Welcome. Accounts Payable FY2010 Year-End Closing Workshop Presented by: Sandra King, Accounts Payable Manager Office of Business Services. Importance of Year-end Closing . The College meets its obligations: Legal Financial Budgetary BY Robert M. Preston, M.B.A., M.S.
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Accounts Payable FY2010
Presented by: Sandra King, Accounts Payable Manager
Office of Business Services
BY Robert M. Preston, M.B.A., M.S.
Director of Financial Reporting and Operations
To close the accounting books on time
To close the accounting books accurately
Ensure all vendors, employees and students payments are recorded in the proper year
Montgomery College’s fiscal year runs from July 1 to June 30th
New Fiscal Year for FY11 starts on July 1st 2010
Specific year end deadlines are set in order to close the books and prepare annual financial statements
The Date of Receipt of Goods and Services
Determines the fiscal year expenditure
If the final June invoice is not received by June 30th for Blanket Orders or other types of payments, you must contact the vendor immediately to forward an invoice to Accounts Payable
If no invoices is received by July 10th, you must submit an accrual listing with complete information and backup to Accounts Payable
To support your accrual you may include the following:
Payment will not be made to vendors until August -of the next fiscal year once FY10 budgets are rolled and the year is closed.
CUT off Date is July 10, 2010 for all corrections
please submit the request to Accounts Payable by June 30th.