Year-End Information
Financial Managers and Designees,
We are a few short months from ending another fiscal year. I’d like to remind you of a few items as we begin closing fiscal year 2026 and start 2027.
Ongoing
- In the next few months, please review open purchase orders and other encumbrances to ensure that the orders and amounts are still needed. Invoices sent to departments should be submitted to Accounts Payable as quickly as possible. Notify Procurement if there are purchase orders that are no longer needed so they can be closed.
- If you received goods or services prior to July 1, 2025 or otherwise owe a vendor and you cannot get an invoice before July 10, please let Accounting know. You cannot hold invoices to a future fiscal year due to budget issues or issues getting and invoice.
- Equipment should be in the location listed in Banner
- Information for all equipment received through June 30, 2025 should be provided to Accounting
- Please notify Accounting if there are amounts over $500 that are due to your department so we can properly record it
Complete as soon as possible
- Requisitions requiring Board of Trustees’ approval (over $250,000) must be completed and approved by January 15th, 2026.
- Requisitions requiring sealed bids ($100,000 to $249,999) must be completed and approved by February 15th, 2026.
- Requisitions between $50,000 and $99,999 must be completed and approved by March 15th, 2026.
March 26
- File police reports for any inventory item that are missing using the following link: /busofc/machform/view.php?id=11626
- If equipment has moved or needs moved, submit the move request in the move system for FY26 inventory listing using the following link:
- If equipment’s location needs updated, send request to jgreeks@eiu.edu to update in inventory system.
- Make reservation for inventory scanner
April 2
- Equipment purchased on or prior to 3/31 needs to be approved and submitted to Accounts Payable.
April 13
- Requisitions under $49,999 should be completed and approved.
- All equipment purchases need to be approved and submitted to Accounts Payable.
May 29
- All invoices, travel, P-Card approvals, payroll redistributions, budget transfers, internal transfers (journal entries), and equipment tagging forms should be provided to the appropriate department through May 29.
June 12
- All equipment orders, including P-Card, must be completed and approved. If P-Card Equipment Forms are required, these should be submitted to Accounting.
June 26
- Stop using P-Card for FY26. All P-Card transactions must have a post date (not the transaction date) on or before June 30 in order to post to FY26.
- All P-Card transactions with a post date on or before June 26 must be approved. Procurement will address remaining transaction dates beginning July 1.
- All equipment information needed for purchases should be submitted to Accounting.
July 1
- Departments should determine what invoices are still needed from vendors. Any goods or services received by June 30 should be charged to FY26. Any goods or services received on July 1 or after should be charged to FY27. If you are missing invoices for goods or services that should be charged to FY26, contact the vendor to obtain copies of those invoices.
- All grant org FY26 transactions should be submitted to the appropriate office (Payroll for payroll redistributions, Accounts Payable for invoices or Request for Payment forms, and Accounting for internal transfers (journal entries)). These transactions should be processed by those departments by July 10. Failure to do so may result in the department needing to find alternative resources.
July 10 (noon close)
- If applicable to your area, submit inventories for resale.
- For non-grant orgs, any payroll redistributions should be submitted to Payroll.
- For non-grant orgs, all FY26 invoices, request for payment forms, and travel vouchers must be received by Accounts Payable with proper approval. If the payment is for goods or services delivered prior to June 30, it must be charged to FY26. Goods or services received after June 30 should be charged to FY27.
- All internal University transfers (Union invoices, transfers between orgs, etc.) and corrections should be received by the Business Office.
- Service departments should provide their billings through June 30 to the Business Office.
- Departments and Facilities Planning & Management should identify work orders that need closed.
July 17 (noon close)
- The Business Office will roll all open FY26 purchase orders and work orders to FY27.
August 7
- Human Resources to provide compensated absences liabilities.
August 10 (or as soon as the State’s numbers become available)
- Accounting to record amounts provided by other state agencies.
- All reserve transfers and last-minute transfers recorded.
If you have problems or concerns in meeting these deadlines, please contact one of us.
Any transactions after these deadlines will require an explanation approved by your vice president that states why the transaction could not be submitted by the deadline and how your process will change to avoid future issues. Transactions that are not significant to Eastern will be recorded against FY27 budgets.
Thank you for your cooperation and assistance in helping Eastern report accurate financial information and meeting the State's deadlines for financial reporting.
Ramey Martin and Kaitlyn Haas
Business Office