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Accrued Expenses
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Treatment of Accrued Expenses

Accruals:  If goods have been received or services performed on or prior to Tuesday, June 30, 2009, the related expense must be recorded in that fiscal year (FY2009) regardless of whether payment has been made for the goods or services. NOTE: It does not matter whether you have received the invoice or not. Rather, if you have the product or service, the obligation to pay for the product or service must be recorded (expensed) to the year for which it was received (FY 2009). This also includes payroll related items like merit bonuses earned in FY 2009 but paid in FY 2010. In such instances the amount of the expense or a good faith estimate of the amount to be expensed is to be booked as an accrual charging the old fiscal year. Note: On July 1, 2008, FY 2009 began and likewise on July 1, 2009, FY 2010 begins.

  • Non-Purchase Order Accruals -Non-purchase order accruals are to be submitted to BCTC Accounts Payable by Tuesday, July 7th, 2009. Note: Under separate cover BCTC Accounts Payable will make available a template (Excel spreadsheet) to record accruals. As a means to avoid processing errors of prior years, only the format provided by KCTCS Accounts Payable will be accepted. Changes to the templates format are not acceptable.

 

Accruals are to be based on the following criteria:

1. Obligations from FY 2009 for expenses incurred between June 19th and June 30th after the deadline for submitting Confirming Requisitions (June 19th) for FY 2009 expenses. 

2. Obligations from FY 2009 for expenses incurred in FY2009 where a Check Request was not received or processed by Wednesday, June 24th, by BCTC Accounts Payable (Amy Spears).

NOTE: for ProCard charges not yet posted a separate procurement card accrual is to be submitted to Kim Dennis by Thursday, July 2, 2009. The format of this accrual will be provided by KCTCS Purchasing.

3. Obligations for travel reimbursement and guest expenses not received or processed by BCTC Accounts Payable (Amy Spears).

NOTE:  Tuesday, July 7th is the cutoff date for accruals – NO EXECPTIONS!