Yearend Purchase Order activity

As yearend approaches, purchase order (PO) closing activity should be closely monitored. If a PO has had all of the invoices paid against it (including freight) and has an open amount, please submit a BobcatBUY (BCB) request to close the PO. Procurement will finally close the PO in Oracle and BCB only if there are no pending invoices or credit memos. Finally closing the PO will relieve the encumbrance and allow those funds to become available for use. 

Throughout the year, Procurement Services will automatically close POs that are 60 days old or older and have a difference between the encumbered amount and billed amount of +/-$5. These POs are closed, not finally closed. After 120 days, Procurement Services will change POs from closed to finally closed. 

All FY18 Blanket Orders will be closed, not finally closed, at the end of the fiscal year. During July, when both fiscal years are open, you must communicate with your supplier and Accounts Payable to ensure invoices are applied to the correct PO. All FY18 blankets will be closed on July 20, after the second close. As we approach fiscal yearend, you may be asked to complete change orders on existing POs to add additional funds allowing invoices to be paid. 

Pre-entry for FY19 POs will become available May 2. Requisitions for new blankets or POs can be entered at that time. New FY19 POs will be released to suppliers on July 2, the first business day of the new fiscal year. 

Questions? Contact Finance Customer Care at financecustomercare@ohio.edu or 740-597-6446.