Accounts Payable Accrual Process for FY24 Invoices Received After June 30
If you received goods or services in FY24 but did not send the invoice to accounts payable by the July deadline, an accounts payable accrual Journal Entry (JE) may be necessary to accurately reflect the expense in FY24.
Finance will review invoices exceeding $25,000 to determine if a payable journal is necessary. Finance will calculate the amount of expense that belongs in each fiscal year and prepare a JE to either move the entire invoice or split the invoice between fiscal years by moving the expense out of FY25 into FY24. The calculated value to be moved to FY24 must be greater than $25,000 for Finance to create a JE for the payable.
Please follow up with your suppliers/payees who have not sent an invoice for goods or services received in FY24. If you miss the July deadline or haven鈥檛 received an invoice for FY24 goods or services, please email finance@ohio.edu if the calculated amount is greater than $25,000.
If you have any questions about this process, please contact Kris Sano, sanok@ohio.edu.