2024 Fiscal Year-end (FY24) Accounts Payable Processing

To:                  Management Council Members, VPs of Finance, and Business Managers

From:             Shared Services Center (SSC)

Area:              Accounts Payable (AP)

Reason:         2024 Fiscal Year-end (FY24) Accounts Payable Processing

Date:              May 17, 2024

As the fiscal year-end approaches, it's important that colleges have maximum flexibility and discretion when managing year-end cash. Once again this year, and as endorsed by the AP Process Council, the SSC will be following a process to support these goals while ensuring sufficient time for effective year end processing.

Consistent with the Business Rules and State policy, the Accounts Payable department at the SSC will continue to require a three-way match of the invoice, purchase order, and receiving date prior to processing an invoice for payment. Any prepayments must meet the applicable requirements of the CAPP manual.

Beginning June 1, all invoices will be routed to the college Business Office after the three-way match is performed for final approval of processing. A special year-end queue has been set up in Experience containing matched invoices awaiting college approval to be processed in FY24. Once the college has determined sufficient cash remains to cover the invoice, the invoice will be routed back to the SSC for payment. As we approach June, we will provide training opportunities for the Business Office staff managing year-end invoice processing.

Consistent with prior year-ends, we expect Cardinal to close for processing vouchers during the last week of June. Processing of AP at the SSC will halt a couple of days in advance of the shut-down of Cardinal to allow for processing of the AIS interface and clearing of interface errors and exceptions. As a result, all invoices will need to be fully received in eVA and at the SSC for payment by Friday, June 14 at 5 p.m. to ensure they can be processed in time to meet these deadlines. We urge you to communicate to your staff the importance of planning ahead for purchases made late in the fiscal year.

Please contact the SSC Customer Engagement Team at 877-340-5577 or Help@ssc.vccs.edu with any questions or requests for additional clarification.

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