Year-end activities: deadline changes due to COVID-19 and other key information
Certain deadlines for year-end activities have been changed as a result of the COVID-19 pandemic. The better prepared you are for year-end, the smoother the process will be for everyone. Here are some tasks that you should do to prepare for year-end:
Before March 31
- Know the processes and your responsibilities. The year-end bulletin provides instructions, revised deadlines, forms, checklists and contact emails for every year-end activity.
- Review all your outstanding commitments:
- close the commitments that are no longer required
- for goods or services that have been received, obtain the invoice to be processed for payment
- for goods or services that you will receive after March 31, close the commitment and create a new one for next fiscal year
- ensure that all current year travel claims are submitted as soon as possible after the completion of the travel
- For acquisition card purchases, create card documents in SAP.
- Ensure all sales orders are entered in SAP, and that all revenues will be received by the deadline.
- Review salary expenditures to determine if recoveries or Payable at Year-End (PAYE) are required.
- Verify that transactions are correctly coded and request corrections, if required.
After March 31
- For all goods or services received by March 31, but the invoice will not be received by the deadline, a PAYE will have to be created.
- For all goods or services provided to another department by March 31, but the money will not be received by the deadline, a Receivable at Year-End (RAYE) will have to be created.
- Review the bulletin and use the checklist provided. Should you have any questions, find the appropriate section in the bulletin and send your questions to the email address listed.
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