Did you know that the University of Illinois System reports financial statements on an accrual basis, and thus needs to track accruals (such as payables) and deferrals (such as prepaid expenses) for proper financial reporting?
In order to assist with this effort, a feature within the P-Card Web Solution is used to capture service date ranges for particular types of P-Card purchases (such as services, membership dues, etc.) which will help ensure that the expense is being recognized in the proper fiscal year for financial reporting purposes.
- For example, if a unit made a P-Card purchase in August of 2021 to enroll a professor into a one-year membership with a professional organization (using the proper 141700 expense account code), the P-Card Web Solution would require the unit enter in an applicable Start Date and End Date for the expense. So, if the beginning date of the membership was 9/1/21 and the ending date of the membership was 9/1/22, those are the dates that should be entered into the start and end date fields, respectively.
It's very important these fields are completed accurately when finalizing your P-Card purchases to help ensure proper financial reporting and help reduce audit risk.
Contact
If you have further questions on this topic, contact UAFR at (217) 333-4568 or at uas@uillinois.edu.
In addition, keep an eye out for our upcoming presentation on this topic in the September Business Manager Group (BMG) Meeting!
