PO’s) in RealSource;
Note: As time permits, PO’s and invoices with 3‐way match will process for payment through 1:00pm on June 30
|June 30 12:00 PM||Cashier closes for FY 20|
|June 30 1:00 PM||FY 20 check processing complete|
|June 30 3:00 PM||Transaction approval authority for Banner Finance users will be removed at 3:00 PM; inquiry access remains in place Note: Journal entries must be approved for the entries to post in FY 20|
|July 1||Banner Finance system will be available for inquiry only so that year‐end processing can be completed|
|July 1||VP offices should forward significant current budget reallocation entries to the Controller’s Office at: firstname.lastname@example.org|
|July 3||VP Offices should forward any additional request for current budget allocations to the VCU Budget Office for approval|
|July 6||E‐print reports will be available|