All personal reimbursements should be submitted as soon as possible, but not later than July 8, 2021. Any reimbursement request from the previous fiscal year submitted after July 8 will not be granted. Complete details and deadlines related to the the fiscal year close are below.
As we approach the end of the 2020-2021 academic year and the fiscal year 2021 (FY21), it is important that you help us satisfactorily complete your financial responsibilities in order to accurately reflect the School's operations. The key deadline for submitting information and reconciliations to the Finance Office is July 8, 2021 and is outlined below.
All financial and accounting transactions must be recorded in the fiscal year in which they are made to properly report the School's financial position as of June 30. The procedures below should be followed at the fiscal year-end to ensure proper handling and recording of financial transactions.
If services are performed or goods are received by June 30, then the invoice must be charged to FY21 regardless of the invoice date or when the invoice is paid. All FY21 invoices you have received must be submitted to Accounts Payable as soon as possible, but no later than July 8.
If you have not received an invoice for any purchases or financial commitments that you have made on behalf of Choate on or before June 30, 2021, send all available information to Accounts Payable by July 8. Based on this information we can properly charge the estimated cost in the appropriate fiscal year as defined by the accounting standards, not your budget availability.Current year funds may not be used to pay for expenditures related to the next year. For example, such items may be:
- Subscriptions, memberships or maintenance agreements for time periods beginning after June 30, 2021.
- Registration fees for conferences, seminars or other events beginning after June 30, 2021.
- Airline tickets for travel that begins after June 30, 2021.
Travel and Other Personal Reimbursements
The fiscal year associated with a travel reimbursement will be determined based on the dates of the trip. Trips beginning before June 30, 2021 should be charged to FY21. Trips beginning after June 30, 2021 should be charged to the new fiscal year, FY22.
All personal reimbursements should be submitted as soon as possible, but not later than July 8, 2021. Any reimbursement request from the previous fiscal year submitted after July 8 will not be granted.
Wells Fargo Corporate Credit Card Reconciliation
For the month of June, the reconciliation must be completed online by July 6 and the approval must be submitted by July 8. These dates are earlier than typical, but extremely important for processing information accurately and timely. As always, the reconciliation and approval can be performed remotely at https://wellsoffice.wellsfargo.com/ceoportal/signon
Reconciliation and approval of all cash reimbursements for transactions including cash advances, mug night expenses and other School related expenses you have incurred through June 30, must be submitted by July 8.
Checks and cash on hand must be deposited by July 8. If the deposit is for the next academic or fiscal year services, please provide documentation and it will properly be recognized as income in FY22. Do not hold on to cash or checks. For best practice and personal security, one should always submit funds immediately for deposit.
Departmental Operating Budgets
Unspent funds in the departmental operating budgets for FY21 cannot be carried forward to the new fiscal year, FY22.
For assistance, please contact us at extension 2300 or 2536. Thank you for helping us during this busy time of the year.