Fiscal Year End for Procurement (Closing and Rolling Over Req's & PO's)
The purpose of this page is to document the procedures that Procurement must follow at the end of the fiscal year.
Information from meeting with Kimberly Stringham from Van Andel Institute on May 30, 2024
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Recording of meeting with Kimberly Stringham from Van Andel Institute on May 30, 2024. In this video, Kimberly discusses how Van Andel Institute closes their PO's and rolls the remaining ones to the new fiscal year. This is basically their fiscal year-end process for Procurement. Closing PO's is also something that can be done monthly or at other intervals.
- See Mass Close Procurement Documents (from Kim Stringham at Van Andel Institute) - 20240530 for Van Andel's procedure.
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TImeline of their Fiscal Year End for Procurement
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6/30 @5pm - Run "Mass Close Procurement Documents". Close req's first, then PO's. Will show selected documents - hit submit when this list of documents is correct. They do this on the last day of every fiscal year at 5pm. Then they stop all activity (no receiving, no invoicing) until they roll over to the next fiscal year. They just tell Receiving and AP to not do anything; nothing is actually turned off. (Would need to stop Jaggaer invoicing.)
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7/1 @ 8am - Run "Roll Forward Procurement Documents". Will show selected documents - hit submit when this list of documents is correct. They do this on the first day of every fiscal year at 8am. Then receiving and invoicing can begin again.
- If the timing is off, it would impact the year & period that the transaction falls in. It is important to get this right for grants (ex: must receive goods in the right budget year).
- It is OK to run Mass Close Procurement Documents at any time. The more you close ahead of time, the easier it is at fiscal year-end.
- If you accidentally close an order, you can re-open in the next fiscal year.
- Remember to close the requisitions also. Otherwise the obligations/commitments still show on reports.