For detailed information on Year End, please visit the Controller's Webiste at the following link:
Additional Information for Procurement Services
- The fiscal year will always end on May 31 and a new fiscal year will begin on June 1
- It is important to review, as early as possible, your department’s requirements for the next fiscal year. This review should include meetings with managers and staff for careful consideration of all contracts and agreements and services to determine if the service can be reduced, or eliminated, in the next fiscal year. Most vendors require a written 30-day notice if a service is being reduced or eliminated. Please be sure to notify Procurement Services so that notice can be given by April 27,2018. Larger contracts may require more notice.
- Agreements done by purchase order can be viewed in PeopleSoft Financials by running the BC_PO_AGREEMENT Query. PeopleSoft Navigation: Reporting Tools > Query > Query Viewer
- Agreements renewed by p-card will not appear on this list.
- Notices of renewal pricing should be provided by vendors prior to April 19, 2018 so that requisitions can be processed when the new budget year opens in mid-April. In order for vendors to be ready to service BC on June 1, commitment to the vendor should be provided as soon as possible. Agreements over $5000 must be renewed through the purchase order process. For your convenience, agreements under $5000 can be charged to p-cards.
- For agreements requiring a purchase order, please create your agreements beginning April 24, 2018 using the reference data on your agreement query. Please remember to create agreement orders as follows:
- Review the list from your query to be sure agreements are still required
- Select Special Request on the requisition page for a “Service” and “Fixed Cost”
- Update amounts as necessary for the new year
- Use the start date of 6/1/2018 and end date of 5/31/2019 to keep the order open through the end of the fiscal year
- Make sure Change the Budget Date to 6/2/2018 under the Details tab (always the first Saturday of the new fiscal year)
- Use a line description beginning with “AGMT-” so it will appear on your agreement list next year
- Agreements to be paid by pcard (under $5000) can be committed to the vendor but the charge can not be submitted to VISA until AFTER June 4, 2018. (Note: Agreements for next fiscal year CANNOT be charged to the current fiscal year’s budget.)
Please forward any contract documents to Procurement Services for signature, noting the applicable requisition number or last four digits only of the p-card number
If you have any questions, please email firstname.lastname@example.org or call the appropriate buyer at (617) 552-3055.