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2017/18 Year-End Guide

The purpose of this guide is to ensure that year-end is completed on time, and accurately. A year-end is the completion of a 12-month cycle of operations (fiscal year). For Vancouver Island University this begins on April 1 and ends on March 31. The timelines noted below are fixed and cannot be adjusted due to the short timeframe that has been given by the Province for submission of VIU financial statements and supplementary reports. Please refer to the Year End Timelines for a chart of the due dates and items.
Please contact the appropriate person in the Financial Services Department if you require assistance.

  1. Invoiced Goods and Services: All invoices and signed packing slips for goods and services received up to March 31 to be RECEIVED by Accounts Payable no later than April 3, 2018 at 4:00pm.

    Note: prepayments of Goods or Services to be received after March 31, 2018 will be charged to the 2018/19 fiscal year budget.

  2. Unbilled Goods and Services: Accruals are used to expense goods and services received prior to the end of the fiscal year, for which no invoice has yet been received. Please notify Accounts Payable of any outstanding amounts that should be accrued at March 31, 2018. An accruals list is to be forwarded to Accounts Payable no later than April 3, 2018 by 4pm.

  3. Goods and services ordered but not received by March 31 will, without exception, be charged against next year’s budget. Please review all outstanding orders. Where the items are no longer required or where post March 31 delivery would alter the purchasing strategy, you should consider cancelling the order. The Purchasing Department should be informed of such action no later than March 9, 2018. You are reminded that cancellation of an order may not be possible, or there may be a re-stocking charge from the supplier. Please communicate with the buyer responsible for your area; for more information, see: VIU Purchasing.

  4. Travel and expense reports including settlements of Travel Advances should be prepared as soon as the trip has been completed. Be sure to record/accrue mileage for semester travel up to March 28, 2018. Claims related to expenses incurred up to March 31 must be RECEIVED by Accounts Payable no later than Mar 28, 2018.

  5. Petty Cash Funds should be balanced as of March 31, 2018. Replenishment requests and fund confirmations must be RECEIVED by Accounts Payable no later than Mar 29, 2018. You will receive a fund confirmation form in early March. Petty cash voucher reimbursements must be RECEIVED at Cashier's Office no later than Mar 29, 2018 @ 3:00pm.

  6. Open Purchase orders for the 2018/19 fiscal year: Requisitions for Open Orders are due in Purchasing no later than March 16, 2018. Web requisitions and instructions can be found at: Financial Services Forms. Be sure to check the Open Order box and enter the dates. Please review your previous year’s open orders as per memo sent in February. Any open order used six or fewer times should not be repeated. Use a purchasing card instead. Note on Requisition: Names of persons authorized to request and/or pick up goods.

  7. Purchasing Card Transactions not included on March 27th statement (or previous) will be charged to 2018/19 fiscal year budget. The cut off date for Visa Statements is the 24th of each month. Some vendors may not post P-card purchases until several days after the purchase is made. Plan your P-card use accordingly. Reconciled Purchasing Card Statements must be RECEIVED in Purchasing no later than end of day March 28, 2018.

  8. External Billings (Requests for Invoices) for supplies and services provided by Vancouver Island University to third parties prior to year-end should be RECEIVED by Accounts Receivable no later than April 3, 2018. Invoice request forms are available at: Financial Services Forms. If funding is due, but billings are not appropriate, the amount due should be set up by means of an accrual. Please contact Mike Jordan by Mar 6, 2018 if you require journal entries to set up such accruals.

  9. Revenue deferral at year-end allows for unearned portion of restricted funding to be carried over to the 2018/19 fiscal year. Restricted funding includes special project funding, research grants, contracts and other non-base funded activities that span fiscal year end. The deferred revenue will be reversed and credited to appropriate accounts in May 2018. The delay is unavoidable, as the external auditors need a few weeks to complete year-end audit procedures. Requests to defer revenue must be RECEIVED by Stephen Clements no later than March 6, 2018.

  10. Revenue deposits during first week of April should indicate fiscal year. If funds were earned prior to March 31, 2018, revenue should be credited to the 2017/18 year and must be received at the Cashier’s Office by noon on March 29, 2018.

  11. Payroll Department is responsible for processing all salary costs and corrections. In order to ensure that there is enough time to process corrections in the fiscal, the cost centre changes must be processed through the HR Appointment system and requests for manual corrections must be communicated to payroll, prior to March 1, 2018. If you miss this date, the Finance Department will not process a journal entry correction or internal transfers to "fix cost centre balances". Missing the deadline is not sufficient cause to bypass the Payroll Department's responsibilities. Payroll of March 23/18 will include working days up to Mar 23/18. Any remaining timesheets up to March 31st must be submitted to payroll by March 26, 2018.
  12. Corrections and reallocations of transactions by means of journal entries can be accommodated up to March 29, 2018. The financial reports are available on line throughout the year so monitoring of accounts for errors should not be left until year-end. If you are not currently using FRS and need to be set up for access to the system, please contact Heather Gallant. If you require information on how to use the system, instructions can be found in the FRS User Manual. If you require further assistance with system access please contact Heather Gallant. March month end will run April 7th. Any corrections related to Period 12 must be received in Finance by noon April 9th.
  13. Cost centre codes for contracts, which end by March 31, 2018, should be deleted from the 2018/19 fiscal year account code structure. If you have knowledge of cost centres that should be closed as of March 31, 2018 please let Stephen Clements know as early as possible, and no later than March 6, 2018.

We appreciate your assistance in getting information to us as quickly as possible during this extremely busy time. Thank you.