Finance & Payroll Cutover Information

Invoices, foreign wire requests, check requests, and travel & business expense reimbursements pertaining to FY25 and in your possession by June 1st, should be forwarded to Accounts Payable for payment by June 13, 2025. Invoices and payment documents must contain the appropriate departmental approval, and all supporting documentation required for processing. Invoices must be covered by a matching, valid purchase order. Please ensure that budget dollars are available to cover your expenses.

After June 13, 2025, all remaining FY25 invoices, foreign wire requests, check requests, and travel and business expense reimbursements should be forwarded daily to Accounts Payable through the remainder of June and July. Please make every effort to forward FY25 invoices to our offices as soon as possible during this time.

All purchase requisitions for FY25 operating expenses must be entered and approved in Oracle no later than the close of business on June 13, 2025. As this critical date approaches, please review your open requisitions to ensure they are approved timely and that all supporting documents have been provided to Purchasing (i.e., W-9, contracts, insurance certificates, etc.) Open or pending purchase requisitions that have not been approved by June 13, 2025, will be canceled. Once canceled, a purchase requisition will need to be re-entered by the initiating department using the new fiscal year budget (FY26).

The FY26 operating budget will become available in Workday on July 1, 2025. As soon as the budget load process is complete, the Budget Office will send an announcement to the community, and schools and departments may begin entering purchase requisitions for FY26.

Open invoices for active and new projects should be forwarded to Accounts Payable for payment by June 23, 2025. Budgets for projects that are in process but not completed by June 30, 2025, may be carried forward into the next fiscal year. Budgets for canceled or completed projects will be closed. Central budget funds that were set aside for projects that are canceled or come in under budget will be recaptured centrally and not re-purposed by the original project’s school or department. Every new capital, IT, or equipment-based project will be judged on its own merits.

Purchasing staff have begun notifying departments about open purchase orders for FY25 operating expenses. Please notify Purchasing regarding orders that are awaiting delivery of the items or invoices. Purchasing will contact vendors to obtain the delivery status of items and to request invoice copies to expedite the closing process. Beginning July 1, all open FY25 purchase orders will be reviewed to determine if a matching expense was incurred and is awaiting payment. If a purchase order is deemed to be invalid, the purchase order will be closed. If a purchase order is deemed to be a FY26 expense, it will not be accrued and your FY26 budget will be charged. All FY25 Blanket Purchase Orders will be closed as of June 28, 2025. If you receive an FY25 invoice that would have been charged to a Blanket PO, please enter the GL account number when submitting the invoice to Accounts Payable.

Purchases made with the NYIT P-card will be included in FY25 when they meet all of the following conditions:

• The purchase must be made no later than the close of business on June 30, 2025.
• The items purchased must be received by June 30, 2025.

Credit card requests made to Purchasing must meet all of the following conditions:

• Requests for Amazon orders must be submitted before 9 a.m. ET June 22, 2025.
• Requests for any other vendor must be submitted before 9 a.m. ET June 18, 2025
• All items must be received by June 30, 2025.
• FY25 budget dollars must be available to cover the purchase.

Any P-card transaction can be reconciled within three days of the purchase date. All P-card transactions that appear on the June 2025 statement must be reconciled no later than July 7, 2025, at 1 p.m. ET time. With the July 4 holiday occurring so close to year-end, the timeliness of the reconciliation process is of the utmost importance. Any delay in the reconciliation process will cause delays in other year-end closing procedures. Please reach out to Ed Schook (eschook@nyit.edu) with any questions regarding the reconciliation of transactions throughout the month.

Due to processing time, P-card transactions that are initiated at the end of June, but which appear on the July 2025 statement will be charged to the FY26 Budget. Prior to making or authorizing a purchase, please confirm that budget funds are available. Transactions that do not meet all of the FY25 transaction criteria may be recorded against your FY26 budget.

Prepaid expenses are purchases of goods or services that are paid for prior to June 30, 2025, but will not be delivered until July 1, 2025, or later. FY25 prepaid expenses will be charged to the FY26 budget at the beginning of July.

Examples

• A $6,000 event deposit is paid on June 10, 2025, for an event on September 10, 2025.
• Annual membership paid on June 1, 2025, for the period of June 1, 2025, to June 1, 2026, for $12,000. $11,000 is prepaid (for the period of July 1, 2025 – June 1, 2026).

Faculty FACCOMPs

• April 23: All spring FACCOMPs for full-time and part-time faculty must be fully approved.
• May 21: Summer FACCOMPs can be entered. They must be fully approved by June 20.
• June 20–30: FACCOMP will be frozen for data conversion to Workday.
• July 1: New stipends will be entered directly in Workday; new instructional records will be done in Faculty Load Management (formerly called FACCOMP).

Timesheets

• Students: Timekeeping records for students paid through the Student Timesheet system must be approved by June 20.
• Faculty & Staff: Vacation, sick day, and personal time records covering attendance through June 15, 2025, must be submitted and approved by June 25.

Journal entries that affect sponsored projects should have department-level approval by June 20, 2025, to allow Grants Management sufficient time to review the entry.

At year-end, it is imperative that cash and check deposits for food service, medical clinics, and other receipts are deposited and not held in offices overnight. Departments should send receipts daily to the accounting department or make daily deposits to TD Bank (or Centennial Bank for the Arkansas Clinic). Cash batches must be deposited at the appropriate bank by June 30, 2025, to be recorded in FY25.

Schools/departments may not hold AP or payroll checks for more than 15 days. All held checks must be returned to AP or Payroll on or before June 20, 2025. The final deadline to return checks to Accounts Payable is June 30, 2025.