You are here

Home » For Departments » News and Updates

Year-End Deadlines & Instructions

2023-2024 State Fiscal Year-End Deadlines & Instructions

In preparation for fiscal year, July 1, 2023 – June 30, 2024 (FY 2024) end, to comply with State regulations and provide for timely preparation of financial statements, please see the deadlines for concluding financial activity for the current fiscal year. This schedule takes into consideration all the activities that must be coordinated to reconcile funds for the current fiscal year, prepare the annual financial statements, and carry forward restricted balances to July 1, 2024 – June 30, 2025 (FY 2025).

Yearend deadlines
Wednesday, May 1
Last day to submit requisitions in Banner funded by Operating Fund (Fund 1000) for FY 2024 is May 1, 2024, except for Dean’s Enhancement accounts for which the last day is June 3rd.

Monday, June 3
Chrome River Pre-approval Requests for travel, special meals, and invited guest’s expenditures that will be completed prior to July 1, 2024, and funded with Operating Funds (Fund 1000) or Dean’s Enhancement Accounts must be completely approved in Chrome River by June 3, 2024.

Last day to submit requisitions funded by Dean’s Enhancement accounts except for purchases that require bidding.

Sunday, June 30
Last day to receive goods and services to be funded with FY 2024 Operating funds.

Remaining balance of Standing Purchase Orders and Blanket Preapprovals funded with Operating Funds (Fund 1000) will be cancelled.

Last day for Credit card transactions from sale of services to be processed.

Monday, July 1 through Friday, July 5
LaCarte should be limited to emergency or travel that began prior to July 1, 2024.

Saturday, July 6
LaCarte credit card statements issued to cardholders.

Friday, July 12
Receiving Reports for purchases to be paid with FY 2024 funds must be submitted to Accounts Payable via email at accountspayable@louisiana.edu showing delivery by June 30, 2024.

Any invoices (associated with Purchase Orders) for goods or services received on or before June 30, 2024, must be submitted as soon as goods or services are received for payment to be made or at the latest by this date.

Monday, July 15
Last day to submit each cardholder’s signed bank statement and LaCarte report (Firm Paid Items) to Purchasing for statements up to and including July 5, 2024. Last day to process Unforeseen Expense Reports in Chrome River.

Last day to submit Foundation Warrants drawn against 2023-2024 fiscal year end funds.

Thursday, July 18
All receivable information must be submitted on the form, "Receivables".
All unpaid invoices must be submitted on the form “Payables.”
All interdepartmental charge forms applicable to June 2024 (or prior) must be submitted to Financial Services.

Tuesday, July 30
Last day for reimbursement requests in Chrome River that were preapproved. Unreconciled charges on LaCarte cards from prior to and including July 5th statement will be allocated to the cardholder through Payroll.

Wednesday, August 14
Last day to submit invoices to Accounts Payable for payment of goods and services received prior to July 1, 2024.

Helpful Reminders from the Office of Purchasing

  • On a monthly basis:
  •   o Review budget entries
  •   o Review Purchase Order balances
  •   o Review pre-approvals in Chrome River for open encumbrances or partially paid expenses. Complete those transactions so funds can be unencumbered.
  • Regularly, monitor invoices that are due and submit receiving reports to accountspayable@louisiana.edu. Goods and services must be received by June 30, 2024, to be paid or accrued with FY 24 unrestricted funds.
  • Payments for goods and services received after June 30, 2024, will be recorded in FY 2025. This includes purchases made with the LaCarte card.
  • All purchases, regardless of source, must be paid or accrued by fiscal yearend if received by June 30, 2024.

Please disseminate this information to all employees having responsibilities related to the yearend closing process. Administration and Finance is available to assist with any questions. While every effort is made to adhere to the deadlines provided, dates are subject to change.

Revenues/Receivables

  • Please submit a list of all revenues earned through June 30 that have not been received. These amounts will be set up as accounts receivable by the Comptroller. All receivable information must be submitted by July 18, 2024, on the form, "Receivables".
  • If applicable, please inform Angie Smith immediately of the following:
  • Revenue earned from credit card transactions or sale of services that were processed on or before June 30, 2024, and not deposited with Departmental Cashiers prior to July 1, 2024, to ensure those transactions are recorded in the correct period and to the correct accounts. NOTE:  This involves any department that accepts and processes credit card transactions.
  • Wired funds that were received on or before June 30, 2024, and not deposited with Departmental Cashiers prior to July 1, 2024, to ensure those transactions are recorded in the correct period and to the correct accounts.

Expenditures/Payables
Requisitions

  • Requisitions requiring formal bidding (requiring a 21-day advertising period) processed after May 1, 2024, must be awarded and the goods/services received by June 30, 2024, otherwise the award will be issued a Purchase Order to be paid in FY 2025 otherwise canceled.

