Accounting standards require that expenses be recorded in the fiscal period to which they are applicable.  Current year funds may not be used to pay for expenditures related to a new or past fiscal year, and vice versa.  Examples of this include but are not limited to the following:

  • Subscriptions, memberships or maintenance agreements for time periods beginning after September 30th.
  • Registration fees for conferences, seminars or other events occurring after September 30th.
  • Airline tickets for travel occurring after September 30th.

MDVs for expenditures relating to a new fiscal year should be submitted to Accounts Payable through the above process.  Payment will be made from a deferred account number added by Accounts Payable.  A journal entry will be done to move the charge to the departmental account number after October 1st.  For charges that are to be paid out of current-year funds, MDVs must be submitted to Accounts Payable by the appropriate year-end processing deadline.