YEAR END Process for open encumbrances

The FY16 year-end process for open encumbrances will be as follows:

Open encumbrances with balances less than $500 will automatically be liquidated and closed on Friday July 29, 2016.

• If you have not completed a receiver prior to the liquidation and close of the encumbrances, you should submit a paper receiving report to the Office of Finance. The Year End Paper Receiving Report is located on the Procurement Services website here.

• Open encumbrances greater than $500 will be encumbered in FY17.  The encumbrance balances will be posted as FY17 commitments to be paid out of FY17 funds.  There will be no change to the FY16 encumbrances.

Departments are responsible for ongoing monitoring of their open eVA purchase order encumbrances in Banner.  Open encumbrances can be accessed by budget code using the FGIOENC screen in Banner.  Liquidation requests for FY16 encumbrances are due in Procurement Service no later than June 30, 2016.  The Liquidation Request form is located on the Procurement Services website here.

 eVA users: If encumbrances greater than $500 should not be encumbered in FY17, a change order will be required to reduce the eVA purchase order by the remaining balance. 

 Non-eVA users:  Contact Procurement Services for additional guidance.

 If you have any questions concerning this process, please contact Procurement Services at 683-3105 or procurement@odu.edu.

Posted By: Katherine Markle
Date: Thu Jun 30 14:34:34 EDT 2016