Purchase Orders

  • July 12, 2024, is the deadline for any invoices (associated with Purchase Orders) for goods or services received on or before June 30, 2024. Invoices must be submitted as soon as goods or services are received for payment to be made. For an invoice not yet received for goods or services applicable to FY 2024, please make every effort to contact vendors to send an invoice to Accounts Payable by the July 12, 2024, deadline.
  • Goods and Services received after June 30, 2024, will be charged to FY 2025 Budget. All Purchase Order Change Requests submitted to Purchasing to cancel balances of Purchase Orders funded in FY 2024 will be processed by June 30, 2024.
  • If a vendor cannot provide you with an invoice before the deadline, an accounts payable entry will be recorded. To facilitate this entry, please complete the form, “Payables” and submit it by July 18, 2024.
  • For a pending invoice to be paid after this date, please notify the Office of Purchasing so the amount can be left on the Purchase Order for payment to be made. To adjust a Purchase Order balance or change the funding source, please prepare a Purchase Order Change Request (PUR-114) and submit for approval by following the posted electronic submission guidelines on the Purchasing Website.
  • For Purchase Orders, please cancel or alter any Purchase Orders where the goods or services will not be received by submitting a Purchase Order Change Request found on Purchasing’s Website.

LaCarte Cards

  • Any items/invoices purchased on the LaCarte card and received by June 30, 2024, but not paid by the LaCarte card until after July 5, 2024, an accounts payable entry will be recorded.
  • Please complete the "Payables" form and submit it by July 18, 2024.
  • All Chrome River Expense Reports must be submitted and fully approved in Chrome River for purchases charged to Operating Fund (Fund 1000) and Dean’s Enhancement Funds.

Expenses funded by funds other than the Operating Fund 

  • Pre-approval for travel, special meals and invited guests as well as purchases funded by Restricted funds, Grant funds, and Auxiliary funds will continue to follow normal procedures subject to the availability of funds of the requesting department and charged to the Fiscal Year in which it occurs.

Interdepartmental Charges

  • All interdepartmental charge forms applicable to June 2024 (or prior) must be submitted to Financial Services by July 18, 2024.

Year End Forms

Chrome River Transactions and LaCarte

Travel and Special Meals

  • Expenses paid with a LaCarte card for travel, special meals, and invited guests’ visits must be processed in Chrome River by the 15th of the month following the statement date in which the transactions appear in the cardholders eWallet.
  • Reimbursement of expenses (out of pocket) must be processed in Chrome River by July 30, 2024.
  • Unforeseen Chrome River Expenses for Travel and Special Meals that were not preapproved must be fully approved by July 15, 2024.
  • LaCarte General Purchases
  • General purchases paid with a LaCarte Card must be fully approved and reconciled by the 15th of each month following the statement date in which the transactions appear in the cardholders eWallet.
  • If Chrome River Expense Reports are not submitted by July 15, the cardholder’s LaCarte card will be inactivated for noncompliance of LaCarte regulations.

Encumbrances for State-Funds

  • FY 2024 Requisitions:  Approvals of requisitions that must be processed prior to June 30, 2024, should be closely monitored with reminder notifications sent to the approvers to process timely.
  •   • If a purchase order will not be issued for FY 2024 due to the unmet deadline of June 30, 2024, the requisition should be recalled and reentered as FY 2025 transaction with a date of July 1, 2024. View instructions for changing the fiscal year on a requisition.
  • FY 2024 Purchase Orders:  Purchase Orders for receipt of goods and services and payments should be closely monitored.
  •   • If goods and services will not be received prior to June 30, 2024, the Purchase Order will be encumbered in FY 2025 unless it is canceled.
  • Travel and Special Meals ending prior to June 30, 2024:  If there is an encumbrance for a pre-approval in Chrome River where the Expense Reports are completed and advance payments are completely reconciled, the balance of the Preapproval will be expired and unencumbering the unspent balance of the Preapproval. 

View instructions on how to check your encumbrances. Purchasing will be sending an Aged Encumbrance report of outstanding Requisitions and Purchase Orders for reviewing.

Foundation Warrants

  • All Foundation Warrants that are to be drawn against 2023-2024 fiscal year funds must be completed and emailed to warrants@louisiana.edu by May 31, 2024.  As a reminder, before submitting a Foundation Warrant to the Office of Financial Services, please ensure that the business purpose is indicated on it.  If the request is for a LaCarte charge, remember to include a copy of the LaCarte statement in addition to the receipt(s).

FY 2025 Funding

  • Requisitions for goods and services funded with FY 2025 Operating Funds (1000 Fund) must be entered in Banner with a July 1, 2024, transaction date and can be submitted anytime. 
  • If the transaction date is entered prior to July 1, 2024, the system will assume that funding is for FY 2025. 
  • If the requisition is submitted with incorrect dates, it will be necessary to recall the requisition, revise the transaction date to "7/01/2024".  Unfortunately, Banner will require the deletion of all items on the requisition and necessitate to reentry of the items. The requisition will require the full approval process again.

Requisitions processed after May 1, 2024, requiring formal bidding (requiring a 21-day advertising period or approval from the Division of Administration such as professional services) may require the Purchase Order to be issued for FY 2025 if services cannot be delivered prior to June 30, 2024. It is important to notify the Office of Purchasing if funding is not available in FY 2025 and if the contract, bid or award must be canceled.

Contacts for Questions or More Information

PURCHASING

FINANCE

ADMINISTRATIVE SERVICES

Administration and Finance staff can also be contacted through Microsoft Teams.