Year End Accounts Payable Accruals

A payable is an amount paid by the university in the current year (FY23) for a prior year expense (FY22).

We are now past the deadline to send invoices for FY22 goods or services to accounts payable for entry into FY22. If you received goods or services in FY22, but the invoice did not get entered in FY22, an accounts payable accrual JE may be necessary to accurately reflect the expense in FY22. Finance will review invoices exceeding $10,000 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 expense out of FY23 into FY22. The calculated value to be moved to FY22 must be greater than $10,000 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 FY22 and email finance@ohio.edu if the calculated amount is greater than $10,000.

If you have any questions about this process, please contact Kris Sano, sanok@ohio.edu.