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Home :: Policies :: Acc.Payable-Fiscal Year End Obligations

Acc.Payable-Fiscal Year End Obligations

Responsible Department
Comptroller
Effective Date
10/01/2015
  1. .

    Purpose

    The purpose of this policy is to clearly state the responsibilities of Accounts Payable at fiscal year end.

  2. .

    Definitions

    Please see the University System of Georgia Business Procedures Manual at:  http://www.usg.edu/business_procedures_manual/

  3. .

    Statement

    1. At the end of each fiscal year, all firm obligations of the University (purchase orders, shipping releases, contracts, etc.) that are chargeable to unrestricted funds are recorded as an expenditure to the department's account and as an account payable. The amount charged to the department may be an amount different from the amount required to liquidate the obligation in the succeeding fiscal year. This may be due to discounts, freight charges, or because the University had not been notified by State Purchasing as of June 30 as to the exact amount for which a purchase order was issued.

    2. For an obligation that is liquidated for more than the amount charged to the department's account at June 30, this excess amount will be charged to the department's account during the fiscal year in which the obligation is liquidated.

    3. For an obligation that is liquidated for less than the amount charged to the department's account at June 30, the balance in the payable account that was established for this obligation will be credited to surplus and subsequently returned to the State Treasury. Each obligation is handled on an individual item basis.
  4. .

    Support Info

    1. For any additional clarification, please contact the Comptroller’s Office or Accounts Payable.
    2. This document replaces North Georgia College & State University/University of North Georgia Policy and Procedure 708.2 which was in effect from July 1, 2009 through the effective date of this policy.
  5. .

    Procedures

    Any related operating procedures must comply with and reference this policy.

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