Year End PO Rollover Process in SFS
The fiscal year end transition is completed in the Shared Financial System (SFS) on July 1-2 and transactions from campus should be submitted according to the fiscal year end timetable to ensure processing in the correct fiscal year.
To prepare for the end of the fiscal year rollover:
- POs are closed on a monthly basis according to the posted criteria.
- Justifications to carryover any prior fiscal year POs that need to remain open are collected.
- POs where a project in the funding distribution has an end date on or before the end of the fiscal year are closed. These POs would not be able to rollover and no one would be able to pay invoices against them in the next fiscal year. Iindividuals with POs in this situation are contacted on a monthly basis by Accounting Services.
The PO rollover process in SFS occurs on July 1-2.
- Open POs that have a remaining encumbrance rollover into the next fiscal year with the remaining encumbrance balance as the new amount on the PO.
- POs that are fully liquidated, but not closed (e.g. $1 blanket orders with valid end dates extending into the next fiscal year), will not rollover, but will remain open to order and pay against. These POs will be usable, but will not show up in fiscal year based searches in WISDM until a transaction has been posted against them in in the next fiscal year. See PO Rollover and WISDM for more information on viewing POs in WISDM after rollover.
After the rollover process, a number of cleanup steps will be performed, including:
- In the cases where a PO had an encumbrance on one or more of it’s funding lines and also had one or more $1 funding lines associated with the PO, the lines with a remaining encumbrance will roll, but the $1 line(s) will not automatically rollover if they are fully expended. These $1 lines will be manually restored by Business Services staff so that they may be paid against again in the next fiscal year.
Frequently Asked Questions:
- Which POs will rollover? Any open POs that have a remaining encumbrance rollover into the next fiscal year with the remaining encumbrance balance as the new amount on the PO.
- What happens to my $1 blanket orders at year end? If nothing has been spent, they will rollover. If something has been spent, they will not rollover, but will remain open to order and pay against. These POs will be usable, but will not show up in fiscal year based searches in WISDM until a transaction has been posted against them in in the next fiscal year.
- Will I lose the encumbered funds if my PO does not carryover? Most types of funding are not lost; however, if you are concerned about the funds encumbered on your PO (especially GPR funds) being lost, consult your Dean's office for further instructions. If the Dean's Office is concerned about potentially losing funds or has further questions, please consult the Budget Office for more information.
- How do I carryover funds on or continue an Internal Work Order into the next fiscal year? No PO is created for these types of orders, so there is nothing available for Purchasing or Accounting to carryover. You will need to work directly with the internal service provider to decide how to handle this situation.
- When can I begin processing transactions for the new fiscal year? When are my transactions due to get recorded in the current fiscal year? These dates fluctuate from year to year, consult the memo and timetable posted on the Accounting Services website detailing processing deadlines and the timeline for processing transactions for the new fiscal year.
- What happens if I submit a current fiscal year transaction (requisition, direct payment, encumbrance management form, etc.) after one of the cutoff dates listed for processing in the current fiscal year? The transaction will most likely be processed in the next fiscal year.