Bryce Wilson

The Purchase Order Year End Close Process does not recognize purchase orders with no remaining amount, so POs with no remaining amount but with outstanding retainage are not included in this process and therefore not able to be carried into the new fiscal year. The retainage can be released in the new fiscal year but the PO must be finalized in the fiscal year in which it resides, creating the appearance that the PO was finalized before the retainage was released.

Public Sector customers often use two budget models, one that is perpetual and one that is strictly confined to a fiscal year range, but year-end financial reporting is performed relative to the defined fiscal year period.  

Invoices applicable to perpetual POs can be posted in future or past fiscal years no matter when the encumbrance of the PO was created. The invoicing process allows for a PO in the perpetual model to be created in the new fiscal year but for the invoice to be back-dated into a prior fiscal year. Our suggestion is for an additional validation to be added to the invoicing process to prevent invoices from posting if the invoice date is earlier than the accounting date of the PO and is in a different fiscal year.