PAP.10.19.010 Finance Department Responsibilities Each Fiscal Year

At the end of each fiscal year, the finance department will:

(a) Record expenses into the correct year;

(b) Prorate payroll expenses so that they are charged to the year in which the employee actually worked;

(c) Record invoices for items received or services rendered in the prior fiscal year but paid for in the current fiscal year at year end to ensure that the financial statements reflected the expense in the correct fiscal year; and

(d) Record third party revenue to ensure that revenue is recognized in the year when the services were provided.