Invoice Processing:
As fiscal year-end approaches, it is important to clarify the procedures that we follow in processing invoices at the end of the year. The invoice date is used to determine which fiscal year that invoice is charged against regardless of when the purchase order was created. The invoice date is the date presented on the first page of an invoice submitted by the supplier.
All invoices received by Accounts Payable by end of day Monday, July 5 with an invoice date of June 30 or before and fully approved by end of business Tuesday, July 13 will be processed in Fiscal Year 21 (FY21). All invoices dated July 1 or later will be processed in Fiscal Year 22 (FY22). Note: Accounts Payable staff cannot change the invoice date in BUY.IU. This date is driven by the information provided by the supplier on the invoice document.
If you order equipment or supplies in the month of June and ask for delivery July 1 or later, the supplier may ship and invoice for the products earlier than requested. These invoices will be processed in FY21. Keep this in mind when placing orders for products that you do not wish to have invoiced until FY22.
Subscriptions and Memberships:
At this point in the year, subscriptions should be paid using a P-Card or processed via check request unless they require a contract signature or are software subscriptions. The billing notice is typically generated through a renewal reminder rather than through an invoice; therefore, a procurement card or check request is the appropriate method of payment. Memberships should also be paid using a P-Card or processed via check request if the membership does not require an agreement or ongoing services/data access, such as Cloud services, which require security review.
If you have any questions, please use the Purchasing and Accounts Payable Support form in ONE.IU to contact the Accounts Payable team.